Why are some people too stubborn to file for bankruptcy?

[Sophia]

A friend of mine and her husband got in over their heads with debt. She filed bankruptcy back in 2015 and has since sorted out her debts and credit. She manage to get it over 700 last month. Her husband on the other hand has a stack of cards and they are struggling to pay their house bills. If he files, they would have more than enough to pay on the house, they would even end up having an extra $300 a month! She wants him to file but he is refusing. They might end up losing the house next year if he doesn't file. Why are some people so stubborn when it comes to this? 

[Damon]

He probably thinks he can figure it out. My dad was kinda the same way. He was stubborn and didn't like to go that route. If he did, it was the very last step, and it took a while to get to that point. 

Considering they're married, why didn't they file bankruptcy together? 

I think with some people, they don't want to take the easy way out. They think there's a chance they can fix it, and change it. But that's way easier said than done. If you're so far in debt, it's going to be a good idea to file bankruptcy. 

My other guess as to why he's not doing it, is because he probably wants to keep using those credit cards. When you file for bankruptcy, I don't think you can apply for credit cards, loans or other support for a while. 

[Mila]

I think for some, there is a level of shame to it. Depending on how old he is though, there likely isn't a downside to doing it considering how much debt he has and how it might cost him their house. I would do it based on those grounds alone. 

[Scarlett]

On 10/23/2021 at 7:04 PM, Mila said:

I think for some, there is a level of shame to it. Depending on how old he is though, there likely isn't a downside to doing it considering how much debt he has and how it might cost him their house. I would do it based on those grounds alone. 

This. I think it is the shame. For a lot of older people, especially men, who pride themselves with their efforts and hard work it can be hard to accept that you failed at something and need help. I know it is silly but this really is the case for a lot of people. 

[James]

On 10/23/2021 at 4:04 PM, Mila said:

I think for some, there is a level of shame to it. Depending on how old he is though, there likely isn't a downside to doing it considering how much debt he has and how it might cost him their house. I would do it based on those grounds alone. 

There should be shame to it. Bankruptcy is a safety net that seems to be abused and is not fair to the people that extended the credit. Other people's poor planning should not have impact on others. Think of how annoyed you can get if you lend someone money and they never pay you back. Just because it is corporations getting burned that are extending the debt does not mean it is an ok action to take. 

Bankruptcy should be the last resort. I think if it were me I would likely not file and lose everything that way. Just so I could hit rock bottom and start rebuilding again. A lot of times we need to hit rock bottom to want to make real change. That is the problem with safety nets is it enables people to not have to make real change because they do not get to learn from the poor choices that were made. 

[Emma]

I was going to sat the same as James. If it wasn't something to be ashamed over, even more people would be taking advantage of it and it hurts all of us in the long run. Just imagine if 1 in every 10 people filed. That would be trillions of dollars lost which would hurt the economy. 

[Mila]

On 10/25/2021 at 3:31 PM, James said:

There should be shame to it. Bankruptcy is a safety net that seems to be abused and is not fair to the people that extended the credit. Other people's poor planning should not have impact on others. Think of how annoyed you can get if you lend someone money and they never pay you back. Just because it is corporations getting burned that are extending the debt does not mean it is an ok action to take. 

Bankruptcy should be the last resort. I think if it were me I would likely not file and lose everything that way. Just so I could hit rock bottom and start rebuilding again. A lot of times we need to hit rock bottom to want to make real change. That is the problem with safety nets is it enables people to not have to make real change because they do not get to learn from the poor choices that were made. 

This is fair to say. I think only if you absolutely have no other options should you take this up as an offer. There are far too many people that abuse the system set in place to the point where I feel like they might get rid of it in the future.