Yet another question. Vacation prior to filing.

[mslaw]

Are you keeping the house, or letting it go? Depending on your state, 5 years+ may be out of the SOL, Just a thought...

We are letting it go. That's why the guy is so pissed at us. What is SOL? Sorry I'm so clueless lol.

[mslaw]

I think there is a lot of guilt during the bk process. At least, there has been for my husband and I. Like you, we tried for years to pay off debt and work with creditors. We have realized what got us into this situation, aka our poor financial decisions. Bankruptcy is a fresh start for us and we look at it as a business decision. I'm sorry the guy at the bank treated you that way. It's just plain wrong but don't let other people's opinions get to you. It did me when my whole family found out and started treating me like the devil's spawn. It didn't change our minds about filing and we felt great relief when we did. Our family still is not talking to us but that is their choice.

We aren't losing sleep at night. We just filed last week but already things are getting better for us. For the first time in years, we've see a light at the end of the tunnel. Hang in there!

Thanks for responding. I've been following your story on here and we have a lot of similarities. We did Dave Ramsey. We've tried snow balling. And we are stuck. Life is too short to be this miserable for as long as we have been. Literally for years. Thank you for the encouragement!

[mslaw]

Speaking of the evil known as facebook, you might find this interesting:

Monday, 4 Jun 2012 | 11:50 AM ET

Facebook will lose dominance as a major web company in less than a decade, Eric Jackson, founder of Ironfire Capital said Monday on CNBC's Squawk on the Street.

"In five to eight years they are going to disappear in the way that Yahoo has disappeared," Jackson said. "Yahoo is still making money, it's still profitable, still has 13,000 employees working for it, but it's 10 percent of the value that it was at the height of 2000. For all intents and purposes, it's disappeared."

Jackson said there have been three generations of web companies. The first generation was big web portals, such as Yahoo, where content was aggregated in one place. The second was the social web with Facebook and the third generation is companies focused entirely on monetizing the mobile platform, something Facebook will continue to struggle with, Jackson said.

"When you look over these three generations, no matter how successful you are in one generation, you don't seem to be able to translate that into success in the second generation, no matter how much money you have in the bank, no matter how many smart PhDs you have working for you," Jackson said. "Look at how Google has struggled moving into social, and I think Facebook is going to have the same kind of challenges moving into mobile."

Last month Facebook acknowledged its mobile challenge in a regulatory filing. The company stated that the growing number of mobile users using Facebook is hard to monetize and "may negatively affect our revenue and financial results."

Jackson's comments on the future of the social network come at a time when Facebook's stock is down about 27 percent from its IPO price of $38 a share, making it the biggest two-week loss of any IPO since 1995.

"The world is moving faster, it's getting more competitive, not less, and I think those who are dominant in their prior generation are really going to have a hard time moving into this newer generation," he said. "Facebook can buy a bunch of mobile companies, but they are still a big, fat website and that's different from a mobile app."

http://www.cnbc.com/id/47674474

Posting this in news as well....

That is an interesting read. Thanks.

[DaisysMom]

SOL means "Statute of Limitations" which is the time frame that dictates how long a debt holder can legally try to collect a debt. If the time goes beyond the SOL, then they can't legally sue you or use other measures to try to collect. That's the simplified definition, however, there are some things that can reset the SOL and some debts that never have an SOL. Each State is different in time frames and circumstances.

As for the bank manager, he's an arse. You have enough stress without having to deal with his negativity about your situation. And who knows...he may be up to his eyeballs in debt himself and just jealous. Try not to let it affect you!! Just think, when this is over, complete, done....you will be debt free. You will have a complete new start, a blank canvas to start painting your financial life on again. I know it's hard to see it now, I was right where you are and the anxiety almost killed me (at least it felt like it.)

But now I'm about 2 days from discharge and all I can see is my future. I am debt free, have some cash in my pocket and I feel like I have my life back. Debt can be like a prison and you have a "get out of jail free card"...(well almost,'cept for the lawyers fees LOL) So take a deep breath, and concentrate on how you are going to live your new life. Think about the positives and try to let the stress go.

Good luck!! DM

[shotgun7]

We are letting it go. That's why the guy is so pissed at us. What is SOL? Sorry I'm so clueless lol.

SOL = statute of limitation. Basically, debt that is 5 years old from time of default in most cases, Is time Barred debt, meaning they can still try to collect, but can't sue. Well, they can sue, but all you have to do is respond to the summoms and show it is time barred debt and it will be dismissed. it is pretty easy to get collectors sto stop calling too by this time. However, there are alot of different laws in each state. Sometimes if you have made a payment, that restarts the SOL, sometimes to restart the SOL one must bring the account completly current.

[Sweetpea3829]

Life is too short to be this miserable for as long as we have been. Literally for years.

Yes, this. We recently just walked away from a house that had been discharged in a BK7 back in 2007. We fought and fought and fought to keep that house, despite the fact that it was a multifamily, the apartment we resided in was in no way big enough for our family and it was in a bad area. But we felt obligated to continue to pay on it and "do the right thing."

Then, the mortgage company refused to modify the loan, despite the fact that we qualified. They used some loophole, stating because we'd never been late on a mortgage payment, we were not at risk of default. Also, because we had too much in savings...most of which was money that belonged to our daughter.

Then we found out the house was over 100k underwater. Then our 3rd floor tenant moved out.

That was when we said, "No more." We chose to stop suffering. So we walked away.

Long story short...we ended up moving 8 hours away, bought a house that was 5 times the size (from 700 sq ft to 3500 sq ft) in a wonderful mennonite community and are doing better than we ever could have done at the old house. Received word that last month the old house was sold. It sold for 86k. We owed 260k. And the house was in fantastic shape...we did everything we could to make sure the house was winterized and taken care of before we walked away. I have to be honest, but I feel a twinge of satisfaction, knowing the stupid bank that REFUSED to work with us, got stuck with such an underwater house. If they had worked with us, we would have kept the property and paid it off eventually.

That said...we felt a LOT of guilt about walking away. But I'm SO glad we did. We spent way too much time stressing out over how to keep that property current, all while hating living there.