New Bankruptcy Laws are not working out

[anonymuse]

I'd lived in so many 500-700 square foot aparments, that buying a 1400 square foot townhome seems quite luxurious! And I even have a basement and a 2 car garage and a tiny patio--what more could a girl ask for!? I really don't feel that I can re-adjust my living style since I bought my place for $110K--it's impossible to buy anything for that now. And paying rent would be more than my mortgage. About the only things I feel are the extras I spend on right now are DSL (which I also use for work) and DirecTV (we can't get regular channels on antenna where I live.) If I took away those 2 things, I guess they could say I'd have $100 a month for Ch 13.

~K

[bkadv]

I read today about how some adjusters have grossly inflated prices of homes. Now that things are headed the other direction these people are in trouble and losing their homes to the banks and forclosure. It's all another sad chapter in the story where people's hopes and dreams are stolen by the greedy ones out to make a dollar. This goes hand in hand with the credit card companies and oil moguls who are out to take everything they can get from hard working people.

[Minnymouth]

If things continue, there are going to be a lot of people that are forced into filing bankruptcy because they can't survive.....

I was very embarrassed over having to file bankruptcy. My neighbors did not know till the auction sign went up in the yard that I had filed. I learned then that 4 of my neighbors had already filed in the past 2 years..... and they had kept their homes in their bankruptcys - so I never knew!

These are all families whose income range from 20,000 to 50,000 a year....
Some that had gas fireplaces installed - took them out and went back to wood... (They could afford to buy $200 worth of wood but not the $1200-$1500 it would cost just to enjoy their fireplaces in the winter time (besides their electric heating bills.

Sad, but many are going to loose it all in the future, that they have worked so hard for.... Yes some of them have over-extended themselves I'm sure... indulging themselves..... and the paybacks are going to be an "eye-opener" for them...

I believe we will see a big decline in the housing market and lots of house up for sale..... in the near future.

Minny

[bkadv]

My husband and I too were totally embarrased and just beside ourselves over having to file bk. I'd worked at the same job for 17 years when medical problems coupled with the birth of a new baby forced me to either quit work or be buried six feet under within a few years. Of course having job security for so long and losing my income had simply put us in debt too far to recover.
We've suffered endless trauma over the whole thing, but I've learned to ignore those who think it will never happen to them. Shame on them. Life's circumstances will catch anyone off guard just when they least expect it.

[debtisbad]

Welcome bkadv,

I never in a million years thought it would happen to me either. I have suffered severe depression and anxiety over all of this. My bills were never late, had a high credit score. excellent employment and now this. One never knows what is around the corner. I just love the primadonnas that think it can never happen to them. I happen to know a few!

[jane taylor]

I have also had severe depression and anxiety over all of this. I try very hard to keep a smile on my face, crack jokes, and do for others, but it is so hard. Especially when all I hear my dad talk about is how well my brother's business is doing and how much money he's making, the trips he takes, etc. In my family of origin, success is strictly defined by income and financial portfolio. This is so hard. It is hard sometimes not to feel inferior to my brother when it's flaunted in my face. I know it is tacky for them to do that, but it still hurts nonetheless.

I have to keep telling myself that we did the right thing for us and pray that my brother doesn't have to go through this and eat his words.

[Minnymouth]

AHMEN

JANE TAYLOR,

In the future, many of our family members may be "eating their words" whether they want too or not..................... they may not have a choice.....

I may be the "black sheep" of the family - but at least I'M NO LONGER IN THE RED!!!!!

Now I can live from day to day and enjoy life, sleep at nite, and feel secure that I'm gonna be okay with my life now......

I feel like I'm back in control of my life now..................

Minny

[aa06a47]

I hope and pray none of my family members have to face what I'm facing now. My brother is a farmer, it could easily happen to him, but think he is set up pretty good now. My youngest sister married money. My oldest sister is dirt poor, and should file BK if she hadn't. She gave one of her kids a credit card to use in case of emergency...well, she got the old phone call one day telling her she owed 20k and wondered why she wasn't paying on it. As far as I know my neice still isn't paying her for it....my sister is.

[SinkingFast]

Well,............... Hubby told his parents tonight. He decided it was time and told them himself. Alone.

He can't tell me what was said. Not won't, can't. He said it was indescribeable. He seemed shell shocked, said they were wierd, and I woulda had to have been there.

So I really don't know how it went. I'm guessing odd, at best. Only time will tell.

[aa06a47]

Well,............... Hubby told his parents tonight. He decided it was time and told them himself. Alone.

He can't tell me what was said. Not won't, can't. He said it was indescribeable. He seemed shell shocked, said they were wierd, and I woulda had to have been there.

So I really don't know how it went. I'm guessing odd, at best. Only time will tell.

His parents are probably reacting similiar to what my mother would if she knew. They are probably setting there asking themselves what they did wrong when they raised him and /or trying to put the blame on you somehow. Why did he feel compelled to tell them?

I will never tell my mother, she and I will go to our grave without ever having that conversation. My dad has already passed on, so he probably already knows....and I figure he is trying to help me.... Someone is making these few dollars I have left stretch out.