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    New here w/ introduction

    So... where to start...

    I'm a self employed mom for the past 3 years since a merger at the firm I worked at led to the downsizing of almost my entire department and of everyone who did the same work as my position. At first it seemed like fortuitous timing as I was due to have my 2nd child about 6 weeks after the last day. And it was too. I was able to collect unemployment, look for work that might fit into the schedule as the babysitting required for just 1 toddler to be looked after was killing us back in my working days let alone the concept of a toddler/preschooler with an infant. And I'd been doing a business part time making a selling food at little autumn holiday shows, so I figured I'd just expand that into more of a sustainable income. Yet a sustainable income never happened no matter how hard I tried.

    There's so much of this that is just enough to make me constantly want to crawl into bed and camp there for weeks. Only with a 3 year old and 5 year old, that is totally impossible.

    I got into CC debt in my twenties and got myself out on my own on next to no income too. Dollar for dollar paid off paper debt back then. Yet somehow I'm less than a decade after that pay off and looking at having to file Ch 7 on over $150K worth of debt. Means test smeans test. Our taxable income (DH has been self employed for the past 12 years) last year was about $16K. And that was WITH unemployment extensions I was still somehow being eligible for up until April when all that finally ended. Getting food stamps was a nightmare as the food stamp nazis act like all self employed people lie about their income and deductions. On the income we have, we should be receiving over $500 worth a month in assistance. We only get $280 (and I'm thankful for even that pittance as it's still better than zero) and they even knocked a dollar off when the interest rate dropped the payment slightly on our mortgages. Good grief.

    I think the worst part of it all is realizing who your fair weather friends are. People I chatted with daily for 5 years just cast me out earlier this year like an errant dog because I dared to admit that getting just any ole job would be stupid for me because it would take away most or all the benefits I had to grovel in government offices to get. Stuff like the medical insurance for the kids (us adults have none since last Spring), the basic milk, bread, and cereal subsidy checks for the kids, the food stamps, the ability to get rotting produce and what not at the food bank once a month. I've been accused of being lazy, my husband has been accused of being a poor father for putting us through this and not just quitting what he does to work at McDonalds (which would be ridiculously worse paying), we're accused of gain saying the system, etc. All by people who will pay lip service to the concept that it's good to have programs in place for the working poor who need it. Only they didn't qualify they meant working poor that aren't self-employed. We didn't take lots of vacations or buy lots of toys, we just made the mistake of trying to fund business expenditures with credit cards when banks wouldn't loan money. We've had multiple yard sales to clear things out, sell things on Craigslist all the time, I cashed out IRAs for a bit until it became clear it wasn't really helping more than just applying a tiny bandage to a gushing wound, had to even borrow a few K from PILs to save our house earlier this year and now come to find out that if we pay them back while defaulting on the CCs, we are being preferential to "insiders". GAH!

    It's been very lonely for me the past several months and I'm glad I finally mustered myself out of apathy for a moment to find this forum. Hubby has quite a few of his acquaintances being pretty supportive and I pretty much have zero on the ones I've actually talked to. And it's all pretty scary. Sooooo never thought I'd be doing this after "honorably" getting myself out of debt when I was single and younger.

    #2
    Hi Resigned,
    I did a similar thing when I was in my 20s... pulled myself (and my ex-husband, a financial black hole of a man) out of debt without BK. Now after a great 6-fig career has turned into three years of being unemployed due to a disability, I'm also facing the ickiness of a financial mess. Anyway, I'm new here but it's really clear that this is a great place to find people who have been through so many similar experiences and care enough to share them. I'm so sorry you've had to root through some fair-weather friends. At least you know now who they are, as opposed to later. You have done the things you needed to do to provide for your family. There's no shame in that - in fact, I hope someday you look back and marvel at the strength and fortitude it took to do what needed to be done. Maybe it's hard to see now, especially when you've encountered your share of judgmental people. Screw them. I'd be proud to shake your hand. I don't know where this ride goes, but I guess we're all in similar boats. Best of luck to you.
    OK - from now on it's not a "Bankruptcy." It's a "Weight Loss Program." I'm in. Sign me up.

    Comment


      #3
      This forum is a Godsend for all of us who feel alone, like failures, afraid of the future, even afraid of the start of a new day. I'm glad you wandered this way, so that you can find a friendly group of people who can all understand exactly where you're coming from and where you are.

      The threads on this site are full of useful information and uplifting support. Don't beat yourself up, and especially don't let anyone else make you feel bad. The way I feel about it? We've all hit bottom, and the climb up is difficult but rewarding. Hang in there!
      Filed pro se, made it through the 341, discharged, Closed!!!

      Comment


        #4
        Welcome to the forum! I was 'lurking' here for about week, and I just made my first post a couple of days ago, and I already feel better because of it. Don't get me wrong, there are times during the day I feel sick to my stomach, but every day that goes by, it gets better. I have not even filed yet, but I do have an attorney, and I will be bringing all of my info to them at some point in the middle of next week. From my understanding they can then file in mid-January (the 90 day credit card period must pass).

        I encourage you to post here about any questions or issues you have, even if it just to 'vent' and get things off your chest. And trust me, ask ANYTHING. I have already posted what *I* thought may be 'stupid' questions, and within an hour I had great responses, this is a true judgement free zone.
        Decided on Chapter 7: October 13, 2010; Retained Attorney: October 20, 2010; Filed Chapter 7: February 4, 2011; 341 Meeting: March 23, 2011; Discharged: May 24, 2011

        Comment


          #5
          Hi resigned,

          Remember that a BK is strictly a business decision about what is best for your long-term financial interest. Nothing personal.
          Same with your other govt benefits, they are the best option for your family in the short-term, strictly business.
          If anyone wants to criticize you for doing what is best for your family, tell them to go pound sand...

          You have found a treasure trove of folks who will help you through the process, keep posting and welcome aboard!

          Tom in Colo
          Ch7 filed 5/12/2010.....341 meeting 6/30/2010....report of no distribution 8/15/2010.....discharged 10/01/2010.....closed 11/09/2010

          Comment


            #6
            I'm surprised to get support so quickly! Thanks. I think I'm so used to either being ignored or essentially ridiculed and told my decision making is stupid, I'm kind of flabbergasted at the moment. Like last night, one of the fair weather folks told me that bankruptcy is the worst thing to do and we should just "nut up" and join the military. Um, ok. Not quite seeing how being part of the low paid military is going to pay off over $150K worth of debt. I greatly appreciate the military and have veterans in my family, but it's almost like a non sequitur or something when someone says something like that.

            One of the things I would like to share on a interesting note is to tell people here to not despair if they are behind on their mortgages. Hubby and I are behind 2 months (we have an original Countrywide 1st with HELOC combo) and we were afraid we'd be needing short sale for sure. Even met with a HUD certified housing counselor last month (after we got acceleration letter #1) who told us there was no hope to save the house and to file Chapter 7 and roll the short sale or foreclosure deficiency into it -- but not until we both got jobs. And he wished us luck in finding jobs quickly. Errrr. BUT, it turns out that you can just pay for a month's worth and it rolls back that status. Even though the acceleration letter says pay it all up or else, it's simply NOT TRUE! Small wonder why foreclosures are happening at an all time high right now. Of course they are. Thousands of people like myself read the letter, think it's hopeless because they know they can't make up the deficiency to get current in one month and resign themselves to losing their house when chances are most of them probably could've scraped up the one month and late fee by the deadline to keep it rolling seemingly indefinitely month by month. Oh, we have another acceleration letter. Looks just like the one we got a month ago except for the doomsday date. WHY are there not a bunch of reporters proclaiming this on the cable news and network shows??? Especially when foreclosure is more credit damaging and lasts longer on the ugliness than bankruptcy? So anyway, at this point we are hoping for a Christmas miracle in the form of the gov't Home Affordable Modification program. Does anyone here have experience with that? I'll have to search the site for that. HUD counselor guy told us only 1 in 30 modifications actually get approved and he'd worked in mortgage biz for over a decade before having to quit his business and become a counselor.

            Comment

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