Why Are/Have You Filed BK?

[tiphani]

Why I filed BK....lots of fradulent credit card accounts open in my name. Tried to dispute but with no luck. Repossed car in 07.....tons of medical bills, student loans, and payday loans. I figured im still you, so I better get this credit stuff in order before I am in my 40s.

[amei]

Almost all business debt for me. Over extended and spent all of the cash we had trying to stay afloat. Brought a business from some liars who stole part of the income and lied about the income. They provided proof of false income but the burden was on me to prove it. Sucks, but went on anyway and tried to make things work. did everything I could to make it work. should have gave up and filed a long time ago. Maybe I could have salvaged some of what I lost. We are very good with money which helped us make it as long as we did. But the personal guarantees are what drive us to bankruptcy. Tried to do what i thought was the right thing and try to pay everyone, but finally realized no matter what i did or how much i gave them they were always back trying to suck more life out of us. Finally realized we had no choice but to file. We should have done it a long time ago. But it took a while to realize that filing doesn't make you a failure. We have filed and the phones have stopped ringing. Thank God. We are building a new life again debt free. From this point on our business ventures will be debt free too. We didn't apply what we had done in our personal life to our business finances, lost our largest customer (because the guy who sold us the business was a liar, we lost the customer for being honest) and was never able to catch back up.

My advice, don't wait until you have nothing left to file. Since our debts are primarily business debts we are able to file Chapter 7. Clean slate to start over and we're going to make the best of it.

[Surfside]

I became ill with an industrial injury. Now, I am permanently disabled and have permanent medical restrictions. I have lost my job and career because of my disability. I have lost my income capacity to earn a living at what I have studied and worked for my entire life.

We lost my income and fighting the worker's comp. system to get benefits. In the mean time, I had to file BQ 13 and now BQ7. I have spent 2 1/2 yrs fighting for my industrial injury and I am more injured than before and now we are broke.

[Doomonic]

I worked as a graphic contractor (from home) for a company 7 years with many ups and downs. Using credit cards to get by when needed. Work dried up and I started the job hunt. I've found a part time job but still looking for full-time. I'm no longer able to pay minimum payments. The final decision was made when I got a Warrant of Debt from Capital One Bank. I filed the day before the court date and it was dismissed.

[Surfside]

1/23/09-Filed for Ch 7
2/23/09-341 hearing
5/28/09-discharged

[stevieweavie]

I have over 3.5 million in Real Estate loans that was valued at over 5.2,
and is now more like 2.9 million, had a partner walk out on over 600K
in a partnership, and another on 725K. Basically I have no late payments
right now, but the banks are going to want the overage back at sometime
and I am now sick of trying to off these things withthe only result being
ME owing a half million to them. I think I am really doing this to get the
burden of 41 rentals and some commercial R/E of my back.

[frogger]

I have over 3.5 million in Real Estate loans that was valued at over 5.2,
and is now more like 2.9 million, had a partner walk out on over 600K
in a partnership, and another on 725K. Basically I have no late payments
right now, but the banks are going to want the overage back at sometime
and I am now sick of trying to off these things withthe only result being
ME owing a half million to them. I think I am really doing this to get the
burden of 41 rentals and some commercial R/E of my back.

Pretty much the same situation here, without a partner. What had been good in rentals for many years has pretty much crashed and burned due to the devaluation of the real estate and the tenant cesspool.

I'm tired of feeding the beast that never gets full. Between bank payments, insurance costs, and property taxes, there is no way I can make any money. I've run the numbers up one side and down the other and my only solution is to get out. 20 + years of work down the drain...

[nomoreccs]

What caused us to file?

Well we weren't trying to keep up with the Joneses. Never have. Never will. But we DID make a lot of bad decisions in the last 3-4 years, racking up more than $35,000 in credit card debt and an unsecured personal loan. I feel mostly responsible, because I managed our finances. I played the credit card shuffle game for about 2 years, which just increased our debt every time a balance transfer fee was added on.

DH worked OT to keep us afloat and we never had a single missed or late payment until we decided to file in March. The first payment I skipped was the hardest thing for me to do, but I had to put my pride aside and face reality. We went from credit scores above 800, and over $100,000 in available credit to bankruptcy. What a lesson, but at least we know we DID learn a lesson.

I felt guilty at first, but I know that bankruptcy is here for a reason. To get a fresh start. Thank goodness there's a way out of our mistakes. But I'm still very embarrassed to have allowed this to happen.

DH was diagnosed with an illness earlier this year and he's not physically able to work any OT because his treatments have horrible side affects including anemia. No OT means no money for credit card payments. I haven't worked in almost a year and have recently filed for Soc Sec Disability.

We lived below our means for the majority of our life together (15 years) and as soon as our case is closed, we will go back to that way of life. We WILL. That's a guarantee.

[smiley]

I''m currently in a chapter 13.... I have a small condo that i still owe 31,000.00 there are 48 units in this complex with a deliquency amount of 32,000.00 I am curious to know if i can convert to a chapter 7 (have a chapter 7 on my credit report discharged)..
want to walk away from this property without the mortgage company coming after me.

[Surfside]

We converted from a ch 13 to a 7 w/in 1 yr later. We let go of an RV and gave it back to the bank. Our lawyer filed additional paperwork with the court and the judge approved that when the RV was sold and it was most likely sold at a lost by the bank, the bank could not come after us for additional charges of depreciation of the RV and selling it at a lost on the auction block. It is best to hire an attorney because this could get tricky.

[smiley]

I do have a laywer......... But I guess i'm wondering if the trustree would convert the chapter 13 to a chapter 7. I just don't want the mortgage co to come back after me. If they refuse to convert then I guess I'm screwed.

[denisejohn65]

Going through a divorce, loss of a job in summer of 08 put me behind.

[smiley]

Times are tough .....I really feel for you. Just keep your head up....

[graciemae]

We were doing ok, had debt but were always able to pay our bills on time-never late. We weren't saving like we should for emergencies so when they came up we relied on credit cards, but we were still ok, as we were able to pay all bills on time even though it took some juggling. I became a consultant for a scrapbooking/sales company and it was taking off, doing well, and I enjoyed it. My 3rd daughter was born 3 months premature, and that was the beginning of the treading water phase.......we spent the next year in denial that things were getting worse until we finally got the the point that all the juggling in the world wasn't going to work. We were still paying everything on time but we were starting to have to use credit for normal daily living expenses, that's when we knew we had to do something. A good friend of ours had filed a 13 and she was open with us about it, it made me think it could be a viable option for us. I NEVER, EVER thought we would resort to bankruptcy...it still embarasses me to admit it, but it was the best thing we ever did even if it was the most humiliating. We are now able to live our lives without the stress of owing everyone. We are 4 months away from discharge and after 4 long years I can't believe we are so close. We actually recieved the title to one of our vehicles 2 weeks ago. In 4 months the only debt we will have is our mortgage and our student loans......I can't imagine!! We are able to save for emergencies (and a new home, too). Financial freedom is going to be great!

[momisery]

I am lost as to how I got here. I will say just in 2001 I had 60,000.00 an a nice life starting up with my hubby. Then in 1.5 years he lost his job and did not want to drive so far and could not find anything in our town. He always wanted to leave CA, so we did just that. He had a great job in SC, we sold our CA home and it started out really good. I found a job, didn't pay really well, but his did for about 6 months and he was let go. He bounced around again unable to find a job that paid in sales. And so we moved from that small town to GA for him to find a job. We had a little house outside of town things were fine. But the patriot act required a background check, and it took them 3 weeks to do it, then 4 more weeks for hubby to clear up his driving record to prove he had paid a stupid speeding ticket in AZ in 1989 and had insurance in IA in 1976, that would explain why he didn't have it in Ill since he didn't live there. Anyhow, he lost that job before even starting because they couldn't wait that long. Anyhow, he found a good job, we decided to move closer to our jobs after a couple years, and hire a realtor who found us the "PERFECT" place.. close to our jobs. The bank had the "APPROVED" appraiser, and the agent gave us the name of the "FANTASTIC" inspector. The end result was a bloated appraiser in a neighborhood full of illegals, and when we tried the tell the house 1.5 years later every realtor we talked to told us we paid too much. The one offer we had the inspector came in wanting the sideing and the deck replaced for 40,000.00 and ther termite people said we had termites even though we were on a bond and it was treated every month for the past 1.5 years. The termite people found, the inspectors fought.. and our buyers walked. The second offer we had was a short sale and Wells Fargo lost the paperwork so many times that the buyer walked. We left GA because we had one too many visits by ilegals with butcher knives tucked in their shorts. Geesh! My husband worked a lot of hours and did not want me at home so much. So, we rented the house out, and moved. We really thought we could sell it and pay a bit of difference if we had to. We had no idea the downturn was coming. So, we ended up with a rental house and the tennat is gone now, has been for 1 month. And hubby has not found a job since oct. that pays. So, the blame all rests on our shoulders since no one else that ripped us off can be sued. I have to admit we are to blame too, but I do think that far to many dishonest people had made this much worse than it had to be for many Americans.