A friend sent me this link yesterday about Toni Braxton filing for bankruptcy for a 2nd time in her life. Actually, a 2nd time in 10 years! Can you imagine? I honestly can’t, which is why I think is why I’m blogging about it today :)
I don’t know what to make of this really. I mean, at first its like “are you serious??” You can’t live off MILLIONS of dollars? That’s pretty sick. But then I bet there’s a lot more deep-rooted problems going on there and something not all that easily fixable. So in that sense I kinda feel bad for her and think it just sucks to have all your issues broadcasted around the world like that (not that many people remember who she is all the way. If you’re one of these people, click here :)).
The thing I’m wondering about all this though, is that how it’s possible for people to keep filing so much like that? And also, is there a limit to the number of times you can go bankrupt?
I feel like 1 time is definitely fair for everyone in their lifetime. I don’t necessarily agree with it all the way, but I do know we all make mistakes and certain circumstances are better off with bankruptcy involved. I would never wish that much debt on someone for the rest of their lives – it’s so horrible!! If you can genuinely learn from your mistakes, and you weren’t trying to game the system or anything, I think having that as a last resort option is okay.
But more than once? I think that’s where it starts getting shady. I almost lost my $hit when my friend’s friend did this for a 2nd time in a row – especially when I heard she then went out and blew $250 at the mall that very same night she declared the 2nd time! People like her and her husband should never ever be able to keep filing – they’re clearly taking advantage of the situation.
I’m very curious to find out what this maximum number is. I’m sure it varies state to state, but there’s gotta be a cut off # at some point, right? What’s your take on bankruptcy?
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!