BK Risks you took that you regret now

[uneasy]

Took Hubs advice-red wine + hot bath, but this forum is addictive, so I'm back. I'm going to post this, then go to bed (midnight here) and check back in the morning.

What I am understanding from my very first night of posting here is that when it comes to bk, it appears that no one gets away with anything. I guess I was kind of looking at it like a drunk driving charge--a good lawyer could probably get you off, even if you are guilty. But the theme of the messages here is definitely play by the rules, exactly, or the consequences could be severe.

However, it would help burn this into my psyche if anyone out there would be willing to say something about bk risks they took and now regret. For example, reading what has happened to some of you who paid back a relative when you weren't supposed to is pretty instructional. I don't want that to happen to me.

It would be helpful to me if anyone else could shine some light on this pitch black path by sharing decisions they wish they didn't make. I'm a pretty good learner from other people's experience and would be grateful to learn from your mistakes.

Thanks, really, to the honest and courageous people who answer this.

[Flamingo]

The worst risk we took was trying not to file. We got ourselves more in debt and used my husband's entire 401(k) trying not to file. We thought a new job would be right around the corner for my hubby in his field but to this day it has not materialized...he totally changed careers to survive. Our mistake was not investigating filing bankruptcy earlier after my hubby's job loss in 2/01. We filed 4/02. We also got bad advice on another long defunct BK internet forum before we looked into retaining a BK attorney. This forum is absolutely marvelous but was not in existence at the time we filed.

Risk comes in all shapes and sizes as to filing bankruptcy. To avoid it, one needs to educate themselves as much as possible about it before filing and learn not to let emotions get in the way.

[monkatom]

Mine was waiting so long to file and taking money from 401K and from kids savings accounts. We were robbing Peter to pay Paul.

In addition having to wait so long to get a new mortgage was an eye opener as I thought BK rules applied not foreclosure.

[floridian]

mine, was to listen to a lawyer who didnt know squat about his job... i was on the cusp of BK and probably could have prevented it, but a BK lawyer told me i could start fresh in a 7...

fast foward a year, i got careless and it came to pass that i got bad legal info... now, im looking at a 13 and total loss of the good things in my lifestyle...

[AngelinaCatHub]

My biggest mistake

I sold a mortgage Deed I had, got paid, paid back my son-in-law, god-daughter. Got notice of abuse and a 2004 investigation. Pleaded with the Trustee and Trustees Attorney not to sue my son-in-law and god-daughter as they were innocent folks just trying to help us.

Not too much was said about not reporting the Mortgage Deed, but a compromise was set to an even 5K payback (less than I owed) and a wait until February when our retirement payout happens.

I was most fortunate to have a kind Trustee as I made some very serious mistakes out of ignorance, not dishonesty. Very bad Lawyer we had. Explained NOTHING to us.

This is why I am so hep on keeping it straight. I was fortunate, many are not. 'Hub

[username1223]

Someone said I should have used my remaining credit when the bankruptcy was inevitable and used the analogy. If the ship is sinking you might as well eat all the food and drink all the booze because it's going down no matter what. I did not do that because well... it is not right but I guess if you are having medical problems or something it may be okay. My BK was post divorce and I would have felt guilty running up a credit card just to run it up.

[AngelinaCatHub]

Well, I know this sounds terrible. But, when the ships going down( bankruptcy is inevitable)- eat all the food and drink all the booze( use remaining credit) because it is sinking and you might as well enjoy the end.

Note my Avitar. CQ-D

[B65]

mine was

waiting way too late I should have filed 2 years earlier.. it would have been a lot less stressful, I could have kept the home I was in and would not have had so much debt... I robbed peter to pay paul and convinced myself it would all be ok.........

[SubPrimeME]

I think my mistake was just using CC's like oh no big deal- I will keep up no problem. Then I started to pay the min and ya 4 cards lead to 8 and the house, oh the dang house....

[CatsInTrouble]

Taking large retirememnt pay outs, as we didn't know that would count as income and almost put us in a Chapter 13!! Oy!! Five years of this sh---? I DON'T THINK SO.

So, we waited three loooonnngg painful months for those to drop off, and are finally looking at filing March 16. whew

[CatsInTrouble]

Taking large retirememnt pay outs, as we didn't know that would count as income and almost put us in a Chapter 13!! Oy!! Five years of this sh---? I DON'T THINK SO.

So, we waited three loooonnngg painful months for those to drop off, and are finally looking at filing March 16. Whew