Chapter 7,Closing S Corp,Bi-Polar Depression Disability

[carlsbadmike]

Hi Everyone,
I thought I would add my story to the pot in hopes that it will help someone else know that they are not alone. I just filed Chapter 7 today with an anticipated discharge date/sigh of relief date, sometime in September. I'm also winding down an S-Corporation that I owned and did pretty well with until the Great Recession took it's toll on me in 2009. Last November I was fortunate enough to receive a contract on my house and took a $100K loss to get out from under it. I am presently on disability due to bi-polar depression through a private insurance provider and am awaiting the decision from SSDI that I applied for 5 months ago for this same condition. There have been many times within the last year that I didn't want to live anymore especially when I wasn't on medication. I look forward to a time when I can feel happy again. For now I just take life one day at a time and I hope that my story inspires others to do the same. Hang in there. Things will get better.

[lrprn]

carlsbadmike, I deleted your duplicate reply stating this same information on the thread "Chapter 7" at http://www.bkforum.com/showthread.php?t=56231. It's against our forum rules to post the same content, questions, etc. at more than one forum location - thanks!

It's always inspiring to hear how others are dealing with filing bk - that's why this forum is here. Thanks for sharing your story!

[cmaddy2]

I, too, am bi-polar and in 10 yrs. charged over $100,000 in credit card debt. My deep depression was temporarily relieved by my wild spending sprees. I debated filing a chapter 7 for many yrs. but didn't want to be cut-off from my shopping obsession.

1 and 1/2 yrs. ago I used all of my cards up to their limits and had no choice but to file. No more lies, no fear of phone calls, no guilt, no more deceiving my family. The relief was immediate and lasting.

The trustee didn't question the amt. of my debt or my purchases. The 341 took less than 5 minutes Three months and two weeks later my chapter 7, no asset bankruptcy was discharged.

Without the help from the people on this board (which I read relentlessly for about 3 yrs) I wouldn't have been able to do it. Thanks to everyone here for their help and guidance.

[carlsbadmike]

Hanging in there

I have ended up with about $130K in unsecured debt due mostly to bad decisions made during Bi-Polar episodes. A big chunk of my debt was invested in a house thinking that I would increase my equity from appreciation and be able to live on it later in life. Due to the great recession we all now know that house appreciation is not a given. I have spiraled downward in the last 9 months due to all of this dragging me down on top of a lifetime of depression. It seems that depression following bankruptcy is common based on all that I've read on this site and from other online research. Fortunately with the help of a psychiatrist and medication it is a little bit easier to bear than it was 9 months ago. When our bankruptcies are finalized, hopefully we will all feel a great deal of relief. My 341 meeting is in 1 month and I know the creditors never show up for non asset bankruptcy but I still worry that some of them will show up and protest. It's hard not to expect the worst, for me, and my suspicion is that many others feel this same way. If you are depressed while going through this, hopefully you will reach out to this site and let it and the posts of others help you through your difficult time. It has helped me tremendously. Hang in there.

[carlsbadmike]

Collectin Calls Ceased

Collection calls to me totally stopped within 10 days after filing Chapter 7 BK. What a relief. 341 meeting is in 3 weeks. Will be happy when that's over with. After 341 meeting attorney says it will take 3 more months until the BK is finalized. I'm looking forward to no longer feeling the tremendous burden of all of these debts that I've lived with for years. At 48 years of age I can start over again financially and not live on credit cards.

[carlsbadmike]

I received my discharge letter 82 days after my 341 meeting. It was a huge relief after having struggled financially for many years. Six weeks after I received my discharge letter I was able to get a credit card with a $300 credit line in order to start rebuilding my credit. My business was wound down 2 months ago by my attorney and is no longer in operation. I am still seeing a psychiatrist, still on medications, and still on disability due to my bipolar depression coupled with major depression. I'm not sure what my future holds in store for me but life is better than it was a year ago. I hope that this thread helps someone else in a similar situation. There is hope, don't give up.

[debee]

Good luck to you, Mike.

[Peeps]

Hi Carlsbadmike,
Thanks for posting your experience. I found out I was bipolar earlier this year and it sure explained a lot of my bad (ahem, really bad) financial choices. Not that it fixes anything, but at least there's more understanding now. It was horrible enough to deal with SSDI, but now dealing with the fallout of the financial mess is pretty miserable too. This is an incredible forum because there are so many people with such diverse experiences. It's pretty amazing that a group of people can come together to help each other heal and grow on so many levels. Best of luck in your New Start and thanks again for sharing your experience.

[mom2crazies]

I just read this and started crying!

I am on SSDI for bipolar disorder (and a bunch of other things, but that's the main diagnosis). This is part of the reason for the domino effect that has led us to file Bankruptcy. I find the hardest thing right now is that I am having to use my SSDI in schedule I. It's very sad that the one thing that is supposed to be guaranteed and is needed for medical expenses can also be taken away from you.

Thanks for sharing your story. This is a very difficult illness to deal with.