Show Dont Don't go bankrupt One of the wonders of our society is the enormous reservoir of trust that characterizes business deals and credit transactions Multimillion dollar agreements are consummated daily by telephone Almost everyone has a credit card or two Checks are routinely accepted in place of cash Now however owing in part to the nations nation's gloomy economic downturn bankruptcy at a whim threatens to spring a major leak in that reservoir of trust We hasten to add that for some unfortunate individuals whose fortunes have soured through no fault of their own bankruptcy is a necessary move and not a disgrace However there are disturbing indications that too many other citizens are choosing the bankruptcy route as a out cop on their obligations when more self- self determination and pride are what are really needed The record year for bankruptcies was 1967 a boom year incidentally when Americans admitted publicly they couldn't pay their debts Authorities now believe that record will willbe willbe willbe be eclipsed by the end of the current fiscal year in June with as many as citizens declaring bankruptcy Those tempted to go the bankruptcy route should beware Creditors are reluctant to do business with a bankrupt creditors also may not accept accept accept ac ac- ac- ac the action and may continue to hound debtors and the notation bankrupt along with the date and amount defaulted remain on a credit record for 14 years For those individuals truly forced to the wall one alternative to declaring bankruptcy is to use Chapter XIII of the Federal Bankruptcy Act instead Under Chapter XIII a court gets most of a persons person's creditors to agree to partial or full Cull payment over an extended period And the bankrupt notation remains on the individuals individual's ci ct edit record only seven years The best alternative of course remains that of watching ones one's debts extremely carefully especially in these tough times and not getting into the position of even having to contemplate bankruptcy |