One Man's Brush With Bankruptcy
By Eric Chavez, Fri Dec 9th

Having gone through a 7 years ago, I'm still feelingthe shockwaves of that fateful event in the form of higherinterests rates when I apply for loans, and living with thewhole stigma that places on you.

It was 1990. I was a freshman in college. Walking throughcampus, I'd be bombarded with credit card offers on a dailybasis. One day I though, "why not?" I got my first credit card.

$500 to do what I want, who can beat that? The problem was, thatit was so easy to apply for credit cards I ended up applying forall of them, or so it seemed. Actually, I had at least 5, andsoon enough, they were all maxed out.

And then I bought a car, which only added to my mounting debt.

Fast-forward 7 years. I had amassed a serious debt, and I didn’teven have a decent paying job to keep up. It was an overwhelmingexperience, to say the least, and in the end I decided thatbankruptcy was the only option.

They make it so easy to declare these days. Thelawyers and their commercials tell you how low cost it is, andhow simple. Just go into their office, fill out some paperwork,pay them their check, show up to court, and you’re done.

It’s the aftermath they don’t tell you about—the shame, theguilt, the disgrace that it places on you, the inability to getdecent rates on credit cards and loans, or even rent anapartment.

It’s been 7 years now since that fateful day in court, when myslate was wiped clean. As relieved as I felt for no longerhaving to deal with the insurmountable task of paying bills Icould no longer afford to pay, I didn’t feel very good aboutmyself, and still don’t.

They say that a stays on your record for 10 years soI have 3 more years to go. In the meantime I’m getting marriedsoon, so how do I tell my wife-to-be that we can’t buy a housejust yet? We have to wait three years.

No, I haven’t told her yet. I’m too ashamed.

That's why I started DebtRelief Central to let people know that there arealternatives. Hopefully, people will learn from my mistakes andthink long and hard before deciding that is theanswer.

In my opinion, it's a bad decision and a short-term fix to amore

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serious problem. In the end, you still end up paying yourdebts in the form of internal strife, external perceptions, andhigher interest rates.

About the author:Eric Chavez is an author, and researcher in the field of creditcounseling, and debt relief. He enjoys helping others overcomethe stigma of bankruptcy, and turn their lives right side upagain. Visit his website, DebtRelief Central for more information.