Bankruptcy Alphabet: G is for Good to Me

G is for Good to me

There is one comment I hear on a regular basis from clients that has always baffled me. It’s when a client says something like “Oh, but I don’t want to file Chapter 7 bankruptcy on Chase because it has been so GOOD to me.” It’s usually followed by “I get money back, I get points, gave me free checking, I know the teller, the branch manager”, etc.

I don’t think I’m breaking any news story here but just for the record, Chase doesn’t care about you. Neither does AMEX (even if you have a Platinum card), or Discover, or Bank of America or… you get the idea. They DO care about taking your money. No doubt. However, they don’t care about you.

As eloquently put by Seth Godin on Caring:

“No organization cares about you. Organizations aren’t capable of this. Your bank, certainly, doesn’t care. Neither does your HMO or even your car dealer. It’s amazing to me that people are surprised to discover this fact.”

They don’t care that you’ve lost your job or that you’ve gone through medical issues. They don’t care that you can’t repay credit card debt with 32% interest or come up with $500,000 in one lump sum to repay a balloon payment on your home.

If they cared about you, they wouldn’t charge you 33% interest rate or triple your monthly mortgage payment. They wouldn’t hire Linda Green to robosign fake mortgage documents. They wouldn’t charge outrageous late fees, bounced check fees, ATM fees, annual fees, and other junk fees.

They bribe you with bonus points, miles, cash back bonuses, and platinum status. If I had a dollar for every time a client told me “well, {evil bank} has really been good to me” or “I feel guilty about filing bankruptcy against {bank}” or “I’ve had that account for __ years” I’d be a rich woman.

So, please stop telling me how Chase really cares. Banks are in the business of making money. They are pretty good at faking it and pretending they care but they really just want your money.

Other G’s from Bankruptcy Attorneys

General Unsecured Creditor
Good Manners

Image Credit: Leo Reynolds