Bankruptcy and Why I’m Smarter Than Dave Ramsey

Yeah I know. Just the thought of me being smarter than Dave Ramsey almost shot what I was drinking straight out of my nose. Honestly, though. In all of his financial brilliance, I think I have the wisdom of a broke, been there, regular old off the street chick…wisdom.

This article, The Truth About Bankruptcy, by Mr. Ramsey, kind of sums up his doom and gloom theory on filing bankruptcy. Don’t get me wrong, filing bankruptcy is nowhere near a day at the state fair. I’d say it’s more like being at the top of the roller coaster at the state fair and you’ve realized you’ve peed on yourself. Embarrassing, if anything. Not the end of life, though.

Anyway, in the article, Dave Ramsey shares his feelings on why filing bankruptcy will completely and utterly destroy one’s life. I disagree. Mostly. But then again, look at my bank accounts. Look at his.

Still, as someone who has been there and secretly done that, here are my thoughts.

Bankruptcy Destroys Marriages

Possibly. In all fairness, any financial difficulty results in divorce, or at least assists it along in some way. But so does an abundance of money. Maybe the feeling of “starting over” makes people realize that they should actually start fresh and clean in all aspects of their life. Maybe the marriage wasn’t the greatest in the first place. If filing bankruptcy results in divorce, I’d have to say there are a number of other reasons that were equally the cause.

Bankruptcy Devastates Your Job

I don’t recall this happening to anyone I know. In fact, most people have already either lost their job so it doesn’t matter (thus the bankruptcy) or it affects the job none at all. Your employer doesn’t have to know you even filed bankruptcy unless they are a creditor and you owe them money, which to me would be kind of odd anyway. I do know that some jobs won’t hire you if you have a bankruptcy on your credit report. I would consider all aspects before filing, but if a job or possible job is in jeopardy, it’s worth a second look. Note: If you owe your job money, something isn’t right.

Bankruptcy Steals Your Peace of Mind

If anything, bankruptcy can give you back your peace of mind. No more crazy rude collection calls. No more fears of waking up and your car is gone. No more trying to figure out if you should buy groceries or pay a credit card bill.

Bankruptcy is listed in the top five life-altering negative events that we can go through, along with divorce, severe illness, disability, and loss of a loved one. I would never say that bankruptcy is as bad as losing a loved one, but it is life-altering and leaves deep wounds both to the psyche and the credit report.

That’s what he says. I say I’d file bankruptcy again four billion times if I have to choose between divorce, severe illness, disability or loss of a loved one. It’s no fantastic time, but really?

I do agree with Mr. Ramsey in that it should be a very last resort. When you know you have no other choice. But, honestly, if you learn from it (as with everything else in life) you’ll move on and life can be just as great or greater.

It isn’t the end of the world. I promise.

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