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My Family Is Facing Bankruptcy

Hi. I am a teen a family facing bankruptcy. My Parents own a country store, we serve food and sell grocery and thrift items. But with this difficult economy we are seriously considering bankruptcy. The Bank took all of our savings right out of our bank account so now we cannot pay our personal mortgage. Neither one of my parents has a job outside the store, although my mom is job hunting. It all seems so horrible and has me very depressed and anxious and afraid. I don't know what tot do anymore. I am so afraid that my Mom, dad, 10 year old brother and I will be thrown in to the streets.  I cannot stop crying. 
stharleigh stharleigh 13-15 6 Responses Nov 29, 2011

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Hi, hope things have gotten easier for you. I am <br />
currantly middle of Chptr 7. Know how it feels<br />
to stressout. Talking about <br />
situation helps. Find friend, relative,<br />
school counselor or preacher to talk to.<br />
Prayer helps too. Best wishes for y

Realizing that your post is a month and a half old, I hope that your parents were able to find alternative routes out of the bankruptcy court by now. I did want to say a few things which may or may not help you (and them). For one thing there is no shame in bankruptcy. Bankruptcy is a legal protection to help those in need get a free start. It used to be a voluntary act that people abused to get out of paying debt. Nowdays, however, you must qualify. If you family can qualify for bankruptcy, it is because it is necessary. Another thing is that bankruptcy prevents what you fear from being homeless. There is a difference between bankruptcy and foreclosure. As textpert says above, you may wish to check wikipedia and other sources to get the facts so you don't have the fears and tears. There might be alternatives to bankruptcy that your family may not know about such as consumer credit counseling (with a REPUTABLE agency). There are scams out there which prey on desperate people, hoping they make desperate decisions. Not all agencies are like that. Hopefully your family has looked into various options for increasing the value of the store, marketing more effectively, and have turned the financial and emotional chaos around. The economy has turned alot of our lives around but there are ways out and this is life after bankruptcy ... without the stress.

The word bankruptcy is scary, however bankruptcy is actually designed to help your folks and your family out. Read about bankruptcy on wikipedia. It's a helpful tool.

Im sorry tohear of your situation hun. Do you have family that you can live with? X

Are you working after school? Babysitting, dogwalking, mowing, shovelling snow, baking artsy dog biscuits and wrapping them to sell in your store, making handmade soap to sell in your store? There are so many things that teens can do to help out in tough times. Maybe Dad could look for a job and let Mom run the store since Dad is likely to have more earning potential. Perhaps the store could sell items on consignment.

I was never in this position but i come from a farm being born poor .I knew about a lady who was a Millionaire and was losing most of her wealth. I became friends with her because her "CIRCLE " did not want to have anything to do with her. So ,what i told her was, while mankind got his HEALTH he can again have wealth. So i want to ask you to ask your parents how you can be helpfull to help with solving the ptoblem instead of driving everybody insane with your crying .OKAY.You maybe think of your friends ,the shame all how the outside world see your family now. No! Dry your tears and help your family. People sell things when they in trouble and start small and build from there. Listen when your father speak and give positive input. Your family need your input .