any advantages in filling chapter 13 instead of 7?

[parsoc48]

Most likely they will be closed by the lender....you really have to think in terms of NO credit while you go through this...it's much easier when you get there!
Good luck to you

[Cali]

Ok, was kinda hard to get that from your post, since you said it teaches you(as in people that file BK)..that is why I posted my thoughts.

Cali,

I was just thinking about my own experience with this whole thing.

[jo23171]

well this is the hardest thing I ever went through. I didn't go on any spending spree or was irresponsible with my credit. I'll have to file because I lost all the money I had in the stock market this past week. I haven't gotten any sleep and barely ate for the past 4 days and had serious thoughts of suicide. I just hope to make through these bad times.

[FloridaGuy]

Please ask friends for help

Hi jo23171,

I understand this is a HORRIBLY difficult time. I also was not irresponsible with credit, but will be filing next week. But please... if thinking of suicide contact friends, family or a therapist immediately. I understand talking with friends about your situation may seem embarasing, but people will understand. Especially in these bad financial times.

I have building excellent credit for the past 20 years. Until last month we have NEVER had a late payment, EVER. But due bad decisions concerning expanding my business (Which my wife did NOT want me to do and I did any way) and now the slow down in sales we have no choice. Not only did I risk our marriage, but I have also ruined HER credit, not just mine.

We will be surrendering our home, I will be closing the business and have no income. My wife has a job, but her income is in the poverty level. We will have nothing. We are even considering moving back in with her parents depending on the outcome. (Not a good thing in our early 40's!)

But you take it one day at a time... It will get better!

[jo23171]

thanks for the kind words FloridaGuy. I feel better now, it just takes time to accept. I was just like you, 790 credit score. It just happened so fast, last sunday I had nothing to worry about and now 7 days later I have nothing. I never really understood why people jumped off buildings in the market crash of 1929 NOW I do.