Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Why Are/Have You Filed BK?

Collapse
This is a sticky topic.
X
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Fluctuating income, using CC's for paying bills/mortgage, business expenses and groceries adds up very quickly!
    We now have our income up to wear we can squeak by. We don't have enough for minimums. DMP would increase our monthly payment.
    We are self employed and have zero savings and no retirement plan. We cancelled the useless health insurance that was adding to the CC debt.
    Three kids. No contingency fund. Yikes.
    Money issues create major marital family stress for us.
    We need to get out, start over and breathe again.
    7/27/09 Filed Chapter 7
    9/3/09 341
    11/3/09 Discharge Date

    Comment


    • The reason we are filing is due to increase in cc payments, loans, childcare, and utilites. Over the past two years everything increased and we can no longer afford to pay the minimal required so now forced into bankruptcy.

      Comment


      • Originally posted by amjo30 View Post
        The reason we are filing is due to increase in cc payments, loans, childcare, and utilites. Over the past two years everything increased and we can no longer afford to pay the minimal required so now forced into bankruptcy.
        I remember a series one of the nightly news show did before the financial meltdown called the "middle class squeeze". Boy, don't we all feel it now - middle class or not.

        Mine isn't one main reason or another. Credit card debt was always a way of life. I used my VISA/MC to get me thru the last two years of school. I worked my way to a Bachelor's degree. I already lived on my own so my bartending paid for rent, food, car and health insurance and some tuition but it wasn't enough - I remember books being over $1K a semester. In Accounting, the laws change so you can't buy used. I thought the debt was an investment in a good career.

        Graduated in '92 and there were very few accounting jobs due to the S&L scandal at the time. Took entry level at a company and this started me on my path to specializing in corporate accounting - I have no public experience which very often employers treat as being the holy grail - shame they don't realize that my practical experience serves them much better.

        Husband/then boyfriend out of work for a year - could not find another teaching job (music ed) so he switched industries. A few times the rent went on a CC check.

        After marriage, my father stroked out and the insurance company denied, denied, denied. I had to sell his home to pay for nursing home care (PT and OT) and then he came to live with house. This forced us into buying a home long before we planned to.

        2 months after moving in, I became unexpectedly pregnant. I know they say that you're never ready, but we REALLY weren't ready. Laid off while on maternity leave - FMLA doesn't protect you when the position is eliminated. A handful of car accidents, BTW, did you know that to insure two cars in the assigned risk pool in NJ costs over $8,000 a year? We actually moved to PA to escape the car insurance cost.

        Another year of unemployment for me in 2005 and then I fell into the trap of working at a job with a long commute and long hours. I never stopped to realize what the increased tax bracket, nanny costs and gas were doing to me. The job promised me a relocate that was "2 months away", "2 weeks away". I grew tired of chasing that moldy carrot after two years. Meanwhile, we were incurring debt to pay debt. Oh, what a house of cards.

        Finally, I took a job closer to home, better opportunity last year - oops, laid off in August of '08 - no jobs to be had. And the ones that are there are paying $20-$30 K less than they should be. They know it's an employer's market. I can't afford to go back to work without considering the taxes, child care and commute again.

        And to finish me off, I let a friend live here with her daughter room and board free for over two years. This ended in her just moving out one day and leaving me with the car that she WAS paying for but the loan was in my name. Note, the operative word - WAS paying for.

        And here we are!
        over $100K cc debt,$20K taxes,$332K mortgages/value $190K,surrendered
        Confirmed, $801/month 56 down,4 to go

        Comment


        • A number of things - unforeseen major surgery which I needed immediately...did not have insurance so had to purchase my own with high premiums, on top of credit card debt I already had, on top of a car payment, on top of rent, etc. All of this soon after I relocated.

          As soon as I applied for my own health insurance, I pretty much knew bankruptcy would be in my future but we all do what we have to in order to survive.

          BreatheAgain
          ~Filed 3/31/09~
          ~341 Meeting 4/24/09~

          Comment


          • Sigh, mine was due to my now ex-wife, who racked up the credit cards and left me out to dry with nothing. Bad judgment and trust on my part, of course, but I still can't believe anyone would do something like this. Anyway, i'm determined to buy a house!

            Comment


            • $35K in cc debt. Laid off in '07. Fell behind in payments and never really caught up.
              Retained attorney 4/14/09
              Filed 5/29/09 :yahoo:
              341 meeting 7/8/09 DONE! :yahoo::yes2:
              DISCHARGED!!!!!!! 10/16/09 :yahoo::yahoo::yahoo::yahoo::yahoo::yahoo:

              Comment


              • I voted for excessive credit card. But it is actual a combo of that and long-term unemployment. If I could have gotten a damn job before I ran out of $ than I wouldn't be doing BK. I didn't know that the economy was going to go so sour like this.

                I was laid off from my last "real" job (where I was making good bucks) in mid 2006 but I had lots of $ in my savings and I also had severence and unemployment. So, I wasn't worried about running out of money or not finding another job right away at that time. I was kinda burned out anyhow and I was happy for the break. I took classes towards my Masters and took slower than I normally would for a bit.

                Than last year I still hadn't found a steady real job so I had to do early withdrawal of my 401K. I was trying to let my cash last as long as I could by just making my minimums and paying other bills with my cash and balance transfers and anything I need to buy or pay for I would use my cc's. I honestly thought I would have a job by now so I could catch back up but it didn't happen.

                Right now, I have 3,000 left to my name (the last of my 401K) and I can't get a job while I am filing because my income can't increase so I am stuck with what I have left until the bk is final. I owe 1,197.00 on my federal and 503 on my state which I am doing payment plan for since I can discharge those. This is the first time I have owed anything on my taxes - normally I get alot of money back.

                I couldn't believe how high the vote count was for excessive credit card debt. It really goes to show you how much our modern day society relies on cc's. The culture seems to be built around them. I remember when you couldn't pay for everything with a credit card. Now, that seems to be all people use.

                It took me 20 years to really realize how evil the cc companies are. I will admit there have been times I was very grateful to have the cc's - emergencies and such and I feel that is what they should be used for but we all know how it can spiral out of control. I used to see cc's as a neccessary means for freedom. Now, I see the light. It really can be a big trap.

                But I honestly hope that after this is over that I can live without a cc at all. If I can't and I have one small one, I am insisting on a super small credit line so I won't end up with a super big debt again.
                "I broke, I broke, it's off to Chapter 7 I go"
                http://queenfluff.blogs.experienceproject.com/
                1st meeting w/ Lawyer: 4/3/09 * File: 4/30/09 *341: 6/23/09 * Discharged 8/25/09!

                Comment


                • I hope you are able to get it all sorted out.
                  Retained attorney 4/14/09
                  Filed 5/29/09 :yahoo:
                  341 meeting 7/8/09 DONE! :yahoo::yes2:
                  DISCHARGED!!!!!!! 10/16/09 :yahoo::yahoo::yahoo::yahoo::yahoo::yahoo:

                  Comment


                  • We used our credit cards and an unsecured loan totalling 50k in 2007 thinking it would be short term to rehab 3 condos that we intended to sell . My husband lost his Union Job, tenants lost their jobs and the properties are now worth 35% less than we owe.
                    I have a pension and we started to collect some SS and were hanging on paying erything on time. After paying much more than the min. they raised our interest rates, cut the limits, cut off our home equity lines and I said, scr*w them. I found that we can't file BK without giving up the condos. The lawyer said that the trustee will make us let them go because the rents don't cover the costs. The extra $ that we have to put up each month for the mortgage could be going to the creditors. He said STOP paying any unsecured loans, credit cards and timeshare payments and we will get "offers to settle". In less than 6 weeks we got the first one but had no cash to do so. Our savings are gone but without paying the cards, etc. We will be able to accumulate money to settle. He said because we are "seniors" not to worry about the credit reports. We were in the high 700's now afraid to look.
                    Good luck to all you younger people with families to support. We feel for you.
                    Last edited by nana; 04-20-2009, 08:47 PM. Reason: misspelling

                    Comment


                    • This *@4#%* ECONOMY!

                      Not filed yet, but Dh is in construction. Got an inheritaace, invested in land, then the work just stopped...all of a sudden...in 2006...while the house was for sale and we had paid for plans to build the next one. He re-invented, kept working a little, but we borrowed against home equity. Now the work has dropped even more...AND WE CAN'T SELL ANYTHING TO REDEEM OUR MISTAKES! I was a SAHM for years and I have no particular career or job skills. I hate myself for that and feel like the biggest waste of air ever on the earth. I don't know how we're gonna even make it after BK if he can't get enough work!!!???

                      Comment


                      • I want to thank the irs in which i never missed a payment on my plan for putting a tax lien on my house. That is my reason. Thanks uncle sam.

                        Comment


                        • Originally posted by Inthestorm View Post
                          Not filed yet, but Dh is in construction. Got an inheritaace, invested in land, then the work just stopped...all of a sudden...in 2006...while the house was for sale and we had paid for plans to build the next one. He re-invented, kept working a little, but we borrowed against home equity. Now the work has dropped even more...AND WE CAN'T SELL ANYTHING TO REDEEM OUR MISTAKES! I was a SAHM for years and I have no particular career or job skills. I hate myself for that and feel like the biggest waste of air ever on the earth. I don't know how we're gonna even make it after BK if he can't get enough work!!!???
                          Aw, I am so sorry. You seem so sad. You are not alone in this. Everyone on this board is having a crisis like this in some way. You will make it through somehow. You don't always need to have a degree or lots of skills to get job - since you were a SAHM I assume you have experience with children right? That is always something. Lots of SAHM take care of other peoples children at home and make money that way. I have degrees and career experience but no children experience so I couldn't do that ever.

                          I think that the construction field is going to get better esp. if you do any sort of "green" construction. I am looking into a green career myself (not construction) but maybe your DH can learn a few skills for free from somewhere. Obama will be creating lots of green jobs in the future so there will be something in construction surely.

                          I can't sell anything I own either - it is the economy. It isn't our faults. Hang in there with us!

                          There is no hug emoticon or I would send you one. :hug: :hug:
                          "I broke, I broke, it's off to Chapter 7 I go"
                          http://queenfluff.blogs.experienceproject.com/
                          1st meeting w/ Lawyer: 4/3/09 * File: 4/30/09 *341: 6/23/09 * Discharged 8/25/09!

                          Comment


                          • After reading most of the posts I must admit my story is pure stupidity. I got my first card at freshman orientaion in 1995 ( Still have the sweatshirt to prove it ). I remember it like yesterday, I went out and bought a $150.00 pair of sunglasses the same say. The bill came and after fees I owed $315.00, my 20 hr a week seven dollar an hour job made the minimums rough. I took out some student loans ( which I paid off amazingly ), and the spiral took off from there. I graduated and bought a buisness which paid well when I was 21. Thats when I discovered the joy of the 1099, turns out you have to pay taxes on that big pay check, go figure. A few years go by and I met the woman that would later be my wife. Turns out she hadn't paid on a card since 1996 and was up to her neck in student loans, Just like the free credit report. com commercial. We bought a house in sunny south florida during the boom. And lived there for a couple years before I took a new job in another county. Turns out that we couldn't sell our house because it was depreciating so fast. We were paying big rent in the new town and trying to sail the ship down south. I had a few tennents, mostly old college friends that would rather smoke pot than pay rent. This continued for five years, I just couldn't bring myself to throw those guys out. Meanwhile I was trying to keep up with the jonses in the new town, dinners, golf three times a week, new shiny guitars, and new cars every 10,000 miles. We wanted for nothing, times where good. My credit card limits kept raising, and we kept spending. Pretty soon the mortage on the house was two, three, four months late. I had turned into a monster, I forgot who I was, where I came from, If my dad would of known the mess I was in, he would of personally drive up and knocked the sh*t out of me. My parents raised my brother and I on a peanut butter and jelly budget, and managed to scrape and save enough money just to put us through school, at the expense of their own dreams. The guilt I felt when CW sent the letter of acceleration was miserable. I broke down paying bills one week and finally realized that I was screwed. I put on the stereo and blazed Skynyrd's "Simple Man", I made a couple calls and found a lawyer. In the past six months I have completely changed my life, created a budget, and rediscovered hope. After discharge I will fix my reports, but I am done with credit and payments. In five years or so when I want a another house, I will start to re establish, until then cash is king.

                            Comment


                            • We overspent.

                              We kept it under control for a while. The first big debt was for a direct-sales business that I abandoned.

                              We paid faithfully and when we'd get an ITR we'd apply that to the debt, but it kept growing.

                              Last year we moved from Hawaii to TX (military) and ended up staying in a hotel for a full month. We bought a house (which we love and got a great deal on) but had to purchase appliances.

                              I could see the beginning of the end last year when I begged BoA to lower interest rates (instead they gave us a balance transfer to an MBNA card that had a 0 balance). Rate changes, and balance transfers passing their dates, as well as having a cc tied to our checking for overdraft helped us create a situation where once we paid the ccs there was not enough money for living expenses, so that went on cards. Or, more often, cc overdraft protection.

                              It just kept getting worse and worse. When we got this years ITR we intended to apply it to cc to start a "snowball" but after crunching the numbers I realized there was no way it was going to make even a small difference in our situation.

                              Instead, I saved the money to pay the lawyer and file.

                              The relief we feel already is priceless.
                              Ch 7 Filed: 4/27/09
                              341 Meeting: 6/11/09

                              Comment


                              • I have to add...

                                Previously I would wake up in the middle of the night in a panic over our finances and our future.

                                Now I actually feel optimistic. We know what we did wrong, and how to fix it. Even with Citibank calling every three hours, I feel good. That's what caller ID is for, right!
                                Ch 7 Filed: 4/27/09
                                341 Meeting: 6/11/09

                                Comment

                                Unconfigured Ad Widget

                                Collapse
                                Working...
                                X