Bankruptcy
Postmaster
Joined: Dec 2003
Posts: 2,659
Likes: 2
From: S/C Texas
I could easily file bankruptcy, and should have a few years ago. But still, I'm fighting my way back to the surface. Guilty of living the american dream and building too much debt, was young and dumb. It sure was fun getting there, and I sure do regret it.
If credit companies backed off a little and let people recover instead of burying them with fees and charges, credit companies would get their money easier.
My sister and her husband filed bankruptcy last year. Just washed away their bills. It irratates me how they now only have a house payment and car payment, and are always on vacation. Right now their in Disney World for a four day Valentine weekend for $3,000. Here I sit working 60-80 hour weeks trying to get myself back on the level.
So there ya go, the tip of the iceberg.
If credit companies backed off a little and let people recover instead of burying them with fees and charges, credit companies would get their money easier.
My sister and her husband filed bankruptcy last year. Just washed away their bills. It irratates me how they now only have a house payment and car payment, and are always on vacation. Right now their in Disney World for a four day Valentine weekend for $3,000. Here I sit working 60-80 hour weeks trying to get myself back on the level.
So there ya go, the tip of the iceberg.
Senior User
Joined: Jan 2004
Posts: 317
Likes: 0
From: Liberty Lake, WA
Matt......everyone does.
It would be SOOOOO tough to be in a position of financial challenge that others have walked away from by filing. So Tough.
Wish more had the guts in the process to do the same.
It's a tough-cycle when creditors, etc. tag so much on cuz they know they'll get it. When there are NO OTHER OPTIONS, I'm glad there's some kind of assistance. But the abuse again and again of such a net by SOME is what causes a need for change.
1956MarkII.......I can so relate to situations time and time and time again in my previous profession where I saw similar things day in and day out. Which is prolly why I'm a bit 'tainted' (?) on the subject. And about 80% of those who had recently filed were driving new(er) cars (often SUVs or large trucks to boot) and spoke of how they were building new homes in the area, and surely didn't look like they were struggling financially by the clothes or other adornments they wore, and the amount of flesh on the bones.
For those of you actually making an effort to pay back, or whom have walked the tougher-road thru it, or avoided it all together, I'm not speaking of you. Very well could be the sampling within my profession allowed for me to see the crap, as opposed to the cream, of the crop.
It would be SOOOOO tough to be in a position of financial challenge that others have walked away from by filing. So Tough.
Wish more had the guts in the process to do the same.
It's a tough-cycle when creditors, etc. tag so much on cuz they know they'll get it. When there are NO OTHER OPTIONS, I'm glad there's some kind of assistance. But the abuse again and again of such a net by SOME is what causes a need for change.
1956MarkII.......I can so relate to situations time and time and time again in my previous profession where I saw similar things day in and day out. Which is prolly why I'm a bit 'tainted' (?) on the subject. And about 80% of those who had recently filed were driving new(er) cars (often SUVs or large trucks to boot) and spoke of how they were building new homes in the area, and surely didn't look like they were struggling financially by the clothes or other adornments they wore, and the amount of flesh on the bones.
For those of you actually making an effort to pay back, or whom have walked the tougher-road thru it, or avoided it all together, I'm not speaking of you. Very well could be the sampling within my profession allowed for me to see the crap, as opposed to the cream, of the crop.
Cargo Master
Joined: Aug 2003
Posts: 3,237
Likes: 3
From: Belleville, Ontario
All it took was one minor misfortune to set the ball rolling. I struggled for ten years working up to 100 hour work weeks. Yes 100 hours! This sent me to the hospital three times. That put me even further behind.
The final straw came when the Federal government attached my wages @ 100% for outstanding taxes that I was paying off monthly. If you know anything about this subject, you'll know that they are the only ones that can do this without anyone elses permission.
So, when you are fighting high debt and your life isn't a fairytale, one swift kick is all it takes to put you down for good.
Anyone care to take a walk in those shoes?
The final straw came when the Federal government attached my wages @ 100% for outstanding taxes that I was paying off monthly. If you know anything about this subject, you'll know that they are the only ones that can do this without anyone elses permission.
So, when you are fighting high debt and your life isn't a fairytale, one swift kick is all it takes to put you down for good.
Anyone care to take a walk in those shoes?
Post Fiend
Joined: Jun 2003
Posts: 8,209
Likes: 12
From: Black Hills of SD
Originally posted by Dealford
All it took was one minor misfortune to set the ball rolling. I struggled for ten years working up to 100 hour work weeks. Yes 100 hours! This sent me to the hospital three times. That put me even further behind.
The final straw came when the Federal government attached my wages @ 100% for outstanding taxes that I was paying off monthly. If you know anything about this subject, you'll know that they are the only ones that can do this without anyone elses permission.
So, when you are fighting high debt and your life isn't a fairytale, one swift kick is all it takes to put you down for good.
Anyone care to take a walk in those shoes?
All it took was one minor misfortune to set the ball rolling. I struggled for ten years working up to 100 hour work weeks. Yes 100 hours! This sent me to the hospital three times. That put me even further behind.
The final straw came when the Federal government attached my wages @ 100% for outstanding taxes that I was paying off monthly. If you know anything about this subject, you'll know that they are the only ones that can do this without anyone elses permission.
So, when you are fighting high debt and your life isn't a fairytale, one swift kick is all it takes to put you down for good.
Anyone care to take a walk in those shoes?
The feds basically killed my best friends dad. He got in bad during an economic slump and they started hounding him bad. It was a combination of things but he had a stress induced heart attack over the whole thing and died in his mid fiftys.
Posting Guru
Joined: Nov 2002
Posts: 1,197
Likes: 0
From: mesa, az
...Lets see,
Wife with no self control, divorce, ex-wife with no self control, community property state, layed off, bad local economy (minimum wage only)....What can I say, life happens....five years later things are finally starting to turn around.
Wife with no self control, divorce, ex-wife with no self control, community property state, layed off, bad local economy (minimum wage only)....What can I say, life happens....five years later things are finally starting to turn around.
Post Fiend
Joined: Jun 2003
Posts: 5,643
Likes: 8
From: NE Texas
Originally posted by wabiker
...Lets see,
Wife with no self control, divorce, ex-wife with no self control, community property state, layed off, bad local economy (minimum wage only)....What can I say, life happens....five years later things are finally starting to turn around.
...Lets see,
Wife with no self control, divorce, ex-wife with no self control, community property state, layed off, bad local economy (minimum wage only)....What can I say, life happens....five years later things are finally starting to turn around.
There ought to be a law against that! But, it happens way too often - sad, but true.
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Elder User
Joined: Nov 2003
Posts: 681
Likes: 0
From: Springfield, IL USA
Man, after hearing all of these stories of hard luck I am very thankful. I have had it pretty easy thanks to a supportive family, a good education, and some wise financial decisions. Even going through a divorce things worked out well and I took very good care of my ex-wife! I am thankful and wish all of you the best!
Posting Guru
Joined: Sep 2003
Posts: 1,174
Likes: 0
From: Near Wamego KS
Actually the way the system works seems OK to me. Let the credit card companies that extend $5,000 and $10,000 of unsecured debt to people they don't know take it in the shorts. I don't carry a balance on on my cards so I'm not paying off my neighbor's living room set when he tells VISA "S***w you", and files for bankruptcy. I wouldn't loan the guy $20.00 without him leaving his lawn mower in my garage let alone a high limit credit card.
My dad learned the value of filing bankruptcy the hard way. He was 50% leveraged on a multimillion dollar farm operation in 1980. Over the course of 4 years interest went over 20% and his land values where written down by half - effectively wiping out all his equity. He told the bank he would do a voluntary liquidation if they would would agree to write off his debt. When all was said and done the bank lost about $240,000, his last interest payment - but they did recover their entire principal balance. Then dad found out that because he didn't declare bankruptcy, the amount the bank wrote off was TAXABLE INCOME to him. Basicly the IRS wanted over 100K in income taxes the year my dad went under. Sometimes it pays to get a lawyer involved.
My dad learned the value of filing bankruptcy the hard way. He was 50% leveraged on a multimillion dollar farm operation in 1980. Over the course of 4 years interest went over 20% and his land values where written down by half - effectively wiping out all his equity. He told the bank he would do a voluntary liquidation if they would would agree to write off his debt. When all was said and done the bank lost about $240,000, his last interest payment - but they did recover their entire principal balance. Then dad found out that because he didn't declare bankruptcy, the amount the bank wrote off was TAXABLE INCOME to him. Basicly the IRS wanted over 100K in income taxes the year my dad went under. Sometimes it pays to get a lawyer involved.
Cargo Master
Joined: Aug 2003
Posts: 3,237
Likes: 3
From: Belleville, Ontario
Answer to wollowbilly3....Two guys pulled a stupid stunt involving the company's main contract. This resulted in a decrease in income of about 60%. Operating costs for us brokers was rising in leaps and bounds. I worked from the time I woke up in the morning till well into the night. Basically,if you didn't find your own work, there was very little coming from the company.
Add 2 infant children, a stay at home Mom and bills only getting bigger and bingo!!!...financial jackpot.
Commission sales with no base pay can be a rocky road sometimes.
Add 2 infant children, a stay at home Mom and bills only getting bigger and bingo!!!...financial jackpot.
Commission sales with no base pay can be a rocky road sometimes.
Post Fiend
Joined: Jun 2003
Posts: 8,209
Likes: 12
From: Black Hills of SD
Sounds like time to make changes, big ones. I realize that family and roots have a big attachement but when making ends meet require that much effort, It would be time for this hombre to make a move.
Gone but not forgotten.
Joined: Jul 2001
Posts: 6,521
Likes: 2
Easier said than done. As I stated in another post, the vast majority of the unemployed and underemployed are not in that position willingly. They are there because of a struggling economy and conditions they don't control, because replacement jobs are not being created in the quantities necessary to replace lost jobs and an expanding work force, and because the new jobs are paying less than the lost jobs. Many turn to credit cards in an effort to stay afloat, a BAD mistake. Like our federal government, which has a no-limit credit card, the citizenry is up to their armpits in debt. Americans have an average of 13.5 credit cards per houshold, about 1.5 billion nationwide. Card debt levels are at a record with an average of $9,205 per household (at up to 23% interest). To any out there with a pocket full of cards, I say do yourself a favor and CUT THOSE CARDS RIGHT NOW.
Cargo Master
Joined: Aug 2003
Posts: 3,237
Likes: 3
From: Belleville, Ontario
I've been called over qualified, under qualified, not qualified and at a landscaping outfit, I was told "Oh, you used to drive a tow truck!? Well, we don't want your kind here".
Can you guess what I do for a living now?
Can you guess what I do for a living now?
) and never will get my own credit card. I pay cash for everything.