Experienced The Process

I was forced to claim chapter 7. This was not something I would have thought I would ever face. It was due to the real estate national crisis. Yet, as I look back, I am better off as this applies to me personally. Most cannot say that. I faced anxiety and depression due to what it did to my value system. I encourage those who are in the process. I can feel with you. I decided not to talk about it but turned to my wife as we faced it together. I stayed busy being as active as possible. I have several successful professions and was able to retreat into one them and proved to myself that the financial problems were not applicable to me personally, but generally. I was a victim of the economy.
cartdavi cartdavi
66-70, M
2 Responses Jan 18, 2011

Us too. Lost two investment homes at that time. Didn't see that one coming

I understand what you're saying. I am going through Chapter 7 myself and never thought I'd ever do that. <br />
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This is my story: When we bought out house 6 years ago, we had no debt except the house. A month after we bought the house we had to replace the roof as the inspector said it was "at the end of its useful life" and our insurance company wouldn't give us a policy until it was replaced. Right after that I lost my job.<br />
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In order to pay the bills I started putting the ones Troy's check and my unemployment wouldn't cover on my credit card, as well as having to pay for the roof that way. Then our living room ceiling collapsed and we had to have that replaced. To add to our frustration and debt, the former owner didn't disclose a plumbing problem and our water main burst so we then had to replace that. I was still unemployed during all of this.<br />
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When I finally found a job nearly a year later, I was able to start paying off this new debt we acquired, but our house is so old that we froze in the winter because our windows were too old and the wood was starting to rot. We had to replace all of the windows and the siding since we only had pressed wood which did nothing to keep the cold air out as it was rotting as well. Our heating bills were enormous.<br />
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Then my husband had an accident on the expressway because he slid on black ice. The car was totaled, but he was ok. (Thank God) New expense, a car.<br />
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Every time I was starting to get the bills paid down, something else would happen. I had gotten the roof, siding, windows, plumbing and ceiling paid off, but still had 4 credit cards in my name near their limit. I started paying those down next and was doing well until they outsourced my job to India in April 2010. I had to start paying bills with the credit cards again which brings me to the present where I am so overwhelmed by this debt that I can't pay back because I haven't been able to find a job, and the only choice left to me is personal bankruptcy. In my case of filing chapter 7, all of my credit cards will be eliminated and we get to keep the house since it's both our names.<br />
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As you can see, we've had a lot of stress and worry and with my unemployment about in end in a few months, we're even more stressed. But let me tell you something.<br />
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Once I decided to file and met with the attorney, I felt a relief I can't even begin to describe. Although this option isn't for everyone, this was the best option for me. My biggest struggle was guilt over not being able to pay the credit card companies. I prayed continually on it until I felt I knew which direction God was leading me. <br />
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For anyone contemplating bankruptcy, I highly recommend using Peter Francis Geraci. Yeah, I know we all make fun of his monotone commercials, but his staff know their stuff. A good deal of information of what to expect can be found on his site. I will be discharged from my debt before the end of the year. Just knowing that is such a huge relief, that I can start off the new year debt free, and stress free.