Smart People Filing Bankruptcy and Loving it!

I have had a front row seat to how some of the greatest business people are walking away from thousands, millions, and billions of dollars in debt without a second thought. With the economy in the toilet and predicted to not fully recover for another ten years, are we to live in fear of paying our loans and major bills? Ok ofcourse you need to keep your lights on and have food in your stomach. But why is 90 percent of America living in fear of the banks and staving themselves to keep their bills up to date? The answer is CREDIT.

The problem is that americans who are deeply in debt are fighting to keep a credit score that in todays time is now worthless. Getting a loan even with perfect credit is pretty much impossible without high percentage rates and equity back up.

The street smart wealthy people have now said they have had enough. Owning many homes, properties, and business that are worth 70 percent less than what they are worth they are now filing BANKRUPTCY AND LOVING IT.

You might say well they're crazy well, lets think about it for a minute.

Why pay on your house thats worth 100,000 when you owe 200,000? On the path were on now it would take many years for that house to reach its original value again. And with banks overwhelmed by foreclosures, it would take them 9 months to almost a year to catch up to your case! The smart people are thinking street smart and are now in control. They are now stopping their payments on their homes and putting away as much cash as they can. Yes the debt collectors will call and harass them but in the big picture the banks can not handle anymore foreclosures and are now trying to negotiate with the owners.

I good friend of mine who was worth about 12 million dollars is now loving life. Even though all of his properties have plunged in value he has filed chapter 11 bankruptcy and because of that will knock off almost 6 million dollars in loans. Now he is living life to its fullest, sleeping great at night, and going about his life without a worry.

He now has the mentality of CERTAINTY. He knows that he his now in control of his destiny and that the banks can't touch him. He told me that even though with bankruptcy his credit will be ruined for 7 years he has no worries because his credit wasn't worth anything anyway when it was great credit but couldn't get any more loans . The fact is is that by the time the economy recovers his bankruptcy will be cleared from his record.

I remember sitting in his office and Bank of America called him and yelled at him saying they were going to reposes his yacht if he didn't double his payments.

In amazement he told them they could have the yacht and he would have the keys waiting on him! Not only that he told them if they dare mess with him he would throw them the keys and let them take the boat and he would buy it back at the courthouse steps for 50 percent of what its worth when they try to dump it off.

The bank never called him again and he is still enjoying his yacht today.

Now a recent article has come out saying that Bank of America has halted all foreclosures in all 50 states.

The lesson here is if you have but outstanding debt and your payoff would be years from now, your best move is to dump it all and start over and START LIVING.