Question: > >I start looking at the bills that we have currently, and our neverending > >re-figuring as to how to get out of the hole that we dug ourselves into > >with our debts and this is a kick in the tushy to get the ball rolling. > >Andrea

> I know exactly what you mean! I am trying my best to be frugal because we > have SO many things to pay off. It is really starting to get to be > overwhelming. If anyone has some good tips I would love to hear them . We > are thinking about going to credit counseling, but I am not wild about > having someone else tell us how to spend our money.

Answer: Ever think about filing bankruptcy? I never did, but in hindsight, I would of done it just after completing college. There is a millionaire near my home that filed bankruptcy a few years ago and made out like a bandit. He made his wife president of his company (Singer Corporation). Fired himself and filed for personal bankruptcy. He got to keep his $15 million waterfront home, two vehicles, and most of his property. Meanwhile, I’m busting my butt still paying student loans.

Another example: I work with a guy who claimed bankruptcy about a year ago. He was able to remove all of his debt and lost none of his zero balance assets. I always felt like this guy took the easy way out and would grow to regret his decision to file bankruptcy for many years to come. Well, I was wrong. He has new credit cards and has just purchased a house with his wife. When I asked how he managed that, he said credit card companies love post bankrupt filers because they know they can’t file for protection again for 7 years. He said he was heavily solicited by credit card companies after the bankruptcy process. He also used his wife as a co-borrower on the home loan and qualified, despite the bankruptcy.

I not saying its right but it sure looks appealing.

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