what caused your bankruptcy?

[missmama]

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@MegaMom wrote:

Divorce & DeadBeat "Dad"

I am better off & knew I would be! 

Funny how all the "crap" in life becomes the fertilizer for the beauty to become.  We just don't see it then.

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LOL!! And sooo true!! Pain is the precursor to change!! 

[makeupho]

spouse's failed business which turned into personal liabilities.

[wvgirl_sunshine]

Before we knew it we had helped our two kids starting out on their own  to the tune of 60,000.00.....I didn't see any way out other to file chapter 13..My kids feel bad about us having to file, and they help with the mthly payment..

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[anca21bi]

Not being able to find a long term job which in turn cost me to rack up my bills. Then when I did get a decent salary paying job my wages started being garnished and I couldn't make payments on my rent and other obligations. Then I had to file, I felt like I was backed into a corner.

[dav419tor]

Job loss, medical bills, and then foreclosure. Filed CH 7 BK in June/2013 and just recently discharged 10/24/2013. 

[JanelleOH]

Mine was your classic train wreak.  Immaturity that caused job loss and insurance loss followed by medical bills that I could not pay.  Once a few went to collections I decided that I was now financial damaged goods and spent the next 10 years not caring about my credit score whatsoever.  Now that I have a child I realize that I don't want to make my problems his and I am working to make things better.  I don't want him to do without because I was too lazy to get my act together.

[compassion101]

Overspending. Not budgeting. Spending more than I made.

[lovelylisa84]

Lots of unfortunate circumstances and bad decisions. When I was 21 I bought my first home with my husband at 8 months pregnant with our second child. When our son turned 3 months, my husband was laid off and never found a job that paid him well ever again. That was 8 years ago. The home we bought was 400K and in reality we should not have been approved for more than 300K. We had a bad loan ARM/Int Only. We started using up all of our savings and credit cards to make ends meet, car got repoed. Soon enough we could not afford to pay for anything. Family bought us food, we rented our home out, lived out of our suitcase. We finally decided to short sale and closed Dec 2012. All of the defaulted credit cards went from a 500 balance/max CL to about 1300-1400 with fees, penalties, etc. I paid off and settled two of them and was trying really hard but my wages ended up being garnished earlier this year after baby number three and it was taking almost all of my money so I had to file. Best decision I have ever made but I regret not doing it sooner but most of all I regret buying that damn house!

[BryGuy1]

Mine was medical expenses. I got caught in a **bleep** circumstance where I was employed but uninsured. Had to go through a lung surgery, almost died, and sacrificed just about everything I had. I learned a valuable lesson, never take anything for granted. I learned from my mistake, and will never allow myself to be that vulnerable again! Now on track to credit recovery.

[the_jan_b]

I haven't filed, but my fiance did; he was working for Ford before we moved to Florida.  Before we left Michigan, he was out on medical leave from Ford, and one thing lead to another, and eventually (in so many words), Ford didn't want him to come back (so to speak); but he had two vehicles that he was paying on, they've been garnishing his wages for almost the entire time we've been in Florida (they had been garnishing his wages since around 2006).  They stopped about eight months ago, but started back in August; my fiance decided that he had enough, made an appointment with a BK attorney, and found out that Ford would garnish his wages for a while, stop the garnishment (to let the interest build back up), and start the garnishment again.

When he met with the attorney to file, my fiance was told that Ford was saying that he owed more than $50,000; and although what they were doing (stopping and restarting the garnishment) wasn't right, it wasn't illegal. My fiance, understandably, was upset about it, didn't really want to file BK, but felt that would be the only way to get them off his back.