what did you buy with credit to get into BK

[BROKENN]

Business and all hooked to real estate. Business purchased and house liened. It was ok budget wise for 2 years, then the economy took a dive and the overhead was too much.

We scrapped the whole time, worked hard and then I expanded 5x on my consulting to make ends meet for 2 years. By the time all was said and done: 1.4M secured debt 80K unsecured. The business shut down and we surrendered the house.

I tried to work with EVERYBODY for a year. No one wanted to bend through the economy. I finally was forced to throw down my trump card. By then, I didn't feel bad anymore. Just stupid

[limage]

I bought a condo 4 years ago that was affordable at the time. Then I bought a horse (like having another mortgage!). I put my condo up for sale last year just before the bust, but I was too late. I lived off my credit cards when my income dropped, some months close to nothing. I'm relieved to stay in my place a while longer waiting for my bank to take it back after my Ch 7. I plan to keep my horse. I might have to go live in his stall with him- lol.

[Stilltheone]

I am serious. I know that most of the people here have really sad stories and my heart goes out to them but I have no sad or compelling stories. Champagne taste on a beer budget. I am back in school though so that I can hopefully fund my desire for a high dollar lifestyle one day. I was just being honest about how I got where I am. That does include a foreclosure at about 100k. And actually I do have some nice furniture and appliances and a nice wardrobe but thats about all I have to show for it.

Hate to say it, but we're like you. "Champagne tastes on a beer budget"...I like that.

We bought our house, which we couldn't (and still can't) afford. Then, we bought things to go IN the house....then we went out to eat..A LOT, bought alot of clothing, toys, everyday things, vacations...THEN my husband bought me an Escalade. That payment broke us.

We were stupid, foolish, dumb, immature...you name it.

And you were able to walk away with a chapter 7? I'm jealous. I'm stuck in a 5 year plan and didn't live on a champane lifestyle...

We went on vacation, bought $2K in furniture, tires ($600) and spent like there's no tomorrow all within 3 months prior to filing...and not a peep. I think we sneaked under radar.

[BillyRip]

$80K in cc debt. Booze, a DUI, gambling, toys, a mortgage that keeps going up because of ripoff HOA fess, no equity due to my condo LOSING $25K in value over 5 years, and being $10K upside down didn't stop Ford from taking my Durango in trade for a new Mustang and a $628 a mo. car payment.

Made the mistake of trying debt settlement first. That went so badly, the settlement company refunded me $3000 of the $4000 I paid them over a year's time.

I should have gone right to a BK Atty but the settlement company assured me I would be debt free in 39 mos. Yeah, right!

I gross $65K a year.

[Riley]

I was never talked to a lot when I was younger about debt etc. I got my first cc when I was 17. I lived in a small town and felt I had to get out ASAP after I had my daughter at a young age. Felt like I was invinsible and didn't need anybodys help. So moved to city and then went oh oh. I cant afford food, diapers, babysitter etc. But I had all of these credit cards so I charged a lot of necessaties, diapers, food, clothing etc. It was tuff being a young single mom. Things started looking up and I got a good job after school and I bought my house when I was only 23 and still single. I can still make all the payments but after looking at it now almost 10 years later and over $40k total in debt (not counting the house) I am never going to get out of it.
I can only make minimums payments and with my daughter now 14. I dont have too much longer before I add another car expense and then college. So I figure even though I can make min payments now still. Do the bk on my time and do it now vs later when I am not able to make payments at all. I don't want to make my daughters life miserable because I cant afford things she needs now. I make over $52k a year and where I live that is good. I should be able to pay cash for what ever I need after I file and get this all settled. I can not wait to be able to breath and never use a cc again unless it is to hold a rental car or hotel that I will end up PAYING CASH FOR.

I am gratefull that I am learning my lesson early while I am still younger (I am 32). So that I can get this over with and live the rest of my life without the stress.

I can not wait!!!!!

[Riley]

Oh yeah... I am also glad even though it sounds kind of twisted... that I can share this experience with my daughter so that she can learn from it. Growing up money was never talked about with me or my sisters. We just thought it was all good. I talk to my daughter about all that is going on so that she can understand what happens and what not to do or to try to avoid. And hopefully by me doing this and actually be able to save I will be able to help her out if she needs it in the future to prevent her from getting into this situation. It makes her appreciate things more and not be all about expensive clothes etc. She dresses nice and is cute as a button in her clearance Old Navy and Kohls %50 off rack clothes. LOL So she has learned how to be a bargain shopper to save money and she has no problem with it like some teenagers would. I am so proud of her as you can tell.