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Why Are/Have You Filed BK?

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  • #91
    My filing was due to the failing of my business in 2002.........debt was personally guaranteed. Had five great years of income but evolution of the internet (buying online, less margin), 9/11 and two customers/companies filing bankruptcy that owed large amounts to the busines put me under. I avoided the creditors for three years but decieded it was best to file before the BK laws a couple of the creditors were ready to take me to court, so i files in Oct. of 2005.


    • #92
      FloridGirl, and WhenthePawn Exact same story- I grew up in a family business we had to work 7 days a week and could not get involved in scholl activities due to having to work on the farm. Our salary was figured out YEARLY and we were told the 2-3,000 that would be put in our bank accounts. I look back now and think what a racket my father ran. When we went on vacation we were allowed to take 100.00 for spending.
      So long story short my parents never taught me anything about money accept it was always put in the bank.
      So when I got out of school and starting working on my own and making good money I felt like i was making millions, I was holding checks in my hand every wee. They NEVER taught me about credit cards and they starting rolling in as well. Well I got them all and before I knew it I was 62,000 in credit debt that was 7 years ago filed Chap 7 was discharged and here we are 7 years later in a chapter 13. We are now finially learning and have vowed never to get this way again. Now we are only like 45,000 in credit/ consumer loan debt but we make half the state median income and I know why we keep getting in trouble, robbing peter to pay paul. We don't buy lavish things , it's not like I go shopping all the time at all. I am in school so I can get a better paying job and we have vowed not to carry credit cards again and we pay cash for everything. I am trying to teach my kids right, something I was NEVER taught. I was never allowed to have money and when I did I was foolish, I had no guidance. GOOD Luck to all.


      • #93
        I suppose my tale has been heard a lot.

        I worked at the same factory for 17 years.
        Didn't make a lot of money but it was enough to pay the bills, and we had gotten to the point where life was at least comfortable. We had a little extra cash for luxuries like a little newer cars. Occasional weekend trips. and eating out a little more often.
        Then in 2004 the company we did about 95% of our business with decided to move the work overseas, and the factory I had worked half my life at closed. That was May 2004.
        I got unemployment for 6 months. That coupled with with the months vacation pay I got when the shop closed was more than enough to cover the bills. (we had worked a lot of overtime the year before, so my unemployment was actually bigger than my paycheck)
        Well, the months went by, and I couldn't find any work at what I had been making previously. One of the biggest problems was, no references. I had the shop, but since it had closed, there was no one to call for a reference.

        I worked under-the-table with a local electrician for extra money. So I managed to stretch things until spring 05 when I hooked up with a local building contractor. The work was sporadic as he was just a small time builder, but it was enough to keep things pretty much paid. Though I did have to use a few cash advances to make ends meet. (always the preapproved ones with the low fixed rates)
        That worked out until Feb 06. He had no jobs lined up, and the weather was crap.
        So, for 2 months I had to live off credit cards, until I finally found another job. Making a lot less than I had at my previous job, or even with the contractor, but it was steady work finally.
        Unfortunately. Late 05 early 06, is when the credit cards decided it was a smart idea to boost the minimum payments to "help" people pay off their credit faster. So not only did I have less money coming in, but I also had more money going out.
        I managed to cut way back on things and stretch things out by continuing to work with the contractor on top of working my new factory job.
        It was going to be a struggle, but it looked like we would be able to pull it off.

        Then the other shoe dropped.

        All this time, my wife was working steady.
        Not nearly enough to support us, but enough to pay her part of the bills. While I kept finding ways to pay my part.
        Then the summer of 06 came. She traded in her car and got another one. The payments were a bit higher but she thought she could handle it. Then she started racking up other debt. Shortly after that she was diagnosed with a bipolar disorder (which explained the sudden irrational spending problems). That continued to get worse as the doctors tried to find the right drug combinations for it. So bad that in October she was hostpitalized for most of the month. This caused her to loose the job she was at. Thankfully she got rehired at her previous place of employment. But since then she is limited to only working 2-4 hours a day because of her medical condition. (meds still aren't completely worked out yet)

        That is when I decided that there was no way we were going to make things work and started exploring other options.
        We went from a combined income of over $40,000 a year in 2004 to under $25,000 a year now.
        In 2004 we had debt of about $40,000 including our house.
        Now we have over $100,000 in debt.
        It didn't help that most of our cards raised our rates from an average of 10% to about 15% after my wife racked up the new debt. Guess our credit scores took a hit with the amount of debt we were carrying.
        Now with some of them being past due in October since I was a little busy and too cash strapped to get to the smaller ones before the due dates. Rates on some are 25-30%. I was using cash advances on some cards to pay others while I waited for my wife to get out of the hospital. So things just spiraled the past few months.

        About another month or so and we will be ready to file.
        Just waiting for my wife's higher income to drop off the 6 month look-back.
        7/01/10 - filed!
        11/20/10 - discharged and closed


        • #94
          Sorry to all those that tried to take this poll but could. I didn't realize that this poll was only open for one year. It's now open again!

          Please vote if you haven't, I have also made this poll anonymous this time around too.
          The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.


          • #95
            too much credit card debt, and then medical bills from having kids, seems the first time I didn't have active insurance when the baby was born, than second time I had insurance but we still ended up with a couple thousand in bills.
            3/30/07 Petition signed
            5/21/07 341 Meeting
            7/20/07 Last day for Objections
            7/25/07 DISCHARGED 7/30/07 CLOSED


            • #96
              Snowball effect........Bought house, hours at work decreased, affected pay during maternity leave, got caught up, then put stuff on credit that we couldn't buy- clothes for kids, xmas stuff. Then got caught up. So decided to buy furniture, get flooring with no pay til 2007. Wham- medical bills, time off work for my son, medicatio co pays, counseling & therapy for family, separation from alcoholic husband. Ever since then we've been paying minimum balances on cards & now we only have $30 left for groceries and need to replace the tire on my card. Any questions?,,,,,Next...............


              • #97
                I found out the hard way that making a budget and making a realistic budget are two different things.

                My wife and I used to make almost twice what I make now, we bought a house and then when our second child came along we ran all the numbers and decided that we would only loose about $1000 per month with the wife staying home instead of putting both kids in Day care for ( I was wrong, but I don't regret my wife being home with our kids for a few years. It was great for the kids )

                Well then gas prices hit us, home heating prices hit us, our car died. I took out a second mortgage with, Centex ( now NationStar ) which I will say now was the biggest mistake of my life, and a company of liars., but it paid off my car so I could get another one.

                One thing led to another and after juggeling bills between disconect notices and other threats for almost 3 years here I am.

                Kind of sad to say, but filing BK has been the best decision I have made for a while. Now the only peaple who call and ask for my money are telemarketers.
                Filed Chapter 13: 3/12/07
                Confirmed 5/14/07
                Last day from Claims 7/10/07
                Trying to stay under the radar


                • #98
                  i'm in this position because made decent money as a single guy with no kids... i had too many "good times" with my friends on my tab. when i got laid off, the bills came in like tidal waves. after i took the time (had to) and reviewed my spending pattern, it sure came to light and my goodness what mismanagement. i'm upset most that i was to "occupied" to really understand my spending habbits. and once the lay off cut off my cash flow, it was too late and the damage was done. and i am equally upset that i did this to myself. i guess it would be eaiser for my mind if i blew it on a girl or a bad habbit (just someone or something else to shift blame haha). but i only stupidly spent the money myself.


                  • #99
                    I said CC, though it was really through a drug addiction.
                    My husband (who was a fiance at the time) worked for himself and was going through a "rough" time. He claimed that he needed my money because he didn't have enough to pay his workers. Always blamed it on someone breaking things or not working efficiently. I knew something was going on, but not sure what. Stuck with him for about a year (during this time I had our son). Found out he was using, he promised to quit. A month or so later I caught him again, he said he just slipped up once. This went on until I starting thinking about my son. I told him that he could kill himself if he wanted to but he wasn't taking me and his son with him. I left him with nothing. It was too late, though. Buy this time I found out he had maxed out all of our credit cards (which were mostly in my name with him having the pin number) I filed a 13 hoping to keep my home. But it was impossible to keep up on the bills with my credit alone. At the end of the month I had about 150 dollars for food, gas, medical bills, diapers, etc. My fiance did give me money when he could, but he had to voluntarily take a leave of absence from work to avoid a drug test. A year later and my fiance came back into my life - totally clean. Now, he is the person I fell in love with, but things are still lingering from the past. He works now supporting me (and we now have a daughter). He is drug tested regularly at work and I am in charge of all of the moneyStill, the struggle to catch up on past bills is impossible. We are converting to a chapter 7 the end of this week. (or should I say "I" because he wasn't on the bills)

                    (And I did want to say thank you to whomever pointed me to this sight. Not sure if they were a member of these boards or just someone who knew about them)


                    • We were being sued by CitiBank after missing one payment. They wouldn't accept one of those credit counseling plans so we either had to file or go to court and end up with wage garnishments for eternity.


                      • business going down the tubes too much credit card debt, and then medical bills
                        4/12/07: Chapter 7 Filed
                        5/10/07: 341 Meeting
                        7/09/07: Objection to Discharge Due


                        • Mine, like so many is a combination of factors, but the main reason is a divorce. The bulk of my student loans, most of the credit card debt, the repo'd vehicle, the attorney's fees, the cell phone bill, and the leftover mortgage and vehicle payments I continue to make, are all leftovers from my divorce.


                          • Long, sorry

                            My CC debt started in my late twenties.(this was in the early 90's)

                            Ex said "why don't you just apply for a store card?" (when I needed business clothes for new position) So I did, and next thing I know I'm on the radar. Offers came in. Most I didn't apply for. Then one really nice offer from Wells Fargo for $3000. This was about 15 years ago, and they were giving me a nice interest rate of I said what the heck, and got the card. I got pretty close to my limit in about a year. For me at the time the appeal was getting what I wanted "that day" and not having to save up. Next thing I know...I'm buying a motorcyle, then a new truck. Then my motorcyle blew apart on the highway, but I still owed around $2000 on bike. I took the bike to a shop to have it repaired....another $1000...(new engine) .but bike was still inoperable...blowing gas everywhere since repair guy decided to repair the carbs.

                            Around that time I owed about 6000 in debt. I went to work on second job in the evenings driving a forklift 3 nights a week until 2 am, and paid off what I owed on the bike. My ex decided to part ways at that time, and worked at the same place. I couldn't handle that, or her, and decided to get as far away as I could.

                            Skip to a year later..
                            New wife... New apartment a state 3000 miles away.

                            I didn't take out any new credit at first, as the interest at WF was starting to creep up. New marriage and I wanted to give DW all the best of things afraid of being left again. So I started to take out new credit lines to buy things I thought we/she/I wanted (but really never needed) to keep her and myself happy, or at least that's how I rationalized it.

                            We actually were doing okay, then my mom stepped in and asked me to help her buy a house (she was newly divorcing from my dad). Thinking I'm being a good kid, I sign with her to help her get her house. Made me feel like a knight in shining armor.

                            After I signed with my mom on the house the credit offers start really rolling in, and it seems there are things I need, that I didn't know I needed. Like a 2nd TV, or a home computer, or some new living room furniture. This was 1998.

                            Skip two years forward....we move 3000 miles back (relationship wtih mom has gone south) and try to start over again. I'm back at job I had before..but making less. DW is also making less, but still we are able to make the bills.

                            Finally we buy a house together in May of 2001. Things are looking up...economy seemed to be good. No worries ...I got a little bit of a raise. So I started applying for credit cards to get stuff to fix the old house up.

                            Then came Sept 11. After that the company I worked for started going downhill....and the layoffs started left and right. I managed to survive these, but went without a pay increase for 2 years... During the interim I used my CC cards to pay bills, . buy food, and keep us going. Heck....our President did say it was our patriotic duty to shop and buy things. (not that I'm blaming him BTW), but now I realize how ignorant I've been.

                            So for the last 3 years I've been struggling to pay just the mins on the CC bills, rarely late, but on the occasion that I paid the bill online just 10 mins late....I got nailed with late fees, and interest rates jacked up to 35%.

                            15 years later, and I am 40,000 in debt. I make around 32,000 a year if I'm lucky with bonuses. Last year I cashed out my pension (about $5500 after taxes) to try and stay ahead of the creditors... it worked for about 6 months

                            Now I'm just tired, broke, and over it. I wish with all my being that I had never ever seen a credit card. When I was just starting out making $7.50 an hour I could afford my own little apartment, and was doing what I'm doing now. Paying cash and money orders for every bill. Heck ....I could even afford to take a vacation. I knew at that young age that I was poor, but I had pride that I was taking care of things, and I was doing just fine.

                            Now I'm just hacked off...mostly at myself for lettiing things get so out of hand. I will learn from this experience, and have started putting together plans for retirement.

                            If I could suggest one single thing to Congress or the Senate it's that we need to educate our young people about credit cards, and interest percentages, late penalties, and how long it will take to pay off CC debt.

                            I'm a child of the 70's/80's, and I don't remember ever the first class on personal finance, although I do remember being taught economics...but that was during the Reagan years. This not a slam on Reagan, but just my own personal memories.

                            To all that have been there and done this, and post their knowledge to this board to help the rest of us going thru this most profuse thanks, and know that you are a godsend to those of us in need.


                            • My Reason that I will File

                              I am a grandmother who is 53yrs old and has two special needs children(one with autism)living in my house along with their mother. She is a single mom and has to have 24hrs care for the special needs child who is autistic. This has caused a problem for our family as we can not afford to pay for a babysitter and this prevents my daughter from working legitimately.

                              Because of the medical needs of the child, the special formula and diapers that she still has to have and the constant doctors visits, we have racked up debt beyond anything I could possibly explain here on this forum. My issue is this, the children receive SSI, but that money along with my salary is just not enought to cover all the needs of the child. I started taking out loans and using credit cards to cover whatever medical issues needed to be addressed at the time and I tried to solve this problem with a part time job on the weekends which caused me to have medical issues as well. This month is the first time I will ever be behind in anything. I am trying real hard not to have to file bankruptcy or chapter 13 but I see no way around it unless a miracle happens.


                              • FW: Desperation/U sound Just like Me....

                                I thought I was the only person who was going through this when I read your post, I did not feel so alone. Even though there is no easy solution, I still feel for you. I too have no idea what to do. I am tired, I have tried and I make less than the bills that are owed. I have my twin granddaughters to think of(one who is autistic) and I have tried everything I know to do to stay above water with all her medical bills and everything. My daughter and I have combined our income and its still not enough so we too were living off credit cards to buy food, pay bills etc. Now is run out, no more savings, no more credit, no more overtime, no more second job....all gone....over.


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