Why I Didn’t File for Bankruptcy at 23 (or 24, or 25, or 26, or 27, or 28)

To follow-up on on the woman who declared bankruptcy at 23: I have obviously considered this! (I love a quick fix, lovelovelove.) However: I very quickly unconsidered it. Here is why:

1. Dave Ramsey said not to.

2. For a long time, having just read the first couple sentences of his article about why I shouldn’t declare bankruptcy was enough. Then at some point (last week), I wanted to know more. Was it really that bad? I read the article. La la la, wouldn’t wish this on anyone, blah blah blah, compared it to divorce, and then:

Chapter 7 Bankruptcy, which is total bankruptcy, stays on your credit report for 10 years. Chapter 13 Bankruptcy, more like a payment plan, stays on your credit report for seven years. Bankruptcy, however, is for life. Loan applications and many job applications ask if you have ever filed for bankruptcy. Ever. If you lie to get a loan because your bankruptcy is very old, technically you have committed criminal fraud.

Despite being kind of a fatalist, I do foresee a future when I’ve pulled myself out of this mess (yes, right, I can mostly only see this happening as the result of a magical windfall of money, but hard work is also an option) (Hard work is the only option.) (Which is a bummer.) (But: Reap what you sow, get what you pay for using money you don’t have, etc.)

Basically: I’m not prepared to have my debt affect more of my life than it already has and is going to until I pay it off. When it’s over, I want it to be over. And then I want to borrow all of the money, forever. (Not really, but I can imagine a scenario in which I will want to purchase a house, and will need to borrow some money to purchase that house.)

Also: I spent that money. I am going to pay back that money. This is all very simplistic, I’m sure, and if anyone has experience filing for bankruptcy and it actually turning out great, you know, GET AT ME.

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