I Am Facing Bankruptcy - Forum & Chat Board | Physically disabled, and I bit off more then I could chew!

I was born with Spina Befida so I have always been disabled.  I use a power wheelchair.   Despite my disability, I have always been a very independant woman.  I work full-time, I'm single, live by myself.    About four years ago (at 40 years old) I thought I was ready for a new challenge:  owning a home.   So I bought a house.    It has proven to be too much of a challenge for me.  I've suffered a depression since I've been here in my house, I constantly stress over what "can" happen and how I will look after it and as a result of everything, I'm now in a bad way financially.   This past winter, I found out that the condo I used to live in which was perfect for me (accessible, garage, close to work........) was vacating at the end of this summer.  I've been trying to sell my house, but even if I sell the house it will be at a loss and I will end up with a surplus to pay the bank.....  a surplus I do not have.  I'm pretty much down to my only option which is to file for personal bankruptcy and let the house go, which will allow me to go back to the wheelchair accessible condo.   I am so stressed out about it, and think about it constantly day and night.   I feel it's the only way to "undo a wrong".   And get rid of my debts at the same time.   If I stay here, the maintenance of the home is going to take its tole both on the house and on myself.    Morally, I'm having a very difficult time with the idea of filing but I don't see any other solution.  Add to this the embarassment I'm feeling on having "failed" and I think I'm going insane!

Boy do I know how you feel.

I was able for 25 yrs to pay my bills on time, raise 2 children, help my aged parents as they get older. work full, time all my life and end up where i am.

My business went south when the Economy started going south. Couldn't keep up with the payments when the orders stopped coming in. Laid people off, tightened our belts as best we couldbut to no avail.

I am so grateful for this website!

My atty will be filing my bankruptcy paper work within a week.

I hope to find a job with bad credit... otherwise not sure what will happen.

I wish you well.

I want to try to give options as I am CPA and help clients with finances, but dont understand how you became strapped financially.  Medical bills, spending on things to make house more accessible for you being disabled?

If you still have your job then depending on what you make, you may not qualify for bankruptcy in which debts are forgiven, but you may have to enter into a bankruptcy in which house is taken but you have to payoff all other debts.  Bankruptcy laws changed a few yrs ago and made it tougher.

Having your house foreclosed by you stopping payments but keeping debts may be an option.

Have you looked into renting out your house and what rent would be vs what loan payment is?

I hope this helps!  I wish you the best!

 I've been absolutely broke - counting coins - for months.  I went insane and laid in bed for five months - but today I have finally taken the first step in filing.  I have advanced emphysema - COPB and last week I discovered a large growth in my breast and cant afford to go get a mammography.  My higher power told me to just bite the bullet and get out from under this.  I truly believe that thinking about the few options daily crippled me - finally making a decision gave me a path to follow.  10 years is a long time but I finally realized no one cares for us except our own selves - if I can not go into a store for the past twelve months and I didn't miss it then I can survive the ten years - happier and healthier. Making the decision is the easy part - the daily thought of failure is what kills us.