Rick, that is how it happened for us too. We had relied on credit to make up for an income shortfall. I always had hope that we'd be able to work through it and finally I realized that we'd never be able to get out of this mess without bankruptcy. When we stopped using our credit cards, we had over $35,000 in available credit that I could have used to keep the minimums paid for another year, but then the debt would just grow more. Besides by then, we were in so deep that getting a great paying job wouldn't have helped much. We would have needed to win the lottery or something and I don't even play! 
Looking back, I believe that we were bankrupt as long as three years ago, but I didn't want to admit defeat. I remember thinking that maybe we should file before the new law went into effect, but then I decided to try to stick it out and see if things improved. Bad mistake, things got even worse! I guess if you know that you are bankrupt it's better to just face up to it instead of waiting and letting the situation just get worse.
A family friend of ours filed bankruptcy in 2004. He's completely rebuilt his credit and has about 7 or 8 credit cards with great rates. He is buying a new house. While I don't intend on getting credit cards again, it is inspiring to see him because I realize that bankruptcy isn't the end of the world. Alot of people on the boards have rebuilt their credit quickly and have purchased cars and homes at good rates after discharge.
Good luck to you and congrats on your new baby coming in September! What a blessing for you and your wife. My baby is 14, my daughter is 16 (utterly horrendous age, she tells me off every day!), and my oldest son is going to be 20 next month. I miss having babies around!
Looking back, I believe that we were bankrupt as long as three years ago, but I didn't want to admit defeat. I remember thinking that maybe we should file before the new law went into effect, but then I decided to try to stick it out and see if things improved. Bad mistake, things got even worse! I guess if you know that you are bankrupt it's better to just face up to it instead of waiting and letting the situation just get worse.A family friend of ours filed bankruptcy in 2004. He's completely rebuilt his credit and has about 7 or 8 credit cards with great rates. He is buying a new house. While I don't intend on getting credit cards again, it is inspiring to see him because I realize that bankruptcy isn't the end of the world. Alot of people on the boards have rebuilt their credit quickly and have purchased cars and homes at good rates after discharge.
Good luck to you and congrats on your new baby coming in September! What a blessing for you and your wife.
My baby is 14, my daughter is 16 (utterly horrendous age, she tells me off every day!), and my oldest son is going to be 20 next month. I miss having babies around!
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