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August 06, 2008

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Sometimes the simplest observations or statements are the most profound. Thanks for sharing.

I think the "gradually" is the biggest piece. Yes big things can happen that put you in a hole but you can dig out. For example I got laid off while I was working full time to get through school (and I had a mortgage). Then right after that I was in a bad accident and had no health insurance. All told I racked up about 40k in debt. Ive dug my way out of that for the most part so Im convinced doing the right things you can survive almost any of the "common" things that happen without going into bankruptcy.

Good topic. I remember during the debates on bankruptcy laws we had the press talking about job loss or medical bills being the primary cause. Most often, however, this is just what finally pushed someone over the edge. If most people would not have racked up a pile of debt and had emergency savings, life events, such as the job loss or medical issues would not have forced the person into dire financial situations.

I know from personal experience the pain of bankruptcy, 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.

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