How soon after filing will I lose possessions?

[tinroofrusted]

Wannabedebtfree,

I know this may seem to be crazy, considering this is a bankruptcy forum and I just filed bankruptcy myself.

But, from my heart to yours, YOU DO NOT NEED TO FILE BANKRUPTCY!

You and your family are just overextended!

Here's my advice, take it or leave it, no harm there.

1. Sell that car with that ridiculous payment! Better yet, sell them both and get two "hoopties" you pay cash for!

2. Consider selling the house and moving someplace more affordable! Preferably, someplace closer to your husbands job so he doesn't have to pay so much in gas!

3. Live below your means until your credit cards are paid off and you are out of debt!

4. Go to www.daveramsey.com. Study everything the man says, and you will be out of debt before your children are 5 years old! If I had known about and followed what this man teaches, I would have never had to file bankruptcy!

I know you want the best for your children. It is better to save now so that you can offer them more later, when they are likely to remember it! How many of us remember what happened when we were two? The only thing we were likely to remember is if our parents argued or were unhappy/stressed out.

The number one reason for divorce is financial problems. It is worth it to clean up our financial lives.

That's my advice, you don't have to take it, you can leave it, I just wish I had known this ten years ago.

Peace.

I personally would stay far far away from Dave Ramsey. His advice is unreasonable, and not at all within a means of living a productive life. If I was making hundreds of thousands a year, I could tell other people to pay in cash as well, but I don't, and when he can live off of $25,000.00 a year, then and maybe then, I'll listen to what he has to say.

[tinroofrusted]

Everyone is saying we shouldn't file bk. I know it looks like we should be fine if we sold the vehicles and the boat. We have tried to sell the boat, with no luck. What if we aren't able to sell the vehicles. In my bills that I listed, I did not include groceries or any other household items we need, such as diapers etc. Because after the bills we only have around $200 left for any thing else.......groceries, diapers, oil, gas for 2nd vehicle, repairs, household items.

It sounds ideal to sell stuff and everything would be fine, but its not that easy!! The pressure is on to get this month's mortgage payment paid, I have until the 30th to pay this month's payment, plus the 2nd mortgage payment, electric bill. This is how it is every month. It is just so stressful! I don't mean to whine, I just wish I knew the way out of this mess without filing bankruptcy.

Remember, Dave Ramsey also makes hundreds of thousands of dollars a year. He does not live within what is considered a "normal" income or lifestyle.

[originalhealer]

Everyone is entitled to their personal opinions. But many people have gotten out of debt by following Dave Ramsey. In fact, I found out about him from a nice couple that paid off over $30,000.00 in debt in record time because of his suggestions.

[tinroofrusted]

Everyone is entitled to their personal opinions. But many people have gotten out of debt by following Dave Ramsey. In fact, I found out about him from a nice couple that paid off over $30,000.00 in debt in record time because of his suggestions.

Well, that's great for them, but I personally find his suggestions ludicrous, and will sway anyone that I can against using them.

He says if you can't do it on one job, then have two or three.... let your family suffer from not having you, but pay off your debt.(He doesn't do this of course.) Let your children drive BMW's, if they pay for half of it (his children do). Have thousands of dollars of cash just sitting around at any given time. (he claims to do this) And again, the man lives off of hundreds of thousands a year. I just find many of his ideas impractical, and not wise. Not to mention, I find him very pompous and arrogant.

Family should always come first. It doesn't seem to be the case with him and that bothers me. While I do 100% agree that most everything should be paid for in cash, I believe that there are other ways of going about it, than his teachings.

[Lightning]

I've never read these books, but I know it's possible to live on less than $a 25,000 a year. You don't need a pick-up truck or an SUV or a cell phone plan for every member of the family or high-speed internet or digital cable or new clothes every year or a boat or a motorcycle or movie rentals or any number of things that people spend money on that they're not willing to give up.

If you want to have money in the bank, the formula is very simple. Spend less money than you earn. It works every time. It doesn't matter if you earn $25,000 or $250,000.

[Whittio]

I've never read these books, but I know it's possible to live on less than $a 25,000 a year. You don't need a pick-up truck or an SUV or a cell phone plan for every member of the family or high-speed internet or digital cable or new clothes every year or a boat or a motorcycle or movie rentals or any number of things that people spend money on that they're not willing to give up.

If you want to have money in the bank, the formula is very simple. Spend less money than you earn. It works every time. It doesn't matter if you earn $25,000 or $250,000.

AMEN!
My husband makes $40k a year, we live in California, NOT a cheap place to live, and yet we support a family of 5 on it. My kids don't get everything new that comes out on the market, we have basic amenities (just got satellite TV, cheapest one avail, a year a go!)

What makes it hard, is when the "unusual" things pop up. Last year we had a neighbor move in and cause problems (threatened to kill my husband actually).. so we had to buy $1500 in security equipment, locks/motion alarms and lights, and then we had to spend $4000 to get our house in order to sell (we had an un-permitted room). Then things just start to snowball.. like we needed $550 worth of work done on our van recently. We still need to replace the windshield, but that's another $250. And $3500 worth of medical bills for me being sick this year.

Day to day, week to week, we can afford to live because I am thrifty. I just bought my kids a HUGE bag of clothes today (my youngest daughter got 4+ out fits, my two oldest daughters each got 2 pair of pants) and I only paid $28 brand new at Mervyn's because I buy on clearance and used my rewards (spend $20 get $10 off). And THAT'S how we can afford to live on $40k It's not easy, especially when others are getting all the great/neat new stuff.. we don't even go out to eat. But it's worth cutting back so that we can live (mostly) within our means, and my husband doesn't HAVE to work 3 jobs just to have what our neighbors have.

I too don't think that BK is right for you. I think with a little creativeness, you can pull yourself back out of this and get on the right track!

[wannabedebtfree]

Ok, thanks for telling me about Craig's list. I have listed our boat and one of our trucks tonight. I had already spent $80 listing the boat on ebay and it didn't sell so I am so glad Craig's list is FREE! We went and bought the Ford Festiva this evening, not a bad little car and EXCELLENT on gas mileage. So that should help out big time. Thanks for all the advice and input!

[hhou812hh]

AMEN!
My husband makes $40k a year, we live in California, NOT a cheap place to live, and yet we support a family of 5 on it. My kids don't get everything new that comes out on the market, we have basic amenities (just got satellite TV, cheapest one avail, a year a go!)

What makes it hard, is when the "unusual" things pop up. Last year we had a neighbor move in and cause problems (threatened to kill my husband actually).. so we had to buy $1500 in security equipment, locks/motion alarms and lights, and then we had to spend $4000 to get our house in order to sell (we had an un-permitted room). Then things just start to snowball.. like we needed $550 worth of work done on our van recently. We still need to replace the windshield, but that's another $250. And $3500 worth of medical bills for me being sick this year.

Day to day, week to week, we can afford to live because I am thrifty. I just bought my kids a HUGE bag of clothes today (my youngest daughter got 4+ out fits, my two oldest daughters each got 2 pair of pants) and I only paid $28 brand new at Mervyn's because I buy on clearance and used my rewards (spend $20 get $10 off). And THAT'S how we can afford to live on $40k It's not easy, especially when others are getting all the great/neat new stuff.. we don't even go out to eat. But it's worth cutting back so that we can live (mostly) within our means, and my husband doesn't HAVE to work 3 jobs just to have what our neighbors have.

I too don't think that BK is right for you. I think with a little creativeness, you can pull yourself back out of this and get on the right track!

Whittio
I feel your pain. That's been my issue for too many years. For a while I was paying down my debt and making progress and it's all of those unexpected things that just kill us all. The key is to put some liquid savings away in a shoe box and use that for the unexepected. That's something that most Americans struggle to do including and especially me. I have taken the first step the last month and I actually brown bag my lunch everyday and still have the same $20 on Friday that I had on Monday. I really feel that cars are a major issue too. New ones are very expensive and don't last long, used ones are usually affordable but certainly don't last long at all. I spent most of my money in the last 4 years on car payments and expensive repairs for a ton of steel that depreciates so fast. I want back the days of my father buying a car, paying it off in 5 years and keeping it for another 5 years with minimum problems. Those days are long gone with some rare exceptions.

[Whittio]

Yep, I was within $2000-$3000 of paying off everything when our neighbor problems began. Now we're up to about $18k. But all I can do is try.

As for putting money away, I have never been any good at putting anything away, but can afford a payment on anything. I used to say we didn't have any money left over to put away (granted this was 13 years ago, and we DIDN'T have any), but now if we didn't owe so stinking much, I could be putting away $500-$1000 a month! That's just what we pay towards the cards, I pay another $200 on my van.

We do live modestly though. I don't get my hair done (my sister in law pays $60 every 2 weeks for a cut, and $90 every 8-10 weeks for her color, that's stupid!) I also don't get my nails done, another typical $40 - $50 a month. I don't buy clothes all that often. So we did splurge on a new van about 3 years ago. The stupid thing to me is, I am paying more for maintaince on the brand new van, then I EVER did on our old used cars! :s I just had to put $550 into it, for maintenance! crazy!

wannabe, you're headed in the right direction! I am so excited for you. I think there's a "bottom" for each of us, what we can stand, and what we can't. The harder it is for us to get out from under our own debt, the better off we'll be. No "free tickets" so to speak. You're still at a "do-able" place to get yourself out! I am glad you are working toward this NOW, instead of in 6 years when you're too deep to do anything.

[Minnymouth]

Yes, Folks, its hard to save a dime these days.... especially if you on a limited income.....but it can be done!!! Packing your lunch, basic cable, tracphone for emergencies only, driving an older vehicle, having a yard sale - can all put a little "cash back" for emergencies. But most of us think about "what we can spend it on - instead of how much can we save!!! We have to change our "way of thinking" and get our priorities straight.
BK is hard on all of us - destroys our pride , selfestem(sorry can't spell) , is embarrassing, affects us mentally, physically, and emotionally, It makes us crazy.
Some of us claim BK because of heavy medical bills and some from just "overextending" and not realizing it till its too late!
But one thing is for sure - "we all SUFFER till the problem is solved"!!
For some of us BK is the only choice, for others "buckling down and tending to business reorganizing our lives" is the right answer.

Remember this forum is to "help each other with information", whether we agree or not....

Moral support from this forum helps EVERYONE!! Means we are not alone in our struggle to survive.

Suggestions and input helps each of us see our situation in a different perspective....

And I totally agree - THAT FAMILY COMES FIRST!!! A mom or daddy that works 2-3 jobs and is never home is not good for children....they need both parents these days!!

Working extremely long hours will help get you ahead and "maybe" straightend out financially, but it can also destroy your family and marriage..... is it really worth it???

Just my thoughts,

Minny