Chapter 7 Bankruptcy

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During my short stint as a legal clerk serving summons, I had come across many people who simply do not know what they were getting into. A lot of them signed up for very, very expensive subscription of encyclopaedias and eventually failed to make payment. We will then send them a demand letter and proceed with filing legal papers. That’s when I had to follow the sales staff of the encyclopaedias to various corners of the villages to serve summons on them. Some are teachers, some are just folks who are not literate.

My job was to tell them that I am from such and such advocate and solicitor, I am looking for the person, check their IC, explain to them what kind of trouble they have got themselves into and let them sign the papers. The irony is most times, they couldn’t be bothered.

After I just read this article on Chapter 7 Bankruptcy, I realised why some people aren’t worried. They do not have much to begin with and even if they are declared bankrupt, they no nothing to worry too.

I believe that’s what most people will end up with when they take on too many credit cards and bust the credit limit of all them and never pay-up. But is life worth running away like this? Is there a better solution to them? I guess so, that is being more disciplined.

Then, again, I had seen many rich, rags-to-riches businessmen declared a bankrupt. I had seen them pleading for leniency from my other boss before we charged them. These people have a stroke of bad luck and really lose it all.

Like this article says, filing bankruptcy is the final resort. They tell you how to get a new beginning after bankruptcy. Maybe everyone should know clearly what mess lies ahead before they are too trigger happy with spending on creidt?