When Nortel Networks filed for Chapter 11 bankruptcy protection, they left many employees who were right at the cusp of retirement with shattered dreams and unmet obligations. One of those jilted Nortel employees was Linda Amick, who worked for the company for 24 years, according to an article in the Huffington Post.
The article said:
“It was really a great place to work,” Amick told the Huffington Post. She looked forward to a comfortable retirement on a few acres in a small town 50 miles from Atlanta, Georgia. So much for that: Nortel Networks filed for bankruptcy protection in the U.S. and Canada in January, eliminating Amick’s job. Now, stuck in a home she bought on that small acreage in Maysville (pop. 1,247) just one week before the bankruptcy filing, Amick is pondering revenge.
She said:
“If I don’t get rid of [this house], I don’t want to stay here anyway, so they’re going to ruin my credit,” she said. “So what? I’ll never be able to own a home again anyway. Honestly, I’m so angry, if I don’t sell this house — and let me tell you, it’s been on the market six months for far less than I paid for it and not one person has looked at it — I’m very much contemplating [defaulting on the mortgage], hopefully contributing to the demise of Wells Fargo.”
Amick is not alone, many debtors are feeling that the current playing field gives big banks, creditors and incompetent executives unfair advantages while bilking ordinary taxpayers and leaving homeowners facing foreclosure with little or no help. Another debtor/laid off employee even posted a YouTube video appealing to debtors everywhere to join her in fighting creditors by defaulting on their loans.
Well, there may be a better way. If a debtor is truly experiencing financial distress, filing bankruptcy can provide a better and legal option to discharge burdensome debt. Bankruptcy will protect a debtor from creditor calls , lawsuits, wage garnishments and any other collection actions, while giving the debtor a fresh financial start.