I know I need to file bankruptcy, but can I ever be employed again? (detailed post)

[Indigosage]

Thanks everyone for the support :-D

[Drazil65]

I agree that if you are going to file and surrender the house then stop paying (if you have not already) and stay in it and save that money each month for when you HAVE to move. It will take the bank a very long time to foreclose and you can live rent free and save the money. Let me tell you about how we (and we are alot older than you) robbed peter to pay paul, maxed out our home equity line of credit, cashed in our retirement, played the balance transfer game etc. for years prior to filing last year. The financial stress almost ruined my marriage. All to "honor our word" and "pay what we owe" and "you need to save your good name" and "you need that high credit score to get anything in life" and "you don't disgrace the family" types of brainwashing.

One day we ran out of credit to use, our savings was gone and you know what? All those creditors that we had been paying and going further and further into debt for, all had no problem raising our interest rates when we missed or paid late. They had no problem and no sympathy at all when they turned us over to collections and those people treated us like crap and would not work with us. Bank of Amercia could care less when we could no longer make those mortgage payments or that we had done so much damage to our marriage, our retirement accounts and what little we had in savings.

So we just stopped, everything and made the decision to start with our prefiling plan. Laid it out on paper and put down our goal for filing. The stress lifted almost instantly, we began to work together for the first time in a long time, we started to see the light at the end of the tunnel and we quickly realized that we are good people that tried so hard. We learned from this experience, hubby and I are in a really good place and its one of the best financial decisions we ever made, seriously. Not because it eliminated all of our debt but because it brought us back together as a family and we are happy again. Anything that can bring that kind of clarity to a marriage and a family and put us on the road to recovery with a fresh start cannot be all that bad.

please do not make your decision based on guilt or what other people think or want, this is your life and your lesson to learn, no one can make that kind of decision for you. You know in your heart that you are a good person. Whatever you decide has to be for you and your future, its time to stand up for yourself and do what you need to do. The best of luck to you.

[andy158]

I wonder how many potential employers have filed bankruptcy? I don't think the stigma of bk is as negative as everyone thinks. It is a buisness decission pure and simple. The circumstances that put you here are not necessarily your own and this is the one means of getting it all put behind you. Moving forward this could possibly be beneficial to your education experiencing this first hand.

[Bell30656]

In my position, I've had to interview several candidates for middle management positions. One of the reports included in the package from our background company is a credit report. I've encountered several that have bankruptcy on their reports. I know that I have one on mine too... I think that my having been through it has changed my outlook a bit on it. In actuality I believe that a bankruptcy often looks better than a ton of accounts in collections.

[Pandora]

Agree with Bell...think the car is overpriced. Take it to Carmax and get an estimate.... Also, do you know which bluebook value your trustee uses? Some use all 3 (Edmonds, KBB, NADA) then average the 3 to come up with a "price"; thats what our trustee did and he was very fair with all 3 vehicles.

Welcome to the forum Stick around and you'll learn much!

[Freddy03]

At least one member here (Freddy? I think) had a title loan put on her car for just this reason.
Sometimes it makes sense to buy a NEW car for just this reason.
And, to answer your other question-- sure, you will be fine. You have the advantage of youth on your side.

Yes I did. Wasn't questioned by the trustee.

[Bell30656]

When the attorney that I selected was doing the initial meeting/consultation... He gave me a list of things that I needed to do; (1) Don't achieve any bonus over the next 26 weeks (2) Find a more reliable car (3) Don't charge anything, etc. When I asked him about the more reliable car part, he said about $400 more reliable per month or so. It's been a while, I can't remember the exact number but I took a hint and bought a used vehicle with a loan.

[Indigosage]

I told my parents I am ditching the house and she has hardly spoke a word to me. She herself filed years ago, yet I am a terrible person. Finding a place I can afford is nigh impossible especially with two dogs.

As far as through car, it is an 05 Accord with 79k miles.

[Tater]

I'm sorry to hear your parents aren't very supportive but you have to do what's best for you. I'm a lot older than you and also have worked in the finance area and accounting area. I am unemployed right now and thought about trying to put the bankruptcy on hold for a little while longer. This caused me more stress. My husband and I realized that we need to start the process now. We have been interviewing potential attorneys. You are young and you will bounce back! We all will because that is why it's called a fresh start. If you aren't keeping the house, do as others suggested, live there rent free as long as possible and save your money. You will have time to find an apartment.

I would suggest to start the free consultation with lawyers. This will help you get a game plan in place. You may have to interview several as I'm finding out but you will find the right one for you. As far as the car, someone already suggested meeting with a lawyer to discuss how the trustee in your area will value it. Ohio does have an $1,150 wild card exemption or the lawyer may have another option for you.

I know you are stressed out and I understand how you feel. I'm learning that having a plan in place is going to be essential in this process. I was trying to rush through everything which only caused me more stress. You aren't a bad person. That is simple hog wash. You are making a business decision that is essential for you future and your well-being. You can build you credit back up and you will be able to find a job in the future. I found out last night that a family member of mine filed bankruptcy a few years ago and works in the financial sector. It is possible. (((hugs))))

[papie]

I had this massive post typed out about working in finance after bankruptcy and BKForum ate it.

Anyways, it's not impossible. I'm a Controller for a small company. I've found smaller companies generally have looser policies regarding credit. Investment firms and large banks, and higher level positions would expose you to more scrutiny. I haven't tried for any position that requires bonding yet. I would just be ready to explain yourself, be honest, and realize that you may have to wait some years to work in some postions, especially those dealing with securities and things of that nature.

I'm 26, bought a house when I was 21, accrued a bajillion in medical debt, filed bankruptcy at 23, and decided to surrender the house just last year. I hated that feeling that everyone was looking down on me, but the truth is that me and my husband were trying everything we could to pay everything off. I've come to the point that anyone who wants to judge me for filing bankruptcy isn't worth being around anyways. I have the advantage of youth, and so do you, and the sooner you get it over with, the sooner you can carry on with life.