5 ms·

Yes. This is the piece people don't seem to understand. Bankruptcy doesn't ruin your life. It just makes it hard to get credit for seven years.

hamilyon2 6y ago
Do you sell all your assets, like realty where you live in, personal possessions, car, tickets to vacation you happen to buy beforehand? Or declaring bancrupcy is really harmless and easy? I am genuinely interested.
- ksenzee 6y ago
  It varies by state. There's a list at https://www.nolo.com/legal-encyclopedia/bankruptcy-exemptions-state https://www.nolo.com/legal-encyclopedia/bankruptcy-exemption.... Basically you can keep stuff like the house you live in, your not-flashy car, household goods, tools of your trade, a small amount of personal property (if you own, say, a nice musical instrument or some jewelry worth $2k or whatever). As a general rule, anyone rich enough to have to sell property in a bankruptcy already has health insurance. And please don't take any of this as a defense of the current abominable US system. I lost my dad to complications of untreated diabetes because he didn't have health insurance. What I'm saying is that people who should declare bankruptcy often don't, because they think bankruptcy will ruin their life. It won't. It protects you from predatory lenders and gives you a fresh start.
  - nicoburns 6y ago
    > As a general rule, anyone rich enough to have to sell property in a bankruptcy already has health insurance. Isn't the issue that health insurance often doesn't cover everything. And that it's very difficult to get health insurance at all if you have pre-existing or chronic conditions (exactly the people who need it the most).
Teever 6y ago
I think the piece that people don't seem to understand is how you can live in a country where bankruptcy is presented as a normal part of life. I have never declared bankruptcy and there isn't really a situation that I can foresee where I will need to.
sneak 6y ago
It also costs you all of your assets.

hamilyon2 6y ago

Do you sell all your assets, like realty where you live in, personal possessions, car, tickets to vacation you happen to buy beforehand? Or declaring bancrupcy is really harmless and easy? I am genuinely interested.

ksenzee 6y ago
It varies by state. There's a list at https://www.nolo.com/legal-encyclopedia/bankruptcy-exemptions-state https://www.nolo.com/legal-encyclopedia/bankruptcy-exemption.... Basically you can keep stuff like the house you live in, your not-flashy car, household goods, tools of your trade, a small amount of personal property (if you own, say, a nice musical instrument or some jewelry worth $2k or whatever). As a general rule, anyone rich enough to have to sell property in a bankruptcy already has health insurance. And please don't take any of this as a defense of the current abominable US system. I lost my dad to complications of untreated diabetes because he didn't have health insurance. What I'm saying is that people who should declare bankruptcy often don't, because they think bankruptcy will ruin their life. It won't. It protects you from predatory lenders and gives you a fresh start.
- nicoburns 6y ago
  > As a general rule, anyone rich enough to have to sell property in a bankruptcy already has health insurance. Isn't the issue that health insurance often doesn't cover everything. And that it's very difficult to get health insurance at all if you have pre-existing or chronic conditions (exactly the people who need it the most).

Teever 6y ago

I think the piece that people don't seem to understand is how you can live in a country where bankruptcy is presented as a normal part of life. I have never declared bankruptcy and there isn't really a situation that I can foresee where I will need to.

sneak 6y ago

It also costs you all of your assets.