Full of Emotions

[jshep]

...If you do not have a stake in the place, you don't appreciate it.

I agree. We bought our home in 1991, and almost had it paid off when all the trouble started with the company. We tried to keep it in business using our home equity line. Things didn't turn around fast enough, and we lost that bet.

We have been able to retain the home, and our two cars. One my wife uses and one I use.

With the housing market being what it is in Southern California, the amount we owed and the amount it was valued at were pretty close. We end up getting out of about half of what we owed. Much of the other half was made up of credit card companies for the failed company coming after us personally.

It still amazes me how we could have fantastic credit for 30 years, never be late on a bill, and then when things went wrong, all that was gone in what felt like days.

As has been said, this is a great benefit in this country, and without it, I would never be able to stop working. I'm 51 and my wife is 53. I really feel like it is possible for us to get back on track now. I'll have to work longer than I thought, but at least not until the day I die... leaving my wife with the rest of the debt.

[AngelinaCatHub]

The thing I noticed, however, is way more than half of the people called up while I was there had filed for bankruptcy in the past, and were on at least their second time around.

Those folks had not learned from their mistakes. And too many times I see posters that seem like as soon as they are discharged, are busy trying to get the credit cards again and start the whole cycle over again. Don't let this happen to you. Only my opinion. 'Hub

[AngelinaCatHub]

I agree. We bought our home in 1991, and almost had it paid off when all the trouble started with the company. We tried to keep it in business using our home equity line. Things didn't turn around fast enough, and we lost that bet.

We have been able to retain the home, and our two cars. One my wife uses and one I use.

With the housing market being what it is in Southern California, the amount we owed and the amount it was valued at were pretty close. We end up getting out of about half of what we owed. Much of the other half was made up of credit card companies for the failed company coming after us personally.

It still amazes me how we could have fantastic credit for 30 years, never be late on a bill, and then when things went wrong, all that was gone in what felt like days.

As has been said, this is a great benefit in this country, and without it, I would never be able to stop working. I'm 51 and my wife is 53. I really feel like it is possible for us to get back on track now. I'll have to work longer than I thought, but at least not until the day I die... leaving my wife with the rest of the debt.

Brother, I understand. Mrs. and I were worth 10mil in land and assets. Fortunately, we (intended) gifted it to the State for a park with life rights and life estate. Then we were attacked by another multimillionaire with more money than we could fight. Then lost career jobs due to him, then the big C. So, we are here now and happy more than ever. We are using wise choices. We had a Credit score of 820, more than "Clark Howard". We had bucks. We lost much but gained more. PEACE and realization of what THINGS are. They are nothing. I was 55 when my wonderful company killed the whole plant. I loved that job for 34 years. I learned I could do other things, like teach. We mainly do SS for our income and guess what, we don't care. We live below our means and always have, but now it is fun as we owe no person but God. I will never do credit nor ever check our score again.

You are young. If healthy, there is nothing you cannot do if you wish. This is a promise from above not this Forum.

Every time a door is closed, another opens, and usually a better deal. Go for it with the fact that, "Happiness is a state of mind. You choose it daily". 'Hub

[LimpDisc]

Those folks had not learned from their mistakes. And too many times I see posters that seem like as soon as they are discharged, are busy trying to get the credit cards again and start the whole cycle over again. Don't let this happen to you. Only my opinion. 'Hub

Hub, You are 100% correct.

Because of our stupidity we have secured debt that at one time was unsecured. No more CC's for us. No way I go down this road again. This BK will only erase half of our mistakes. We will be paying on the other half for 12 more years.

[bkconfused29]

You also have the option of choosing to retain your cars on the statement of intentions. This will allow you to keeps the cars through your BK and let them go when the time is right. It's good advice to not keep a car that's upside down, but we all need transportation.

I will have to look into that. Thank you!

I know you don't know me, but, we are at the point now where we just completed our 341 meeting, and it has been a very positive thing for us. I was just talking to my wife about this, and if we had not filed, I'm 51 years old, and I would never be able to make enough money in the rest of my life I have left to pay it off, much less be able to pay our current bills, and save money to do anything that would make all the work worth it.

I appreciate you sharing your story. It does help me view bankruptcy in a positive light. I know this is what we need to do for our future, it is just such an overwhelming process right now. I'm glad everything worked out so great for you!

I agree that I will not be walking down this road again in the future. No more credit cards for me... ever.

[rrj]

my advice to you, when you file make sure you check your credit reports regularly

I filed when i was 26. internet was not very popular then, I didnt know much then.
after we filed we kept the car and still had high rent and insurance

now, im 40 and filing again becouse I didnt check my credit report and got stuck with hight inrest installment loans

My husband is not filing and i have spent the last two months cleaning up his credit report, his score has went from 540 to 680 so far,
now im wishing i had found these sites before i filed because we probably could of got a loan to put all mine on one but too late now

Im going to start saving for the future, we have a strict budget for the next two years so we can buy a house with a nice downpayment