Why Are/Have You Filed BK?

[tinyme]

Well...kind of all of the above.

Before I got married...I had perfect credit. Then I got married and he was TERRIBLE with finances and spent all our money and then some. So we were in the hole at that point. But then I divorced him and became a single mother trying to raise two kids and live on my own...so I wasn't able to catch up on the credit card bills. Oh and he was awarded the house in the divorce and let it be foreclosed on in my name...because he never refinanced the mortgage into his name like he was supposed to.

Then I started having medical problems so I have medical bills. And then there was a lot of things that happened and it has ended up that I've been unemployed since 2007 and am now a full-time student.

So...kinda all of the above.

[Steelerbabe]

Took out home equity loan three years ago to pay off exisitng cc debt and did not cut up or close out accounts. Went through bouts of unemployment, reduced hours and reduced wages. Add in no medical insurance (small bsuiness, did not offer) and dental disasters and presto back in debt with cc $25,000

[whathehell]

Hi all, Newbie here... I am contemplating BK already my eyeballs are popping out with credit card payments and I just cant keep up with the living expenses and too much debt...
I am close to 60K without the LOC that is another 50K, so there is no end if I don't stop paying and declare...

as you can see by my join date I been reading for a while but have not decided to do this... its looks close everyday...

[lindsay2181]

wow looks like we credit card debtors are in the lead! though part of my credit card debt WAS medical debt. back in college i paid for medical bills on credit cards, stupid stupid STUPID thing to do. ended up paying 2-3x as much with all the added interest.

[campinkook]

I had excessive credit card debt, but was current and whittling it down until I was laid off.
Probably waited too long to file, but I did finally get around to it. First atty firm was un-inspiring (03/09).
Found a very competent firm (08/09), and have been very satisfied so far.

Laid off 01/2009
Filed 10/15/2009
341 11/18/2009
Let the countdown begin

[PacificBlue]

First appointment with the attorney is tomorrow. (12/02/09) We have been trying to avoid filing for BK for over two years. We both came from broken marriages and when we got married, all the bad stuff stuck to us. Credit cards, and their interest rates being hiked up, Job hours cut back, upside in our auto loan, Health and the needed stress relief. It's the combination of everything that got to us.

[bktmom28]

There is hope!

I just want to encourage you in that this can either be the worst time or it can be a better time in your lives. This has given my husband and I a chance to get our priorities in view. We were living so beyond our means in the day to day and depended way to much on our CCs to get us through. There was a lot of other garbage buried under there, but this BK has been such an eye opener for us. First off, we are not a number. We let our credit score define us, and that is a bunch of CRAP! We are people, who had an idea of how we were supposed to look. Drive the nice cars, OWN the nice house, etc...that is not what is important. What is important is truly what is on the inside. Who is in charge of your life. What we are doing for others. Just know, that there is a Light. You will find it!

[PacificBlue]

Thanks BKTMOM28. It was a hard choice, but the only choice. We hope it's chapter 7 and not 13. (Will know as soon as we talk/file with the attorney. Recurring cancer and beating it again is our main goal right now. We do not need any other stress at this point.

[bktmom28]

You are in my prayers!!!! Let the stress of it all go! I know it is easier said than done, but if you just make sure to pray when you feel the weight bearing down on you, I promise, He will take your burdens! Cast you cares upon the Lord! I PROMISE IT WORKS!

[poor]

I guess I have decided to go through with this, unless I get some miracle check to get me out of it. Anyway, I decided to open a business with 0 money and only a strong fico score with a large line of credit to support it. Opened the business 2 years ago, economy failed, kept dumping credit into it to survive and before you know it the business has failed and my credit card debt is through the roof. Not to mention, I have been living well below any sort of standard of living through the thick and thin of it. I also realized I got myself into a terminal struggle and would never see the light at the end of the tunnel unless I eliminated the debt in the way.

[TurnThePage]

Filed because of a business failure, both locally & overseas. Then the recession hit & I couldn't find anymore work in computers / web design. Then I was so desperate I washed dishes 8 to 16 hours a day till I couldn't keep up & got fired ... Then with only my SSI to live on, I couldn't keep up with even the minimum credit card payments. I felt a duty & responsibility to pay back my debts, but I couldn't ... Then the collection calls started coming in, night & day ... I felt so worthless & wanted to avoid bankruptcy .... But I couldn't ... It was the only way out.

[DiamondsR]

I had to file on November 12, 2009 :-(.
Married a Dutch man and moved to the Netherlands and lived there for 17 years but it was a really bad marriage (physical abuse). Finally, at the urging of my children when he was in jail for beating our oldest son, decided to leave him and return back home to the US. October 2008 settled into Seattle area (which unbeknownst to me requires at least $70,000 a year for a family of three to live comfortably) but as I was a high school and later university professor in the Netherlands, thought I could find work but came here with my savings of $40,000. Put $5000 down on a car (amazing that they didn't even have a problem that I didn't have a job but I was constantly told I could easily find work with a PhD. What a joke!) Found a home to rent on Craigslist that the owners convinced me I needed to buy as a lease option (at this point I had NO credit because back in Europe I didn't have any but we owned a house together). No one would rent to me (with two kids, no job and no credit but I had $40,000). Owners of a home in Sammamish finally agreed to rent to me (knowing I had no job mind you) for the astronomical rent of $2600 per month (600 to option) and putting $20,000 down for option fees but as a lease option I was responsible for all repairs for the house (they really sc*ewed me over in retrospect). Kept looking for work and couldn't get anything (and not eligible for unemployment as I had worked for 17 years for Dutch high schools and universities). Ran through my savings, applied for every job known to man; teaching jobs just wouldn't respond and my attempts to work at groceries stores only resulted in them telling me I was "overqualified" and that they were worried how a PhD would be "satisfied with the job" (I'd be satisfied EATING). Paying the rent/lease sucked every penny from me and I ended up selling everything I had to keep paying them and the husband refused to send any child support and even refused to have the children come and visit him or live with him (he hates the US with a passion and said once they touched American soil, he didn't want to be bothered with them). Finally received work as a substitute teacher (which means some months I can earn $0 and other months up to $2000). 17 year old is autistic and can't work and children started to need clothing.
The lease was two years and finally I just couldn't pay it any more, as well as utility bills. Bill collectors for utilities and phone bills and payday loans (for when I was working as a sub teacher) kept calling and my health deteriorated until I ended up in the hospital (angina). I declared two days after I got out of the hospital (by that time was a week late with my lease).
The owners offered to pay me $5,000 after I declared bankruptcy to move and the trustee approved it (and to be paid directly to me). I was lucky enough after placing an ad to find someone who would rent to us (I was finally approved for unemployment based on my substitute work which just covers my new rent). Had the displeasure of doing a walk through of the house (which I did yesterday with their attorney; I actually left the house in BETTER condition than it was) and the owners ended up screaming obscenities at me that I was worthless and a deadbeat (mind you they took over $20,000 from me for an overpriced house that was in bad shape in Sammamish plus I always paid them on time except for November 2009). The fact that they were so rude to me still makes me sad as if I'm worthless because I had to declare Ch 7 (it feels even worse than when my ex used to beat us or maybe because they are immigrants/naturalized and when I was an immigrant in Europe, I would have never spoken to someone that way if they had declared "sanering" (the Dutch bankruptcy). Just hurt because I struggled so hard to pay them and keep a roof over my kids heads and even sold everything I had to the point there was no furniture despite unemployment and underemployment.
I now have to deal with check cashing places that overcharge (I had to include the one credit card I got with US Bank and they've now frozen my checking account), no one would rent to us, I'll probably have to give up my car (and it's impossible to live on the Eastside without a car).
Oh well, sorry for the long story!
Onward to my creditors meeting on December 29th!

[NanaOf11]

The poll was N/A.... so I did not vote.
We lost our business due to the economy, landlord was holding us for every dollar on the $1.5M lease!!

[broketucson]

Excessive unsecured debt

Living beyond our means for WAY TOO LONG! We always found a way to rob peter to pay paul. During the housing boom we were geniuses! At one point we had access to over 400K in credit lines which we would pay off every time we moved from the proceeds of the house and start all over. In 2007 that all ended with the purchase of our McMansion which is not worth 1/2 what we paid but we just kept spending like nothing was wrong. When we hit 100K I began to worry....When we hit 150K I said NO MORE. The banks helped us make this decision too by lowering our credit limits and raising our rates and that I thank them for

[amiscrewed]

About 5 years ago my wife and I both lost out jobs within days of each other. We were doing OK then, with both of us working. We decided we would try to make it on one income, and my wife stayed home. After about 6 months I found a decent paying job with good prospects, but by that time our savings were gone and we'd racked up about 15k on credit cards. The money, while good, was not quite enough and for the next 18 months we continued to put a little bit on credit cards every month. Another baby was in there at some point too, but I got a promotion and a HUGE raise. That opened the door for me. We were finally able to live on my salary without credit cards. We were making progress against the principal, and we managed that for about a year until I lost my job this past August when the company I was working for went under. We've been living on credit cards because unemployment doesn't even come close to cracking the nut on a monthly basis. My wife found a job last month and we're still way behind, and it's getting worse by the day. Something's got to give, so here I am.