Living BK -- a look at life after bankruptcy 5

#5 The Downside Stuff

The most onerous aspect of Living BK is the start-up procedures – registered mail, cashier’s checks/certified funds.  Payments need to be made ON TIME.  Nothing can be late – even by a day.  For as long as the plan is in effect, payments need to be made to the trustee.

It’s a bit of the kindergartener treatment, and yet it is understandable.  Many of us Living BK did have on-time payment problems.  Many weren’t as responsible with making payments as they needed to be.

And many of us are in this situation because of unemployment or underemployment.  Or the burden of medical bills from a serious illness.  Eight months ago my credit score ranged from 790 – 820.  The day after filing bankruptcy, it was 695.

Those days are gone.  And because bankruptcy is a one-size fits all option, we all must live under rules that are designed to encourage responsible management of financial obligations.

Whatever the circumstance that brought you to the BK lifestyle, it is worthwhile to consider this:  It is just a financial tool, an option available to you.

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