Thinking About Bankruptcy? Try Again!

Have you talked to your creditors until you have exhausted all possibility of relief from interest rates in the 29-33% range? If your creditors will not work with you, is there any way to avoid declaring bankruptcy?

The big banks and creditors have formulas that take into consideration a certain failure rate so that if a percentage of their customers go under it really does not impact a huge corporation terribly. However, the domino effect of the inept top down financial and economic philosophy is beginning to erode the foundation of the big guys. The big guys are supported by everyone from the ladies in mechanical department to the waiter at the diner. When the failing numbers grow substantially even mega billion dollar companies begin to get off balance.

Foolish companies may choose to cling to a few months of high interest gains over years of mortgage payments or loyal credit customers. These companies tell their desperate customers in a matter of fact way, "Sorry, there is nothing we can do - you were late or went over your limit." This financial straw may have push that person over the edge to financial failure. A lifelong business customer is lost.

However, the goodwill and compassion of certain individuals at the big corporations can make a tremendous difference. The smart companies are having a change in attitude. Now the margins are a little tighter and the big companies are beginning to work with people to help keep them on their feet. One builder holding over 200 properties in the Miami area renegotiated his loans and managed to stay afloat and is writing contracts again. One grandmother stayed on the phone with Chase bank and after transferring four times and repeating the same information to three people who said no, the forth person said yes and reduced her interest rate from 29% to 12%, helping her to remain a customer in good standing.

Many Americans will get hurt by the recent economic incompetence but fight it if you can. Call your banks and loan officers until they know you as a person and not just a page of payments and numbers. Even if you do have a foreclosure, there is life, health and happiness post financial disaster. Failing at money is nothing compared to failing at maximizing your life to the best of your ability. In the face of failure, carry on to the next challenge with no shame.

©2009, Molly Barrow

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Dr. Molly Barrow holds a Ph.D. in clinical psychology and is the author of the new book, Matchlines: A revolutionary New Way of looking at relationships and making the right choices in love. She is an authority on relationship and psychological topics, a member of the American Psychological Association and a licensed mental health counselor. Dr. Molly has appeared as an expert on NBC, PBS, KTLA, and in O Magazine, Psychology Today, Newsday,,, Women's Health and Women's World. Please visit: or Take the new relationship compatibility test, Match Lines Systems for Successful Relationships for Singles, Couples and Business at Molly has a radio program, Your Relationship Answers at

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