topic Re: I think it’s time for bk in Bankruptcy

I think it’s time for bk

Anonymous — Wed, 31 Jul 2019 22:50:21 GMT

Asking all my fellow my myficans lol wat u think. Long story short I started a business failed miserably used my personal credit which is now leaving me 20+ in credit card lost a vehicle after auction I’m responsible for 48k on that and a few other odds and ends 80ish in the hole I stop paying on all cards and 1 loan I’m also a home owner I’m back on track wit that and another vehicle. I thought consolidation but not sure how that would work I did Bk consultation I was tryna void it but not sure I can any help useful

Re: I think it’s time for bk

twono — Wed, 31 Jul 2019 23:19:58 GMT

Im about 36 days into my Ch. 7 filing.....wish it was 2 yrs and 36 days ago. I was prolonging the inevitable. Borrowing debt to pay debt. BT's, CA's.....and cashing out over 6 figures worth of 401k to stay afloat for another 18 months. And now i am in the same financial ruin, but with a lot less money in retirement.

So, if you think BK is your best option, then DO IT. Don't prolong the agony. The sense of relief i had when i made the decision to file was huge. I"m not out of the woods yet...... hopefully i will be when i get the discharge in 55 days or so.

Re: I think it’s time for bk

Anonymous — Thu, 01 Aug 2019 01:54:47 GMT

Yea I was looking for alternative options but haven’t found any so I’m gonna do the homework and get it done

Re: I think it’s time for bk

Shooting-For-800 — Thu, 01 Aug 2019 10:37:59 GMT

You owe $48k on a vechicle you don’t have?

If so, If you can do Ch7, do it now.

There is life after BK!

GL!

Re: I think it’s time for bk

FireMedic1 — Thu, 01 Aug 2019 11:27:55 GMT

So I think you said 80 grand in debt? I feel it maybe time for a fresh start. As i usually say. The time to pay off all that and then have to suffer the negative effects on your report. You'd be better off in less time rebuilding and starting over. Life is too short. Nothing like the feeling of being debt fee and putting $ in savings for the future at the same time. Good Luck on your decision.

Re: I think it’s time for bk

GApeachy — Thu, 01 Aug 2019 12:29:53 GMT

@FireMedic1 wrote:
Life is too short.

Yes, no need in spinning your wheels, losing sleep, taking a toll on health and happiness. The sooner you do it, the sooner it's a memory. Good luck on whatever you decide. Keep coming back and surrounding yourself with ppl who have plenty of knowledge about these things, can guide you and help you get this monkey off your back and start rebuilding. I wish we had filed, we survived and so has our debt. Even though we are better today than just a year ago, we'd be waaaaaay better had we not let pride get in the way. (not saying that's your case, that's our hangup). Things are things, our house is a house, I'd rather have a home. One that doesn't tick me off everytime I stroke that mortgage check every month. At least you're here and mulling it over. There are plenty of ppl here who can attest to less is more (less stress and more sleep) and now are sitting pretty darn good.

Re: I think it’s time for bk

Anonymous — Thu, 01 Aug 2019 17:22:43 GMT

Yea 48k was the letter I recieved a week ago after auction and thanks for all input I appreciate it I was trying hard but hasn’t worked out

Re: I think it’s time for bk

Tuscani — Thu, 01 Aug 2019 18:18:32 GMT

There is no shame in filing BK. Or at least there shouldn't be.

I'm a big fan of personal responsibility, but the truth is that lenders and morals do not go in the same sentence. That doesn't mean it is OK to stick it to "the man" but when life deals you a curve you do what you have to do. If that means filing bankruptcy, so be it..

The only ones I despise are those who KNOWINGLY and PURPOSELY rack up those debts and don't pay.

Also credit is a privilege not a right. So when you mess up you pay dearly for the mistake. But what happens when you mess up because life throws you a curve? Job loss, sickness, divorce.

Re: I think it’s time for bk

StillKicking — Thu, 01 Aug 2019 22:34:56 GMT

It's hard to tell another person how to handle their financial situation. But, I can certainly tell you that in hindsight I waited way too long to file. I was scared and ashamed and the phone constantly ringing didn't help much. I was in a position to where there was simply no way I could ever pay off the debt I had...So, I got an attorney and filed. Not only was it one of the best decisions I ever made, but the only choice I really had. Just wish I'd have done it sooner.

Re: I think it’s time for bk

Shooting-For-800 — Fri, 02 Aug 2019 01:13:54 GMT

I fought and struggled for years.

Settled a bunch of debt scraping every penny and still ended up filing BK.

My pride and upbringing would not let me file when I really should have.

Health suffered, etc.

Biggest regret most filers have is not doing it sooner.

It is not something to be happy about.

It is not something to boast about.

It is not something to take lightly.

But once you quit beating yourself up about it, you will see light at the end of the tunnel.

Whatever does not kill you, makes you stronger (and smarter.)

We will be here for answers and support.

Good luck.

Re: I think it’s time for bk

Anonymous — Fri, 02 Aug 2019 19:24:22 GMT

Yes I’m going to move on and def learned a valuable lesson just hope it works out thank u all guess I will work on the money for the lawyer def will give insight as I progress