Posted on 11/22/2008 10:09:46 AM PST by scaredandfighting
We sit in a situation that is beyond scary. We face financial ruin and are barely holding our heads above water. My husband has a decent job, but recently had is wages cut by 40 grand a year. He cannot find a job that will compensate for his loss, I took up a full time job to make ends meet which helps, but we are now so far in the hole we cannot get out. We are behind on our mortgage, maxed out credit cards, and struggling to pay simple bills. We are doing everything in our power to get out of this hell that we have created. We have our house up for sale, got rid of any unneccesary bills, are both working like crazy. We just can't seem to get ahead and we are scared. We have too much integrity to stop paying on our house or to file bankrupcy,...we refuse to think of this as an option. But we don't know what to do. Our credit is so screwed at this point would foreclosing on our house even matter?
Welcome to FR.
You need to call a bankruptcy lawyer on Monday. Companies do it all the time, that’s what it is there for. It will actually help your credit in most cases, versus where you are now.
Talk to your mortgage company. They want your house like they want a hole in the head.
I wish the best for you and your family.
Pray, as if you haven’t yet. I could easily be in your position if Sen Barney SukaFrank has his way. Twenty-five percent reduction in DOD spending might put a lot of us out of work.
I do not have any advice for you, but I do feel for you and your family.
“We have too much integrity to stop paying on our house or to file bankrupcy”
Your integrity will not keep you warm at night sleeping in the gutter, file for bankruptcy and keep your house.
I second that. There is no shame in bankruptcy protection when the necessity for it is not of your doing (i.e., you did not defraud anyone and were not reckless).
Your creditors will hound you to the ends of the earth. File for protection.
If Chapter 7 is not something you can swallow, file Chapter 13 and pay what you can for 3 to 5 years. But Chapter 7 is often the best route.
Live one day at a time. Don’t drink or smoke. Make a gratitude list and enjoy what you have — and stop moaning about your loses.
It could be worse.
We don’t have debtor’s prison.
Relax. If you are doing your best, working, and sticking to priorities, you will be okay.
Oh, and develop your spiritual life.
Dave Ramsey. Financial Peace University. Get current on everything. Use whatever you have to to do it, savings, retirement funds, whatever you have to do. Then save up One Thousand Dollars for an emergency fund. then pay off the bills one by one, starting with the smallest one first, then the next smallest, then the next smallest, etc. You can find Dave Ramsey on the web and he has a radio show. Buy only food gas medicine.
Declare bankruptcy. Get out from under the huge mortgage. Rent an apartment for seven years, when your bankruptcy restrictions will expire. Cut up existing credit cards and JUST SAY NO! to new offers.
For seven years, don’t eat out—cook in. Don’t buy new clothes. Go to the Salvation Army or other thrift shops.
If you have two cars, sell one. Use public transportation as often as possible.
Don’t go to movies, theaters, golf courses, resorts, or concerts.
In seven years, you will be out from under, and will have learned a great lesson.
You will have to wait till Jan 21st. Then you can get a bailout like me and millions of others!!
Hang in there!!!
I second what yldstrk has posted.
(no fun for two years for you and your family. “Live like no one else”)
No soap? Hm, isn't there a way to do that with tallow and ashes?
Many of us have been in that position. I sure have but I managed to get past it.
It's really none of my business but how old are you?
Credit cards = slavery
“Live like no one else”
Actually, our grandparents lived this way, through wars, depressions, and recessions. They lived frugally and wisely, and were better off for that.
Boomers, the party’s over. Be thankful for what you’ve got and don’t be envious for what others have.
No matter how bad you think it is, there’s always something to be thankful for.
And...the best things in life are free.
I agree. We went through a very rough patch in the spring and my relationship with the Lord grew. Have faith. He will give you peace. Dave Ramsey says buy food, heat and lights and house payments. Do you have an agreement with the mortgage company yet? Talk to them. The first step is making an arrangement.
“The Best Things In Life Are Free”
The moon belongs to everyone,
The best things in life are free.
The stars belong to everyone,
They gleam there for you and me.
The flowers in spring, the robins that sing,
The moonbeams that shine, they’re yours, they’re mine.
And love can come to everyone,
The best things in life are free.
Thanks to the Dems, bankruptcy does not discharge credit cards.
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