We went to a dept consuler the other day and she said we might want to think about it. :>( I dont like the idea, But I dont want to totaly rule it out, How bad is it? I also need to rework how much we spend. As it is we figure we spend about 300 more then what we bring in a month, now I'm layed off and it wasnt much better when i was working. Guess i really need to find a better job,and quit spending so much. I need to get out of this area to do so, or go over the road ( and i hate driving in crowds, so over the road isnt the best idea for me.I want to run over enough !@$^%#^ as is ). Well I'm sorry about going on to much but. Have any of you and the unfortunate displeasure of going through one?

-- Mike Honaker (mhonk@oz-online.net), January 07, 2001

Answers

Mike,

The answer to you question is YES. Over 1.3 million filed bankruptcy last year alone.

You seem confused, and you probably are.

Over the road is one answer for those of us who are qualified to do that kind of work. It sounds to me like it is not realistic for you at this time (won't work for me either).

Most of us never learned how to budget properly, and that is why we end up spending more than we take in. I was in my 50's before I got a handle on my budget. It is extremely difficult to do, and the credit counselors are not in business to do that. Unfortunately they are in business to profit from your misery. The bigger the problem the bigger the profit.

There are several factors that enter into the possibility of filing bankruptcy. Is there a primary cause, like medical bills, or a divorce mess. The age of the person considering the bankruptcy filing is of some importance also (it will look a lot different if you are 30, than it would if you were 60).

Since you are now out of work, you will at least have time to consider what to do. A different kind of work, as you mentioned might be an answer. Moving to a different part of the country propably is a poor choice unless, there is a job waiting at the new location and hopefully there is some sort of up front "moving money" involved. In which case the bills and the bill collectors will follow.

It might be sensible to file bankruptcy, and to get some additional education afterwards. Then to go into a new line of work. Don't overlook homesteading as a line of work, if you are interested. You are already living on $300 a month less than nothing, and that means you qualify.

Don't rush into a bankruptcy, BUT; do not eliminate the possibility either. The bankruptcy laws are there for a reason so, if you need them use them. They are paid for by the taxpayers and that will be you too, as soon as you get your head cleared and do what needs to be done. Your credit will recover in 2 years or less usually. You might ask what it has done in the last two years.

If you need to do it then go ahead and do it, and above all learn how to budget. That means live on less than you earn at all times. The answer is not always more money. Good luck.

-- Ed Copp (OH) (edcopp@yahoo.com), January 07, 2001.

Been there, done that..ouch. Many moons ago (1970's) when i found myself newly divorced and left with over $30,000 in debt..It cost me about $500 as I recall (one of the ironies of bankruptcy is you have to be able to afford it). It helped me tremendously in learning how to do without, it hurt me a few years later when i had a great job and s large savings account and could not buy a house. Ten years after I filed, all was forgiven by the banks..I agree that it all depends upon how old you are and what your plans may be for the future. I was 35 or so...I always recommend that folks get out of debt anyway they can legally and morally...living in a tar-paper shack (been there and done that too) is better in the long run than owing your soul to the company store. God bless.

-- Lesley (martchas@bellsouth.net), January 07, 2001.

Mike:

Not all credit councelors charge. Check around. Call the office of a bankruptcy attorney and ask for a referral. Better Business Bureau may also have referrals.

I'd recommend sitting down and analyizing every one of your expenditures (every penny) with a view on how it can be reduced to stay within your means, plus start paying off any debts.

The first thing to do when you find yourself in a hole is to stop digging. This may mean cutting up all of your credit cards.

What do you have you can sell? The PC may be a start if you are paying extra a month for Internet access.

Can you find cheapter living accommodations? Can you sell a late- model car and get one for transportation? Do you have a trade other than truck driving? Right now in Nashville, just about anyone can find a job within a day. Finish carpenters start out at least at $14 hour.

Can you swallow your pride and go to work for McDonalds or another fast food place as temporary employment until something better can be found? These places have a high turnover and anyone who is dependable (i.e., actually shows up for work on time) and has any drive can quickly rise from burger flipper to at least shift manager.

Can you qualify for government assistance such as Food Stamps or Unemployment Compensation?

Probably the worst thing you can do is to continue at your present level without a steady income from you.

If you want it, I can send you a free copy of my e-book on How to Earn Extra Money in the Country. There may be something in it to help you. (Offers goes out to anyone.)

-- Ken S. in WC TN (scharabo@aol.com), January 07, 2001.

Been there, done that...twice. I'd better explain.

First time, just after we got married. Hubby had been over- enthusiastic about helping his family wout of tight spots, before we even got to know each other, and not really good about keeping track of his credid card debt. We got married, and took a good look (EEEK!) at the debt. Cut the cards up, and filed after we had our first baby. There was no way that we could pay up. No more credit cards for us.

Last time--years ago, when our 18 year old was in second grade. I had just been back to work at the school for a year, and they expected their employees to keep paying the health insurance payments over the summer. Without me at work ( and having just moved onto a new place after a fire destroyed everything we had, a year or so before), we couldn't pay. Boy got sick with encephylitis, just as school started (but before they called me back to work), was in the hospital for a week, and we just about lost him. Very scary. The hosital bills were horrendous. Now, we were living frugally--with a garden and no credit cards and buying clothes from Good Will...but there was no way we could pay. Even our pastor (who doesn't believe in bankrupcy) shook his head and couldn't see how we could get out of the mess. So we filed Medical Bankrupcy. We had one decent car, and we gave it back to the bank. I drove an old Buick with so many holes in the undercarriage that your feet got wet when you drove thru a puddle...really!!!! The kids at school made horrible fun of it, until I ratted them to the principal. The school corporation moved that year to spread out the insurance payments over the school year, which ment we could keep coverage over the summer, and made everyone happier.

So --years later. Still no credit card, tho we get applications for them, at least once a week, and sometimes more. We own our own place. Hubby's VA payments pay for our late model cars; we can get them cheaply, because his brothers buy wrecked cars and fix 'em up like new. Our two trailers are slowlly rotting apart, but we have stacks of lumber and doors and windows and plumbing fixings,paint and plasterboard mud, and hopefully we can start building this spring. All the materials were scrounged and dumpster dived for, or bought very cheaply (70-90% off) at lumberyards going out of buisness. So I figure we lived thru both times, and are doing OK. If you can't get out any other way--then check out the bankrupcy. But don't do it lightly, and learn your lesson from it.

-- Leann Banta (thelionandlamb@hotmail.com), January 07, 2001.

The credit councelor Didnt charge us a thing the charge 20.00 if you can aford it, and she never even asked for it. Im going to look into one of those free internet services i havent had much luck with the one i have tried. and we dont have anything to sell. My truck is a rusty 65 dodge. My wifes is a 66 dodge dart and so far the best vehicle we've owned together. I'm on temporay lay off, for the winter. So i'm getting unemployment . its not alot but its something. I need to look for a job somewhere else. the college ruins this town for jobs. they can normal get a student to do it cheap. This job isnt to bad but i still dont like it i have to deal with to many folks with god complexes.( I drive a concrete mixer).and the insureance sucks one of those cant aford to have and cant aford to not have deals. and with a kid on the way no less. thinking about using tax money we get back to help pay for that one We are cutting back on things. Ive got about a month or so till our internet account gets due. so i'll be on for a bit more.Does any one recomend a good free ISP? WEll enough of my wohs i just wanted to know how rough it was. Mike Honaker

-- Mike Honaker (mhonk@oz-online.net), January 07, 2001.

I know i used paragraphs what happend?

-- Mike Honaker (mhonk@oz-online.net), January 07, 2001.

I haven't personally filed bankruptcy but I have an ex-husband (notice that is EX and not current) that did. He said it was because of having back surgery. After we had been married a while I figured out it was that he was a lousy money manager. He filed about a year and a half before we met. You wouldn't believe the nightmare we went through getting a mortgage (which I got stuck with). For about 5 years nobody would touch him with a 10 foot pole as far as credit went. Funny thing though after I paid the mortgage on time even though we were divorced he got the credit...after he had totally distroyed mine. Even though he had filed bankruptcy we got harassing calls from creditors....really early in the morning too. Did I mention I'm not a morning person? We got tons of collection letters in the mail every day. I'm not sure what type of bankruptcy he filed but it didn't seem to matter to the creditors. I think the only benefit he got was that they couldn't seize his property. Not a big fear since he didn't have anything to seize to begin with. My suggestion to you is to call your creditors and close down your accounts and agree to pay so much a month on them as a minimum till you get where you can pay them off.

My general rule of thumb is not to pay out more interest than I can earn. In otherwords if you can earn 10% interest on an investment don't pay over that amount on something you borrow. Needless to say I haven't found a situation where I can earn more than I pay so I don't borrow. I don't even open credit card applications...they go straight into the kindling box. Don't even keep a credit card for 'emergencies'....the temptation is too great.

-- Amanda in Mo (aseley@townsqr.com), January 07, 2001.

Mike, Been there, done that as well. Not pretty, but it was necessary for us at the time, and we got through it without too many bruises. I agree that you shouldn't assume it's your only option, but you should see where you stand- it might be the only option when it comes down to it. I also know of a good free ISP - email me if you're still interested in that.

-- Kristin, in Central Alabama (positivekharma@aol.com), January 07, 2001.

Yeah Mike, it's not a pretty thing. In the long run though it was worth it. I put the land in a family trust so we could still live there and generations to come could have it, but file I did. I had gone through a long period of losses and illness. Just had no money, no prospects for income other than my job. It cost me about $450.00 to $500.00. It was worth it. After the bankruptcy was made final I learned severe budgeting and good recordkeeping is the key to staying solvent. The most important thing I learned is that when I earn money, I pay myself first. Meaning, once I decided on what percentage to keep, that automatically goes into the bank. And stays there, until such time as we need it. Not for everyday stuff either. May not work for all, but it works for me. I hope things work out for you.

-- Steve Ainsworth (kerrysteve@mediaone.net), January 08, 2001.

Mike:

When analyzing monthly expenses, remember little things often add up. These are just examples:

If a couple averages smoking two packs of cigarettes a day, that is about $120 a month right there.

A six-pack of beer a day will run about $105 a month.

If someone buys lunch at work for $4, versus bringing a $1 lunch from home, that is about a $60 difference for one person.

Say a couple eats out once a week for dinner and it costs $15. Doing it only once a month would save about $45.

Take out meals or deliveries are fairly expensive compared to homemade.

Good, function clothing can be found at places like Goodwill for a fraction of the cost of new. Almost all of my flannel shirts (my standard winter wear) come from a neighbor as he outgrows them. I'm not too proud to be seen in them.

Say a couple visits a laundrymat once a week and it costs them $5 over and above soap. That's $260 a year. In this area, good, used working washing machines run about $125. I dry outside during the summer and on a line running the length of a hallway during winter.

Bulk buys can add up in savings. I go for the largest size of store brands on such things as toilet paper, paper towels, bleach and laundry soap.

One use to be able to get great buys at yard sales, but the prices have been going up. Even still, you might start looking now for the things you will need for the baby. Here also, while it is a lot more work, cloth diapers save a bundle over disposable ones.

Should you have to declare bankruptcy, bear in mind an attorney will want their retainer in advance - and can you blame them since they don't want to become yet another creditor. You might be surprised to find yourself being offered numberous credit cards soon afterwards. They know someone who has declared bankruptcy cannot seek court protection again for something like seven years.

I don't know your situation, but credit cards and home equity loans have gotten more people into financial difficulties than probably anything else.

-- Ken S. in WC TN (scharabo@aol.com), January 08, 2001.

Hi Mike

One thing to remember is that if the property you own or are paying for is in both your & your wifes name YOU can file bankruptsy and because its in both your names the property won't be in jeopardy.

Start today writing down every penny you spend. Really even a quarter soda write every penny down. You may be surprised exactly where the money goes. We Were.

Some counselors are better than others, so don't be afraid to talk to more than one. You might check with the locale college they sometimes offer FREE classes on Family Budgeting.

The main thing to remember is This is just another change in Life Its not the end.

Let us know how things progress.

-- Kenneth in N.C. (wizardsplace13@hotmail.com), January 08, 2001.

Been there, done that - wife got a long term illness or three and the medical bills caught up to us eventually to where we were short every month. Got so bad we were using the credit cards for everyday items, like food, were sending in the minimum monthly payments, and the wife started hiding prescriptions from me as she knew we couldn't afford yet another co-pay. I'm not going to say how much we totally owed, but it was in the 6 digits all total, and we had sold just everything we could that was worth selling, but debt was literally going to kill at least one of us if we kept going like we were.

Spoke to 2 debt management agencies, and they couldn't save us all that much money - not enough to make a difference, as I was still negative after the doctor copays and monthly pharmacy bill. Finally spoke to 3 lawyers, who all told me there was no way to dig out, and how even if I filed a chapter 13, I just wouldn't be able to do it after they crunched the #'s. So we prayed about it, and filed chapter 7. Cost us $895 in fees up front, and had to spend 1/2 a day waiting for our turn before the judge, but otherwise was fairly painless.

Since then, without the interest eating us up, and with my wife's slowly improving health, we've been able to pay the medical bills, save a little, donate a little here and there, and can lead a fairly stress free life. In fact, we should have the student loan payed off this year (they ARE exempt, as well as those loaned out by non-profit organizations). So I really can't see how the bankruptcy has hurt me. In fact I consider it to be one of the better things to have happened to me. It forced me to take stock, regroup, and gave me a chance to recover. We have a dry roof over our heads, the walls are warm, the garden feeds us well. A buddy gives me beef for the cost of butchering, which helps. And while we all wear a lot of yard sale clothes, we're happy and healthy and safe.

I do get offers of credit all the time (credit card, and lump sum loans) which I dump in the burn barrel, and I can pay cash for everything I need and can't grow, make, or trade for (but buy almost none of the things I want - do splurge on a movie now or then though). The Lord has given me everything I need to care for my family, and while our lifestyle isn't fancy or glamourous, I can at least go to sleep at night and not spend half of it wondering where money to buy milk for the kids is going to come from.

Good luck in whatever you decide to do...

-- Eric in TN (eric_m_stone@yahoo.com), January 08, 2001.

Mike, do the bankruptcy, there isn't too much to it. You will need to pay the filing fees upfront, about $300. The attorney or bankruptcy preparer may charge you more, usually a flat fee. Around here the total comes to around $1200. Some creditors will want the things you bought from them on the credit back. If you want to keep some of those items, you can negotiate. YOu will have to provide info on where you work (or not) what your gross income is from all sources, what bills you have, what assets you have (no, they won't take your house). YOu will have to attend a meeting of the creditors where you tell them (if they show up) why you are filing bankruptcy. If you don't pay your credit cards, etc for a couple of months you should be able to save that money for the retainer for bankruptcy preparation and work. Don't answer your phone and if you hire an attorney or bankruptcy preparer then any creditors who contact you - you can just tell them you have filed bankruptcy and tell them who your attorney (or bankruptcy preparer) is. You should be able to find help through legal aid services in your state. Look in the phone book. If you want to protect your belongings and keep the sheriff from taking your property, you should file bankruptcy.

-- JoAnn (jonehls@excite.com), January 08, 2001.

Before you even consider bankruptcy know the bankruptcy laws in your state. Then means an attorney need to be in the picture. Laws vary from state to state. Some state may permit a bankruptcy with little interuption in ones life. Others require that assests be sold off, Cars, homes, land, furnature. Complete liquidation of assets. I would work with a debt councler after you know the bankruptcy laws of your state. Review your debt, where is the problem? To many little loans with small minimum payments? To many CC with low payments. A consolidation loan may solve that problem. CC debt is the hardest to get out of. THe more you spend the more they let you spend and the minimum dont go up. Someone with 200min but 10K of credit will never pay off the card if they use it at all.

-- Gary (gws@redbird.net), January 09, 2001.

Yes, I was forced to file bankruptcy back in 1993 when a business we had went belly-up....

At first I filed the kind of bankruptcy where I was paying the courts $1300 every month and they were dividing it between my creditors...I was doing that with the hopes of paying my creditors off...But the creditors were only getting about $10 each after court costs and stuff.....so I eventually changed over to total bankruptcy...

Believe me it was a last resort and it totalled my credit until now. I hated doing it. If we hadn't owed so much on our farm WE WOULD HAVE LOST IT TOO! So you need to be careful and look at all the options and things before you do this because it is really serious.

And of all things, when I converted to the other kinds of bankruptcy, I had to go to the federal courthouse in Birmingham ON MY BIRTHDAY! all alone! My attorney met me there and I was scared to death! But the judge was kind although stern...

Now I've weathered the storm but I wouldn't want to have to go through this again!!! They didn't let me bankrupt against my student loan so I am still slowly paying on that.

-- Suzy in 'Bama (slgt@yahoo.com), January 10, 2001.

I heard that if you file bankruptcy not only do you lose everything, you still have to pay for it all. My parents filed bankruptcy years ago and I don't recall them losing anything. Is this true? What I have been told? We are seriously thinking about it, but not if that it the terms. My children and myself have alot of health problems, moving to the country has been VERY good for our health, but..we still owe on the first house, the one in town. It needs more work done on it if we are going to get enough out of it to pay off the bank. That is our biggest problem, not to mention the medical bills. We have done very , very good on the bills, paying off $400,000.00 in just 8 years, BUT now that the kids are all needing more prescriptions as well as myself, we just can't live as frugal as we once did. I am sorry I am no help with the answers and hope I am not being offensive in asking more questions within this post. I do appreciate all the posts I have read here and plan to show my hubby these posts. I am glad someone had the courage to ask the BIG "B" question as we have been struggling with this the last bit in our lives. I had never heard about just one of use filing for it, but both of our names are on that house. I don't want to lose the land or our new-to-us-house. Thanks again for posting the question!!! I wasn't brave enough, though everyone here has been so wonderfully patient with all my other questions!

-- Cindy in OK (cynthiacluck@yahoo.com), January 10, 2001.

Mike, I am going to be a little different. I have a lot of value in responsible people, and I know that you got yourself into trouble. I strongly recommend you trying everything you can to repay your obligations. You'll feel better about yourself, and you will also have more respect for the money you earn.

The easy way out, is to easy. There will be plenty of opportunities to get into finacial trouble again if you don't learn from your past mistakes.

If , I'm sure you could, get so depressed that you turn abusive towards your wife and children or yourself, then yes I would recomend bankruptcy.

Where are you located? Have you ever hauled machinery? Oversized?

Good luck.

-- hillbilly (internethillbilly@hotmail.com), January 10, 2001.

Thanks, hillbilly, I've been monitoring this thread and getting somewhat upset at the casual attitude some have taken towards bankruptcy. I know that there are legitimate reasons for filing and I won't denigrate anyone for making the choice, but at the same time all should be done to pay your debts before this step is taken. Mike states that they are living about $300 a month beyond their means. First, cut this down as much as possible and secondly, take a second or third job if neccessary to provide more income. $300 a month works out to less than 20 hours per week at a minimum wage job. It isn't easy, it isn't fun and it isn't neccessarily quick, but it is much better than saddling the rest of us with the cost of making up for someone elses bad decisions.

Before I get beaten up too badly, let me say, been there, done that, never filed bankruptcy, living on 20 acres and a dream now. There are different reasons for all of us to do what we do, but all of us pay the costs one way or another.

-- ray s (mmoetc@yahoo.com), January 11, 2001.

Seems like most think bankrupcy is the way out. May I show the opposite view. Most of the time we either bought a service or a item that we promised to pay for. Now when things are hard we get a bankrupcy and now don't have to pay for these items. We don't have to give them back, we just don't have to pay for them. This adds to the cost of every thing all of us purchase every day. Just as shoplifting causes the stores cost to go up so we all have to pay the loss. Most all companys will work with the people that are having financial problems. Some say it has little or no effect on their lives after they file. Thats just not so. Its on your credit report for at least 7 years and in some cases much longer than that. On any form I have prospective clients fill out there is the question. They have the choice to mark it or not. I have the choice wheather to continue the interview or not. I don't turn down anyone because of a bankrupcy just if they used the system to take something they should have paid for. If they just take because they don't want to face up the paying I consider it a form of dishonesty, and I don't deal with dishonest people. If they trully had a reason I will work it out with them. Don't take the easy way, take the responsible way. It may be ok with the law but you have to live with it. Lawyers make money when they file for you so how bias are they.

-- D Coker (bluewaterfarm@mindspring.com), January 12, 2001.

I'm another one who ended up deep in debt a few years back. The lawyer who handled my divorce advised me to file. I really felt as though he was telling me that so he could get more money from me. I have two close friends and a sister who went through bankruptcy, within 6 months of this. (One had $38,000 of debt, one had $28,000.) They were allowed to keep everything. I got a second job. I payed down my debt, little by little; cut way back on non- essentials, and really learned what it meant to buy on credit. Flash forward 3 years.....I'm almost out of debt. Yes, it was really, really hard, and some days I felt very sorry for myself. I'm still working 2 jobs. I feel really good about myself. I made the right decision for me. My sister and my friends are up to their eyeballs in debt...again. They didn't learn a thing. Two of them are paying 21% interest on vehicles that will be dead before the loans are payed off. Mike, if you or your wife want help learning how to be frugal, just ask, 'cause you are in the right place. I'd be happy to help any way I can. (Please don't think I'm knocking anyone for their decisions, I'm not.)

-- Cathy in NY (hrnofplnty@yahoo.com), January 13, 2001.

When my twins were born 3 months premature, we ran up huge, huge bills. AFTER the insurance paid, we still had $400,000 to pay. Not to mention that we had just paid off the surgeries of one of our other chilren. (I was not supposed to be able to have children, please don't scold me for having all these sick babies, I get that alot). Anyway, to make a long story short..we sold what we could sell, we worked with the hospitals to let us pay when we could and we always paid a large amount. We told our creditors (car loan and house payment, student loan) that we were advised to file banctruptsy. They were very patient and let us go with lower interest rate for 6 months. We ate only things on sale (no space to garden, I was too busy taking care of these sick little guys to work). I sewed all the clothes, it was cheaper at that time to make them, now it is almost cheaper to buy the clothes and it hasn't been that long! I sewed for other people and had gotten my own line of children's clothing going before the twins were born. After they came home, I had to stop sewing so much because I didn't have time. I even did babysitting (that was really hard, I already had 5 children of my own all under the age of 5) BUT, with my hubby working over time and what I was able to bring in (I also sold Avon), we were able to keep from filing bancruptsy. It was not easy, it is something that we can honestly say was hard. But, we did it, we survived. I sat down last night , with my bills and decided we lived through that...we can do it again. We are out where I can grow most of our food this summer (provided no one steals it like they have our birds for meat) I will hot wire my garden. I have the ability to buy in bulk, I did not have that before. etc...it isn't easy, it won't be easy. I plan on calling the creditors again , like I did before and tell them about the stroke I had etc...I hate sounding like I am looking for sympathy, but sometimes, that is necessary. I don't know if I can sell that house , I don't know what will happen if we take a loss on it...there is alot I don't know, but we had no choice with our situation and thinking about what all we did before, instead of feeling overwhelmed, has given me the strength to try again. Reading all these posts have made me feel not so alone. I HAVE THE POWER!! (she says while holding the mouse in her hand and smiling really big) Hang in there everyone, look at all the options. I don't know if I can help anyone..but at least know that I feel for you, I can empathize. I have never filed, but it has been in the back of my mind in the past and recently. I do know that with most creditors, in my experience, are willing to work with you when you mention "the big B". And don't take out loans to pay for medical bills....we did that...not a good idea, then it becomes a different type of loan. I am not sure on all the legalities of this, I just know that that hurt us, we should have left them all as medical bills instead of taking out that huge loan to pay off the hospitals. Sorry this is so long.

-- Cindy in Ok (cynthiacluck@yahoo.com), January 13, 2001.

My sister is currently considering bankrupcy. She got into a bad business deal with a client who cut off her income and is in litigation with her. What a mess!

This is not first hand experience but comes from watching her. And the most important thing I see is not to panic. Cutting back on expenses and getting out of debt is a slow process not an over night thing. My sis keeps getting frantic and then decides to strip all the equity out of her house, which will get her our of debt but will also give her a $3,000 mortgage payment, which in turn demands a $4,000 to $5,000/ month job. Not a smart move in my opinion. So far I've been able to talk her out of this.

Take a cold hard look at what you spend money on. If it is in the slightest way a non-essential item don't buy it. Get in the habit of carrying your own beverage or snacks when you go out. I was stunned when I realized how much sis spends grabbing a bottled water and something to eat while she runs errands or goes to work.

Keep telling yourself this won't last forever. I keep telling sis that, but last weekend she decided she couldn't survive one more minute without some kind of treat, so she went out and spent $100 on a bird bath, then bitched at me because hubby and I wouldn't take her out to dinner. We were eating at home and she didn't want to eat at home. She hadn't even been invited.

Another thing to consider is checking out any temperary employment agencies in your area. Ours are always looking for new people and many of them do a lot of temp to hire jobs.

Lastly, her first consultation with the bankrupcy attorney was free. She took all her documents about the debt and he actually told her bankrupcy was pre-mature and she should negotiate down her credit cards and other debts first.

Changing your lifestyle is the hardest thing because you feel deprived, I know sis does, but in the long run you find out what is important and really needed.

Good Luck and Keep the Faith, I'm sure it will all work out for you.

-- jennifer (schwabauer@aol.com), April 27, 2001.

In my opinion, buncrutsy is the worth you can do.I live in Canada, I do not know how different it is in USA. I filed for bancruptsy 1996 and was discharged in 1997. Since than I had no more debts- that is the only advantage. But I also encountered a lot of problems: 1.Forget about repairing your credit in 2-3 years, you will serve your full punishement for 7 years. 2. You will be denied in all possible credits, anywhere you apply 3.You will have problem with mortgage (I had to go private) 5. You can not even cash you check in the "Money Mart" 6. I had problems to open the business account in the bank Go for the creditor proposal it is better than bancrutsy.

Can someone answer my question re: bancruptsy and hiring are there limitations to be hired to the Financial Institutio because of Bancrutsy ?

You see another problem for me...

-- Julia Pike (ulia_pik@yahoo.com), February 01, 2002.

If you are looking to get a better job after bankruptcy, you can pretty much forget it, a lot of employers figure that if you can't run your personal life you're an employment risk. You might not find it easy to rent living quarters, either.

Do everything you can to reduce daily expenses--such as trips to Starbuck's (sad to say, I see a lot of teens are in that rut to the tune of 2 or 3 PER DAY) and other habits you may not be thinking of.

Good luck paying off your debts without bankruptcy. You will be happier at the end of the day if you do.

-- GT (nospam@nospam.com), February 01, 2002.

So what is it you spend money on? (It's obviously not fancy cars.)

-- snoozy (bunny@northsound.net), February 02, 2002.

Mike. I recently filed bankruptsy chapter 7 that is and I really dont have the answers for you. I know this after much thought and prayer that was the only solution to the insanity. I was sick for 6 months and my husband didnt work and the bills kept piling up. I would rob Paul to pay Peter and eventually all accounts was behind. So i filed, well Ford came and got the car,( which had about 13 recalls on it) and I got a van.. I am waiting out the time on my house.....thats real hard at times.....but I am relocating to North Carolina to get a fresh start........ Keep your chin up ....and your head high......some times things just happen for a reason

-- GEORGIA ROYSDON (GKROYSDON@ADELPHIA.NET), February 15, 2002.

Anyone interrested in this thread may want to check the archives for a thorough treatment of the subject. As I recall, it was a hot topic not less than a year ago.

-- daffodyllady (daffodyllady@yahoo.com), February 15, 2002.

I kinda think this _is_ the thread - check the dates of the first message, about a year ago... ;)

Been there, done that - wrote a great answer to a message - that turned out to be from 2000!!!!! Oh well.

--->Paul

-- paul (ramblerplm@hotmail.com), February 15, 2002.