Anyone been through a bankruptcy and care to share? I have questions.

[Ruby]

Looking at our options and may be headed towards bankruptcy. Wasn't sure what to expect. We have a lot of credit card debt etc. Just looking for someone who has survived and come out the other end. You can pm me if you would like. Thanks guys. Ruby

[MistyJ]

My husband is still employed, and we are able to make our mortgage payment, but things are bad. We incurred a lot of medical bills this year when my son started going blind, despite the fact we have *good* insurance. Collectors are calling from every direction. My husband's doctor suspects he has a pituitary tumor, but we can't get the MRI because we have a $500 co-pay on specialized tests.

 

We have a junker car and a very nice car....the very nice car has been for sale for a year, but not many are in the market for nice cars, and now with the the "cash-for-clunkers" program, not many are interested in pre-owned cars. We can't short sell it because we don't have the money to cover the rest of the loan.

 

I am embracing the lessons we are learning, the humility learned from entering the grocery store with $7, and trying to stretch it. I feel like an imposter now in my own neighborhood grocery store, where I have lived for 14 years, since I usually enter with around $20 and buy staples while in a state of high anxiety. I used to just fill the cart with whatever we needed/wanted. There is humility in accepting the bad choices we have made. There is a great lesson in turning from depair to hope in God's providence.

 

Wishing you peace.

[Joanne]

I declared bankruptcy after my divorce. The laws had changed and I still qualified for a complete discharge.

 

The paperwork was awful, the process inherently humiliating. It includes pre and post bankruptcy "counseling". I filed in Jan and it was discharged a few months later. My case was fairly simple and court didn't take long.

 

Here's what I have you you in addition to understanding. You absolutely MUST take care of your part of what got you to this point. Be brutally, totally and deeply honest with yourself and deal with whatever you discover.

 

In my case, I had done the above before the marriage ended. I had made the changes I could be the divirce made it impossible to pay.

[Sue G in PA]

Having been through the humiliation of a Ch. 7 Bankruptcy, I always caution people about going that route w/out first looking at EVERY other option. It seems like the "easy" way out...to stop the collection calls every.blasted.day, to start "fresh", to get out of the mountain of debt that has you enslaved, etc. Trust me, bankruptcy is NOT easy, it doesn't allow you to start "fresh" b/c it is always hanging over your head even after 10 years and it has been (hopefully) wiped off your credit report. I would recommend you check out some of Dave Ramsey's resources FIRST. He talks a lot about bankruptcy and the alternatives to it. We made some foolish choices that led to our Ch.7. Others simply get "stuck" b/c of medical bills or other unforseen expenses...not foolish decisions. Whatever the case, I truly believe that there is a way out that doesn't necessarily have to involve bankruptcy. Good luck to you...this is a tough decision. PM me if you'd like more info on Dave Ramsey and his resources.