Hindsight is 20/20, so what would you have done differently since you filed?

[optimistic1]

Trying to hear peoples experiences, they say hindsight is 20/20, lets hear some stories.

[justbroke]

I would not have owned 4 properties at once... wanting to ride that Real Estate to riches dream. I use to even say to myself, in 2004, that the Real Estate market was heading for something bad in the next 3-4 years, because of the availablility of 100% financing options, with interest only loans, and 40-year amortizations with 3/1 ARMs. It was just obvious to me! Although I put down 5% on one property and about 10% on another... it just didn't seem right.

Looking back to when I had an average daily balance in my checking account of $80K, and 6-digit numbers in my 401(k)... it was easy to see that I thought that I was invincible! Really. Then my job cut my pay by 10% in 2005, then probably 10% again in 2006. But, I still thought I was invincible, because I sold one house and bought two more in 2006! My total annual income (bonuses, stock options, commissions) was down about $70K by 2007. While I don't personally blame the Banks... they set me up to fail. I always knew... err... thought... I always had my equity to fall back on.

Ooops!

[DeadManCrawling]

If I had TRUE hindsight, I would go back with my newfound knowledge and pick the Powerball numbers from the week before I realized BK was in my future.

Seriously, though, I would have done what I am now in the process of doing:

Buy a smaller home outright, no mortgage, to assure that I never have to concern myself with this. I own a McMansion, thought it is perhaps a little more grandiose than the usual. It is also totally unnecessary other than to satisfy some perverse facet of my ego at the time we purchased it. Sad to have paid 500k rent on a house we never could have owned.

It won't happen again.

Our next place, which I think I found today, is much smaller, more humble, and includes enough space for a .25 acre or more garden in which we will get physical exercise, spiritual enrichment, and some darn good vegetables and herbs for our kitchen.

[BkinTX]

Never get a cc. LOL.

But barring that, I would have paid my student loan off on a cc far in advance of the bk. HAHA. No, that's wrong. But it would have worked, right? :p

[justplaintired]

Never get a cc. LOL.
:p

This I like!!! LOLOLOLOLOLOL

[sassiebaz]

Never get a cc. LOL.

But barring that, I would have paid my student loan off on a cc far in advance of the bk. HAHA. No, that's wrong. But it would have worked, right? :p

Wow, what a great idea....

[BkinTX]

Feel free to tell me I'm a genius. LOL.

[BkinTX]

Evil genius.

[pcn]

Never get a cc. LOL.

But barring that, I would have paid my student loan off on a cc far in advance of the bk. HAHA. No, that's wrong. But it would have worked, right? :p

It's amazing what we all did just to try to stay afloat and "do the right thing". If only someone would have mentioned this whole area of financial planning and protection earlier in my life... Stupid student loans!

[treehugger1]

BkinTX, While one might argue the "ethics" of using CC cash advances to pay off (or down) SL debt, I now know several folks who have done just that. And, a line of credit is a line of credit. While I do not know your age, you should realize that there are perhaps millions of baby-boomers out there who are needing to address the SL and BK issue. This is NOT a good mix. So, it is no wonder that folks with student loans are figuring out creative financial solutions to the BK and SL issue. (I'm silently clapping.) I never thought of it. After 3 years, I have still not filed due to the SL problems associated with BK 13. I'm currently hoping for an administrative wage garnishment of 15% via the department of education. I guess I'll call this foresight based on others' hindsight. LOL

[afraseribm]

Just had to respond to this...

I would have done the BK13 2 years before I actually did...

Let's see that would have eliminated the following:
Spending 2 years worth of tax refunds ($9000) and Bonuses ($8000) on trying to stay caught up.
Three 401k Loans that I am still paying off.
A 401K hardship withdraw (One of the dumbest things I ever did).
A years worth of payments to a consumer credit counseling service that only made things worse.
A years worth of payments to a Debt Settlement Company that completely destroyed my credit score and settled exactly one cc debt.

Oh yea... I'd be 2 years closer to a discharge date...

Our BK13 has been the easiest, most painless process and we couldn't be happier, our monthly payment is very reasonable and has helped us tremendously to get back to a normal monthly budget.

The sad news is that we waited until the last possible moment to file... Our house was about to be foreclosed on and one of our cars was repossessed the day after we filed... we got it back a few days later but what a pain the u know what that was...

[StartingOver08]

I would have sold my primary residence right when I got the cancer diagnosis (Jan 2005), rather than thinking "I can do this, even with cancer". That was pure ego talking. Not smart on my part at all. I would have been able to pay off one of the rentals, sell the others (like I did) and have had no debt. I stuck it out, and got stuck. I am not blaming anyone but myself.

[LimpDisc]

I simply wish we would have filed earlier.

[indebt00]

We would have filed about 1-2 yrs sooner. We went thru
50k in savings and put ourselves farther in debt trying to stay afloat. We just kept thinking that it would work out.

[bkpain]

Sad to say we actually talked about doing what now is hindsight. I sold my home when we just got married and walked away w/ 100k profit, we talked about paying off his house and being debt free but instead decided to "franchise" my business. $80k in legal fees, $100k+ in advertising, bad choices of buying a large boat that we were offer $30k more than we paid for it the day after purchase and ended up short selling it 2 years later. Considering that 80% of all people that buy a franchise do so with their home equity line of credit and the housing bubble bursted. So I spent all $100k and took out a HELOC of $150k to pay for the rest. I have sold ZERO franchises and now have a really pretty brochure and infomercial to show for it. Oh and soon a BK to top it off! I can even giggle a little thinking I used to have 800 fico.....those were the days.