Polly ’Possum went to the bank to get a loan. Her babies were getting big and she did not want them hanging around the house any more—she needed money to send them off to college. But the bank denied her a student loan for her overgrown joeys. “Ms. ’Possum, you filed bankruptcy,” the loan officer said to her. “But that was last year,” she replied. “You cannot file bankruptcy like federal income tax,” the loan officer told her. “You have been playing ’possum with your creditors. You cannot take on new debt until you have completed your bankruptcy program.” Polly ’Possum felt like she had been hit by a car, but there was nothing she could do except to creep home with her pouch full of bad credit. Bankruptcy can be a great resolution to debt, but only if it is the right choice for you. To find out more, the US Courts website offers an online buffet of nine bankruptcy videos (all under five minutes) at http://www.uscourts.gov/video/bankruptcybasics/bankruptcyBasics.html. Consult competent legal counsel to discuss the specifics of your situation.
Read More