There Is Nothing Wrong With Doing a Bankruptcy So Long as You Do It With the Intent to Better Your Life and to Better Your Input to Society
Video Transcribed: Oklahoma Bankruptcy Attorney Edward Kelley here, answering your bankruptcy questions with oklahomacitybankruptcyattorney.pro answering your bankruptcy questions as always. Once again, poolside, sheltered in, couple different lawyers I know are definitely exposed, some of them with the coronavirus. Boy this thing just goes on and on.
Hope all of you are safe and doing what you need to do. So, I will take the opportunity, most of my videos have just been nuts and bolts how to do things, what works, what does, what you can and what you can’t do in a bankruptcy. I’m going to do a couple videos of a personal observation, some philosophy, because I know some of you are very interested in that.
This video is going to be what’s wrong with doing bankruptcy? And I’ll just tell you in these videos, I’m primarily going to talk about a chapter seven or a chapter 13, where you don’t pay a great percentage to your creditors.
So, we’re talking is there something wrong with getting out of your debt through a bankruptcy? And my answer to that is no. Some people would say, “Well, it depends. Did you have gambling debts? Was it medical bills? Was it something out of your control?”
And while I would agree there may be less of a moral issue with cases where circumstances have just left you absolutely unable to deal with debt versus more self-created situations, I’ve found invariably from people that I’ve talked to who have gambling or substance abuse issues or things that have resulted in their inability to work or maintain income or to pay their debts, they have felt very powerless over those things.
So, let me just say, in my belief, and you can take it for what it’s worth, there is nothing wrong with doing an Oklahoma bankruptcy so long as you do it with the intent to better your life and to better your input to society.
So, once you’re in the situation where you need to do a seven, with creditors with compounding interest, with penalties, late fees, 99% of the time, depending on your income and if your income qualifies for a seven or qualifies for a low payment on a 13, it is what it is, you’re never going to get out of that. That’s just the reality. And then it becomes a question of swallowing your pride, showing some humility and doing what you have to do to move forward. That’s what this is for.
This code of the Federal Bankruptcy Section is there for society and of the individual’s benefit. It’s there for you to get out. Now, if you do it over and over and over, is it a good thing? No, but each time you do it, if you’ve got that intent to turn it around, what else can you do?
The judgers and naysayers and the haters, if you want to call it that, would have you, I guess, spend your life flat on your back and pay always for your mistakes. I don’t think that’s what my higher power intends for us.
So, do what you got to do. It’s much more responsible to do a bankruptcy, take care of your debts once and for all, and start over and live a good life and contribute to society than it is to lose all hope, all contribution to your family, to yourself and to society.
So, forget the guilt. I’ll just say it, screw the guilt. Just go forward. Do what you got to do. And start a new life. So, that’s my two cents on what’s wrong with bankruptcy? Nothing. And next video, we’ll talk about what’s right about it.