When do you realize you need BK?

[momisery]

WE went though our 401K savings to pay our bills, we spent every dime we had and hubby was laid off several times from commission only jobs. The two final straws where the rental house with Wells Fargo became empty. We kept hanging on and trying to work out a short sale deal with Wells. Now, I am happy we did not go that route because we would have had that as a payment since we owed more than the offer. The last and final straw was my hubby getting sick and finding out he has COPD. We saw no other way, he could not find a job, Wells Fargo would not play ball with us we even tried a DIL, and then medical debt.. that was it.

[Pizza]

May not be too popular with this answer, but...

When do you realize you need BK?

When you are certain that you have hit rock bottom and equally as certain that there is hope on the horizon once you file. Given the severity of the downturn, a lot of people may be acting in haste and risk taking on more financial distress with no dischargability.

In other words, make sure your health and basic needs are covered. If you are out of a job with no health insurance and your bloodwork isn't perfect, it's not time yet. Also make sure your transportation is reliable enough and you have a new and improved budget you can safely live on.