RANDOM- Bankruptcy anyone?

beckybubbles
beckybubbles Posts: 36 Member
edited September 19 in Health and Weight Loss
has anyone gone through BK? It looks like we will be going down that road and I would love to be able to talk to someone who has been there and done that and knows the process.

Replies

  • beckybubbles
    beckybubbles Posts: 36 Member
    has anyone gone through BK? It looks like we will be going down that road and I would love to be able to talk to someone who has been there and done that and knows the process.
  • cassangelidy
    cassangelidy Posts: 304
    before you decide to do this read Total Money Makeover by Dave Ramsey. I don't know your situation of course...but my husband and I were $75,000 in debt May 2007. We have paid off $55,260 since that time.

    BK is not something to walk into lightly...make sure you do your research before you make that step. I have had many people in my circle go through it and its not fun at all.
  • ericarey85
    ericarey85 Posts: 312 Member
    thats funny my husband and i are talking about filing :sad:
  • lcmartin
    lcmartin Posts: 163 Member
    I haven't been there, but there's an awesome forum full of knowledgeable people who can help you out and who have/is going through it themselves. It's http://ficoforums.myfico.com . They have all sorts of information for people with good or bad credit. It's an amazing site.
  • beckybubbles
    beckybubbles Posts: 36 Member
    thanks. We definitely aren't making this decision lightly. We bought 5 properties right before the real estate crash, my husband lost his job, the banks took back HELOC's which were taken to cover negatives and we were left standing there with our mouths wide open. We had no credit debt before this and have managed to rack up $63K trying to carry the properties and their costs. My husband got another job after being without for 6 months and he is only making half of what he used to make. We might lose our home and it seems to be the only way out for us according to many professionals who have sat down and worked with us.

    How did you get out of that much debt so quickly. I really like Dave Ramsey and am actually on the waiting list for that book from the library.

    thanks for the site, I will go visit that for sure.
  • lcmartin
    lcmartin Posts: 163 Member
    You're welcome. That site has really helped me put my credit back on track. Warning though...just like this site, it gets really addicting!
  • jenn10
    jenn10 Posts: 161
    We are getting ready to file and I hope your decision helps your situation -- we have no choice - we don't make the money we use to and my husband is on call 24/7 so I can't work - I quallify for the child care help -- until I get a job and then we make too much and I can't make enough to balance the day care costs-- catch 22- So we are filing after march and then in two years we should be able to buy a home and hopefully the economy will be back on track by then -- I will let you know how it goes-- we have a great lawyer so - he seems confident that everything will be fine!
  • casey34472
    casey34472 Posts: 280 Member
    Been their done that. Did it about 3yrs ago before the BK laws change. My mother in law helped out a lot. Just get a lawyer to help you. It wasn't as bad as I thought it would be.
  • AJCM
    AJCM Posts: 2,169 Member
    before you decide to do this read Total Money Makeover by Dave Ramsey. I don't know your situation of course...but my husband and I were $75,000 in debt May 2007. We have paid off $55,260 since that time.

    BK is not something to walk into lightly...make sure you do your research before you make that step. I have had many people in my circle go through it and its not fun at all.

    OMG - you've paid off $55,260!!!!!!! That is AMAZING!!!!!
    Congrats to you and your hubby!
    :flowerforyou:
  • beckybubbles
    beckybubbles Posts: 36 Member
    We are getting ready to file and I hope your decision helps your situation -- we have no choice - we don't make the money we use to and my husband is on call 24/7 so I can't work - I quallify for the child care help -- until I get a job and then we make too much and I can't make enough to balance the day care costs-- catch 22- So we are filing after march and then in two years we should be able to buy a home and hopefully the economy will be back on track by then -- I will let you know how it goes-- we have a great lawyer so - he seems confident that everything will be fine!

    I would love to hear how it goes we are in the same boat, right on the border of being able to file Chapter 7 vs Chapter 13 and we can't afford childcare and we don't qualify for any other type of help either. It is so wierd how you can't afford rent and things, yet your not low enough income to get any help when you really need it. I don't understand the system. Please keep my posted. What state do you live in?
  • cassangelidy
    cassangelidy Posts: 304
    before you decide to do this read Total Money Makeover by Dave Ramsey. I don't know your situation of course...but my husband and I were $75,000 in debt May 2007. We have paid off $55,260 since that time.

    BK is not something to walk into lightly...make sure you do your research before you make that step. I have had many people in my circle go through it and its not fun at all.

    OMG - you've paid off $55,260!!!!!!! That is AMAZING!!!!!
    Congrats to you and your hubby!
    :flowerforyou:

    Thank you. It took a lot...A LOT of sacraficing and telling ourselves no. No to dinners out, no to cable TV, no to vacations and new clothes and new toys for the kiddo...no to even beef or more expensive groceries. We sold our home, our business and one of our cars. We recently moved from the apartment we were in to a new apartment so we could save $200 a month in rent. The problem with today is people aren't willing to make the sacrifices. My family was...and we did.

    Talk about making no money...when we started this journey we were making LESS THAN $30,000 a year. So no one can tell me that they can't do it. It takes fierce determination and incredible intensity. But if you want to climb your way our of the mess...you CAN do it.
  • AJCM
    AJCM Posts: 2,169 Member
    before you decide to do this read Total Money Makeover by Dave Ramsey. I don't know your situation of course...but my husband and I were $75,000 in debt May 2007. We have paid off $55,260 since that time.

    BK is not something to walk into lightly...make sure you do your research before you make that step. I have had many people in my circle go through it and its not fun at all.

    OMG - you've paid off $55,260!!!!!!! That is AMAZING!!!!!
    Congrats to you and your hubby!
    :flowerforyou:

    Thank you. It took a lot...A LOT of sacraficing and telling ourselves no. No to dinners out, no to cable TV, no to vacations and new clothes and new toys for the kiddo...no to even beef or more expensive groceries. We sold our home, our business and one of our cars. We recently moved from the apartment we were in to a new apartment so we could save $200 a month in rent. The problem with today is people aren't willing to make the sacrifices. My family was...and we did.

    Talk about making no money...when we started this journey we were making LESS THAN $30,000 a year. So no one can tell me that they can't do it. It takes fierce determination and incredible intensity. But if you want to climb your way our of the mess...you CAN do it.

    I think it is such an amazing story!!!!

    You really can do anything you set your mind too, right? That's why I know I can lose this last bit of weight, because I can be successful in every other area of life (however that begs the question - WHY is the weight such a struggle!?!?!). Ask Oprah, right?

    Good luck to you in your weight loss (or maintenance) goals too!
    :flowerforyou:
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