Is Bankruptcy The Answer? ... Maybe

[yourfired]

The pandemic resembles the times of the Great Depression in terms of the scale of its consequences. Sometimes I still can't believe how much our life has changed in just two years. Many of my friends have gone bankrupt. They had to sell assets to pay off all debts. Some took advantage of loans, factoring companies' services XXXXXX and they managed to survive. But statistics show that the level of enterprise income and GDP is falling. It is unclear how everything will come back to normal. Perhaps we will adapt to the "online mode" or the pandemic will end.

bankruptcies are gonna get worse. i hope the coronapocalypse ends soon.

[Bablosik]

The pandemic resembles the times of the Great Depression in terms of the scale of its consequences. Sometimes I still can't believe how much our life has changed in just two years. Many of my friends have gone bankrupt. They had to sell assets to pay off all debts. Some took advantage of loans, factoring companies' services XXXXXX and they managed to survive. But statistics show that the level of enterprise income and GDP is falling. It is unclear how everything will come back to normal. Perhaps we will adapt to the "online mode" or the pandemic will end.

[yourfired]

for me a bk is best. i'll never climb out of the debt trap thanks covid.

[shipo]

Ten day update...

First the farm; we met with the family last Saturday and clearly they were conflicted about what to do with us. On one hand, the rent we've been paying since 2013 for the apartment here on the farm is now roughly a third, or less, of current market value; needless to say, a "slight increase in our rent" was out of the question for those family members looking at valuations. On the other hand, we live amongst the 7 grand children ranging in ages from 2 to 17, many of whom do not remember before we moved here; we are effectively trusted family members, and there definitely appeared to have been some infighting regarding our fate. We made it easy on them, I proposed a new rent which is nearly 90% higher than what we've been paying with barn work, and 33% higher than what our (long expired 2013) lease spells out without barn work. They looked at us and all six breathed a collective sigh of relief, crisis averted; we're staying. Yeah, our rent is going up a lot, but we'll still be paying "under market", and easily half of what we'd need to pay if we moved, assuming we could even find a place in this crazy market.

Now the job situations; I tendered my resignation last Tuesday and it was met with stunned silence by my manager. She finally snapped out of it and asked for details on the new gig, details which made it immediately obvious my current company had roughly a zero percent chance of keeping me. Don't get me wrong, I've been with this company off and on for over 12 years and have nothing but fond memories, but the new job is that much better. We immediately set to the task of planning my final 13 days so as to prep my coworkers with the necessary knowledge to keep my projects moving forward. I *think* they'll be ready, but if push comes to shove, I'm only a phone call away and have promised to help out in any way I can.

Not much to report on the new job, errr, except one of the interesting forms I had to fill out in my onboarding paperwork was an application for an American Express Corporate charge card; I didn't even know AMEX had such a thing so I looked it up. If things pan out the way they look at the moment, I'll be getting a shiny new AMEX Platinum "Corporate" card, and while this may not mean much to some, it's a big deal to me. Why? Back when I filed for my Chapter 13 in 2015, one of the things I lost was my personal AMEX Platinum card, and with it all of the airport lounge privileges provided by that card. Between spring of 2019 and the COVID-19 thing, I visited airports around the country 34 times, and that number looks to easily double in the same span of time with this new job; given I'll be blacklisted for a personal AMEX, most likely for years to come yet, I was looking at the prospect of paying nearly $1,000 per year to buy memberships to Priority Pass and the Delta Sky Clubs; both if which are part and parcel of the AMEX Platinum cards.

[sophieanne]

@shipo...so the plot thickens! This chapter may not be over yet. Good luck!

[shipo]

Thanks sophieanne, once I start the new job things will be a bit more relaxed, however, between now and then it will be "Mach-Two with my hair on fire!"

That project I mentioned a number of posts ago where my boss and I were supposed to fail is in a rather new field or discipline; I've been called out as a "single man dependency" for at least the last 18 months and have attempted to train up a number of proteges, however, for one reason or another, mostly money, once they get trained up, they head for greener pastures. Said another way, I am the lone engineer/architect who fully understands this technology in the company and we have a lot of very business critical projects slated for rollout over the next six to nine months, including two in May.

Long story short, between now and 07-May, I can expect an onslaught of phone calls from very senior management to try and coax me into staying, while at the same time, trying to train someone up well enough to lead the effort. Ugh!

I drop the bomb at 3:15 this afternoon (the earliest meeting I could get with my boss); that is when things will get interesting.

[sophieanne]

shipo - I would normally ask if you had found a four leaf clover, or got the larger half of a turkey wishbone… LOL! But seriously I think everything happening for you and your wife is fantastic. After the disruption in life due to the BK, things are turning around wonderfully for you, and I couldn’t be happier. Now you can focus on relaxing and preparing for your new job as opposed to moving. Let the countdown do your new job begin😊

[shipo]

@shipo..I’m so glad you posted this!! I was ready to send you a PM this morning to see how your meeting with the board member went. Congratulations 🎉..I’m very happy and excited for you. It sounds like it’s where you want to be; other than leaving your current home. It sounds like the perfect opportunity.

Thanks sophieanne, in the immortal words of the late great jazz pianist Fats Waller, "One never knows, do one?"

Last night we told the farm family my new job would preclude me from doing my obligatory work in the barn three days per week and of our plans to move by July. Today they called and asked if we'd stay for a slight bump in rent in lieu of the barn work. We instantly said, "Yes!"

So, best of all worlds, my time is freed up to make the most of this new job, and by staying here we can make some serious bank which will go a long way toward a new house in a year or two.

[sophieanne]

@shipo..I’m so glad you posted this!! I was ready to send you a PM this morning to see how your meeting with the board member went. Congratulations 🎉..I’m very happy and excited for you. It sounds like it’s where you want to be; other than leaving your current home. It sounds like the perfect opportunity.

[shipo]

An epilogue to my epilogue???

Geez this new opportunity moved fast, I accepted an offer this evening and start on 10-May. The good is a rather substantial bump in income, lots more opportunity to innovate and teach, and then to go back on the road and work in both a pre and post sales technical role. Once the COVID travel restrictions start lifting it looks like I could be on the road upwards of 26 weeks per year, Monday through Thursday (I love to travel so that's a good thing).

The only real negative here is we're going to need to move away from the horse farm we've called home for the last 8 years; the family here has become, well, "family"; the 7 grand kids running around this place are almost like our own grand kids; many of them don't even remember back to the time before we moved here. Hopefully in this crazy real estate market we can find a place local so we can still hang out here.

[Carmella]

Another older Chapter 13 here. Well, I was 53, but my husband was 60. When it's over I'll be 58 so I have several work years left, but not enough to get a great retirement savings. My husband will be 65 and about 1 yr out from retirement which he plans to do if he is financially ready or not. But he has a good pension (which I hope stays that way since I know people who have lost or had pensions reduced) plus some social security.

But I rather be 58 and 65 without the lingering debt even if we don't have the proverbial pot to *iss in. We will have what we need and I am thankful we can pull through that debt monster. And I try not to dwell on the fact if he retires our income might be close to what our actual take home (minus BK payment) is now. Taking it one day at a time. If he can still work a year after full retirement age I think that would help immensely to get some home repairs/upgrades (nothing purely cosmetic, but needed) so everything should be in decent condition. For example I rather buy a furnace when we are working than after retirement.

[sophieanne]

shipo - and just when I thought Friday couldn’t get any better… I read your note. That is so darn exciting… I hope whatever you want works out for you... being in the drivers seat is the best place to be! I can hardly wait to hear how things work out. Good luck😊

[shipo]

And sort of an epilogue to what I wrote above, I have been turning down 99% of the requests for interview coming my way, however, over the last five months there have been three opportunities which have piqued my interest. Today I had my third interview with a company, and got contacted by their HR department almost immediately thereafter. It sounds like they not only want to hire me, but they want me to start yesterday, if not sooner.

Then she started haggling about money and I held my ground (my minimum is about 10% above their maximum); two hours later she scheduled an interview this coming Monday for me and one of the board members of the company. This should be interesting.

[shipo]

Thanks sophieanne!

[sophieanne]

@shipo...your update just made my day!! Congratulations to you and your boss! Power to those who are 60+ 😊