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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
* * *
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, MSN.com,
Match.com, Women's Health and Women's World. Please
visit: www.askdrmolly.com
or Take the new relationship compatibility test,
Match Lines Systems for Successful Relationships
for Singles, Couples and Business at
www.DrMollyBarrow.com.
Molly has a radio program, Your Relationship
Answers at www.blogtalkradio.com/drmollybarrow
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