BK question?

[JACOBLANE]

Thanks for the advice HHM, I am determined to prove you wrong, lol! I have spent last 2 days callind creditors, and its' amazing how much they will work with you when they think they may get nothing. I have cut my unsecured payments in half, this should help till my mortgage payment plan is through. I am an extemely high producing salesperson in my field, and this threat of foreclosure is just the kick in the pants I needed to ramp up my income even quicker. This probably part of the reason I got in this mess to start, I always knew I could make more money next month, Just got too arrogant about spending. So I am going to use this scare as a wake up call to work harder and get out of this mess. Worse case scenario, it doesn't work, I do't see a real difference in filing b.k. now or 6 months from now. If I filed b.k., I would let the house go anyway, for reasons mentioned earlier. Anyway thanks for the realistic advice, hope to avoid that scenario though.

[HHM]

Thanks for the advice HHM, I am determined to prove you wrong, lol! I have spent last 2 days callind creditors, and its' amazing how much they will work with you when they think they may get nothing. I have cut my unsecured payments in half, this should help till my mortgage payment plan is through. I am an extemely high producing salesperson in my field, and this threat of foreclosure is just the kick in the pants I needed to ramp up my income even quicker. This probably part of the reason I got in this mess to start, I always knew I could make more money next month, Just got too arrogant about spending. So I am going to use this scare as a wake up call to work harder and get out of this mess. Worse case scenario, it doesn't work, I do't see a real difference in filing b.k. now or 6 months from now. If I filed b.k., I would let the house go anyway, for reasons mentioned earlier. Anyway thanks for the realistic advice, hope to avoid that scenario though.

I hope it works out for you...but basically, you are pinning your financial future on something that is highly "contingent", your ability to generate sales; I am sure you're a good sales person, but there are many factors out of your control and you are basing your financial future on something you cannot fully control. Pretty much everyone who ends up in BK had the same thought process at some point...."if only "such and such" occurs, I could avoid BK". And that "such and such" is invariably something the individual cannot control.

From your perspective, I am sure you think you will be the exception, and no doubt, there are exceptions (and I hope you are)...but from my perspective, this is the same story, different facts, and they story ends the same way, BK.

It sounds like you have enough income to dig yourself out of this mess, but realize it will take YEARS, not months, if you can get your spending under control, reduce your expenses, you might be able to pull it off.