Thanks for your input. I have been doing a lot of research on both counseling companies and bankruptcy. Did you know that it is illegal for an employer to not hire someone because they filed bankruptcy? I thought they were able to, but they can’t.
My situation is this.. we don’t have extravagant items. We own our home, have 2 1/2 vehicles.. ok.. 3 but the 3rd one was given to us by my husbands parents and it is an old beater truck that my husband had intended on using for hunting.. it has only made it out once. I don’t own a lot of jewelry. Mostly it consists of our wedding bands and a diamond necklace and earnings that my husband bought me as a wedding gift. We own one 27″ inch TV, no home theater system to speak of. We don’t have boats, snowmobiles, campers.. nothing. Most of our debt was racked up after we bought our house.
We had to re-shingle the garage, do little improvements here and there, a new water heater because the other one was leaking. I applied and received almost instant cash help at KeeLoans. We have had 2 children, medical bills were racked up, plus the ever loving car repairs. We have over $60,000 in credit card bills. I only put $60000 because I am ashamed to state what the actual balances are. It sucks to go into a store to get groceries knowing you don’t have the $$ to pay for them so you put them on plastic. I had a 2nd job for over 2 years and haven’t gone back since I had my second child. The thought of missing my second child grow up kills me. My husband has applied for a 2nd job and we are waiting to hear on that.
I watched this video. I just don’t know what to do. Bankruptcy keeps looking better and better. I know we would be forced to file chapter 13, which is fine with me. I don’t want to stiff anyone on my bills. We just need some relief and take care of one at a time without all of the interest charges. If we had the bankruptcy on our credit report, it would bother me to bad. We would then be in a position where we could put $$ away for what we want. Credit cards wouldn’t be that big of a deal. I know people that have purchased homes after filing bankruptcy and actually have a better rate than me and my husband. Bankruptcy isn’t death. It will eventually go way. The stress of our situation is leading to stress in our marriage and other health issues.
We are run down from trying to work OT only to spend that $$ on daily expenses and not going to our debt. The more in debt we get, the higher my weight goes. It seems like a vicious circle that is never going to end.
I have no doubt in my mind that there are people worse off than us. My parents are those people. My only concern is that if this is something that my husband and I are going to do, lets do it now so that our kids are young enough that they wont understand what is going on and we can teach them better spending and saving habits in the future. My parents were always the spend and worry about it later. They filed bankruptcy. Never saved for retirement. Now my dad is 65 and my mom will be 55. No insurance and they had to file medical bankruptcy 3 years ago because my mom had her gall bladder taken out and no insurance coverage. They are strapped from dollar to dollar and somedays don’t know how they are going to make it. I don’t want to be them, nor pass that on to my kids.