In 1995 or 96, my father filed for bankruptcy because his and my mom’s debt had gotten out of control. My sister and I did not necessarily learn the lessons we should have out of this event.
Fast forward to today. I am going through the process to file bankruptcy myself, and my sister is negotiating with her creditors to get settlements on her debt.
In discussing our financial situations, we decided to see whose credit came out of these situations the least damaged — mine or hers. I believe that initially, mine will be the most damaged because at least she will have paid her creditors something, but I will be able to rebuld my credit faster.
We will see how this works out.
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