Post

I Am About to File Chapter 7

After doing everything that I could to keep from this, I've come to the realisation that I can no longer keep it up.

I had a good paying job that I moved to TX for and saved enough to buy a house last year.  I was laid off within a few months of my closing on house.  I cashed out my 2 401Ks and lived off that til I found a permanent job in April of this year.  All credit cards have gone to collections and my last remaining medical bill is about to go to collections.

My ex partner who was supposed to pay 1/2 the mortgage and bills stopped paying in April but didn't tell me.  I didn't find out til we were 2 months behind on the mortgage (he said that the first mortgage statement with a past due was because he paid late...he's still not paid it).

I just found out today that I'm going to foreclosure.  I can't keep the house and I put together my income and expenses...I'm over $2K a month in debt.  My new job only pays about 1/3 of my old job.

I can't keep up.  To make matters worse, my car inspection failed yesterday and I need to come up with almost $800.00 to do necessary repairs in order to pass emmissions inspection.  I can't afford this but can't afford to not have a car to get to work either.

I am drowning.  I never thought I'd be in this spot.  At age 43 I was supposed to have been doing far better and saving for retirement.  I can't even imagine saving for retirement now.

I don't know where I'll go once I have to leave this house.  I moved here from out of state for the job that I lost and have no family near by to help. 

Right now, I can't even afford to pay for a bankruptcy attorney so I can file.  I'm desperately trying to find a place to live that will accept bad credit/collections/foreclosure but it's not easy and those that do accept it are in horrible areas.

I feel like this is the end for me.  I don't know if I will recover from this.

Roaring20s Roaring20s 41-45, M 42 Responses Aug 21, 2008

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U will recover we all will

I am only 24yrs old, and i just filled Chp 7. Creditors meeting is next month and I AM SUPER NERVOUS. When I turned 18, it all went down hill, I applied for two credit card, with both being over 2k I maxed those out to support my self in school and never paid, I joined a gym, got into a car accident that prevemted me from working out, No matter how many times I tried to cancel and show proff of my accident and doctors letters, the gym screwed me over and never cancelled the memebershit, now i owe them good over 5k, also phone comapnies, banks (Had to overdraft so many times to purchase school books and so on, medical bills. Now I'm sitting here NO JOB, NO ONE WILL HIRE ME, Still in school because I had to money to pay, finally the govement is helping me out.
I had to file, im being sued by the gym, one of the phone companies and a hospital, i tried holding on, praying for a miracle, and god placed enough money for me to be able to pay a attorney to file and help me through this entire process. AND I AM ONLY 24 years old. the things a student has to do just to get an education is bad, I rebelled, I was very irresposible, i take full responsibilities for my fianacial state, but I RESUSE TO STAY STUCK WHERE I HAVE BEEN FOR YEARS, now I have a daughter and I do not want her to pay for my errors. Making things right for my self, for her and our future.
I WILL OWN A HOUSE, I WILL PURCHASE A CAR, I WILL BE DEPT FREE, I WILL START A NEW FINANCIALLY STABLE LIFE, "THROUGHH CHRIST ALL THINGS ARE POSSIBLE" PRAYER/FAITH/TRSUT IN GOD/AND BELIVING IN THOSE THINGS ABOVE ^ is what is getting through this. Sucks but I can't rewind time. So for those who are in the same shoes are me, keep strong, their is a light in the end of that dark tunnel.

I am going through it right now. I just filed in August. I have my 341 meeting on 10/12. I wish it was sooner. I am in a real tough situation. I received a notice of motion to stay - last week on my car. I put in bankruptcy because I was so upside down on a loan. I owed 13,000 on a car that is only worth 6,000 It appears they said on 10/2 they will proceed on going to a judge to get my car back.. I know I put in the my bankruptcy but I was told don't worry they will not come for the car after discharge. I have gone to many car dealerships they will not touch me even with a really good co signed who has no debt. I was told to come back when it discharges which is 12/12. I am really scared. Either way looks like if they come and get the car before discharges or in the next couple days I will need to rent a car. It will be costly but I did find better deals for longer term rentals. I just cant wait til the bankruptcy discharges. I am going to school to be a nurse and working full time as a supervisor for a call center. I just want to get my life back on track! All my credit issues stem from when my father died and I had to pay for his funeral which was so sad...and really poor choices when I was in college the first time. I am only 31 one and want to have house one day. I hope one day this will be a bad dream. I am learning so much about credit. My family has been educating me so much and I have been getting books to help me.

Well its quite late in life to be learning lessons, but here we go...lesson one, gay is not the way. Lesson 2, marriage legally binding into buying homes, and if you want to be gay then get a contract for purchasing the home so when your partner wants to back out, you sue. 3, and Idk this wasnt the first lesson because it is the most important. Live within your means. If you couldnt afford to put 30% down on a house, you dont /cant afford one, not to mention you even stated you just moved to a new area for this job and a year later your laid off, why did you buy a home in under a year with a new company, dumb move, but your learning lessons here, lets continue.....if your credit cards are maxed out in under a year you are clearly living in a fantasy spending world, time to remember how basic math works, if you are broke, dont buy ****! I honestly dont know how if even unemployed you managed to max out your credit cards and to such a point that you couldnt pay the minimums and they are already in collections which means 3 months past due. So basically you had no downpayment for the house because you are poor and shouldnt own a home, you moved for a new job, but obviously didnt evaluate that properly, and already knew you sucked at life and finances because you went thru all your available credit in under 9 months, assuming you started maxing out your credit cards the day you moved and while you still had a job, which i find to be damn near impossible, I have no sympathy for you, but I filled this post with lessons, I hope you learn from them. BTW have fun filing, when you see that your medical bills wont disappear and you will likely lose your current job and be non-employable for 8 years to any kind of real job, unless you consider burger king a real job, oh wait, you might considering you are already broke, perhaps that was your career path flipping burgers and cooking fries, that would make sense now. Oh wait, i forgot that you liquidated your two 401k's why they werent consolidated is beyond me, but lets not get too complex for you yet, so now you will have to pay an additional 20-30% on 1.4 million (assuming average 401k value at age 40) and your bankruptcy wont void that either, so if you file basically you will be more screwed then if you just tightened up the belt, and got a calculator and got rid of the frivilous spending....either way the next 20 years of your life are going to be very hard even if you see the light today...well its a tough lesson, but day 1 of school is over now...go home, which btw should be an apartment or city mission. Dont forget your HW for tomorrow, get a real job!

1) Empathy goes a long way. 2) "You are" is spelled you're. 3) The American Psychiatric Association declassified homosexuality as a mental disorder in 1973, followed shortly by the American Psychological Association in 1975. When posting on this site it asks for "authenticity, support, and respect"...you have given none of those in your response. This is a supportive service for those who are struggling with difficult, life-changing decisions; your comments are harsh and unnecessary.

Been there I filed in 2009 after the economy went in the toilet. Came close to loosing my house

I just got the papers from my lawyer to file Chapter 7. There goes the Townhouse. The mortgage went above what i can handle and the HOA dues are now $450.00 a MONTH!! Plus my credit cad bills. No way can i handle it.

When I left the office today I was hyperventilating. Thinking, "Ok don't procrastinate start gathering up the information he needs", and I did, I surprised myself too.

One year ago I went through a domestic partner break up after 21 years., my age is 62.

I thought i could handle it. I was working but then my knee gave out and I had to have an operation. Disability wasn't enough and I couldn't catch up. So here I am, relief is starting set in. Scary relief, but no turning back.

The house will go into foreclosure, no mortgage payments , no HOA dues, no high credit card payments. I just had to turned my life over to a Higher Power. SO HereI Go!!!

If it makes you feel any better, You are not alone. I am a divorced 50 year old female, never thought I would be in this place either but her I am. My credit card debt just sneaked up on me, I honestly don't know how as i rarely brought anything I didn't really need. After many sleepless nights, panic attacks, feeling like a total loser, I finally am giving up and an to file bankruptcy.

Hi, I prepared and filed my own Chap. 7 back in 2000. I was a legal assistant for 8 years. Maybe we can work something out.

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My wife and I tried to buy a home last year but we had awful credit. I have a bankruptcy, several collection accounts and a tax lien. We were referred to a company called Credit Rescue and they were able to have all our negitive items removed, our credit scores jumped 100 points in 4 months and we were in our new home by August. Here is their number 610 955 2255

I feel your pain. I myself am facing the same situation

You are not alone my friend. I lost my job 20 months ago (I'm so embarrased even writing that). I have been actively seeking employment in all that time yet no one will give me a break. Thankfully we still have a roof over our heads but it is a constant worry.



Read this article earlier, don't know whether it will help you: http://negotiatingcreditcarddebts.net/foreclosure-vs-bankruptcy



Wishing you all the best...

DO NOT VOTER REPUBLICAN_ BUSH DID THIS...he unregulated everything that makes money - wall street, oil, helllllllo people. Demos might not be great but lesser of 2 evils.

i am freakin out...chap 7 next month. turning the car in that i use for sales. I, I , I need that car for my job. Toyota of course. Would not work with me - huge payments. Drinking too much which I never drank before....I am willing to put it an end...I understand suicide now. wont do it but I feel the pain

wow I am in the same boat..what should we do? I posted this similar story on my blog on my own web site! Little Star Network.com just click on my blog..we must be doing something wrong.... bu I feel like a big fat loser and from there need to find a place to heal! I hope you find yours! please update so I know how you are!

I recomend a book called "the total money makeover" By Dave Ramsey. I Beleive it will help you. He also has a talk show on the radio nationaly sendicated. It may help with out you having to file chapter 7. You may also want to try "Financial Peace" by the same auther. you may find that your situation is not a grave as you beleive. And when it comes to borrowing money from family remember nothing will tear a family apart faster than money. lets all put credit card companies out of business and live debt free. that way we keep our money.

You are definitely not alone! My husband and I rented a new apartment, close to the ocean and explained our situation upfront! We got the place and had no problem. Do not worry! Just be honest and you will be ok.

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Homeowner Information about Loan Modifications

Homeowners who may be having financial crisis due to today's economy can find real hope to not only pull them out of their hardship but give them peace of mind and get back on the right track.



I work for a non profit organization called Home Solutions of North America that plays a major rule in homeowners getting not only a program that fits your needs but gets the homeowner the best solution for a loan modification. They know the laws and rules in the mortgaging industry and are the top financial advisers in the nation. They just won't hand in a homeowners file to the lender with a request, they actually tell the lender what the loan modification will be. Home Solutions of North America go out of the box, they feel that if a homeowner is in distress such as loss of income, medical, high interest rate, facing foreclosure or in foreclosure, upside down mtg, ect. that the homeowner needs a Loan Modification and they will find a solution to get the modification done.



INFORMATION ABOUT A LOAN MODIFICATION

-Job history is not a factor

-Income history is not a factor

-Credit is not a factor – no credit pull

-Equity is not a factory- no appraisal needed



WHAT A LOAN MODIFICATION CAN DO

-Reduce the principal balance on a mortgage if you have an upside down mortgage

(Upside down mortgage means the mortgage is more than the value of the home)

-Reduce the rate to 2% to prime (pending on each homeowners scenario)

-Forgive lates on mortgage and forgive fees

-Lower you monthly housing payment to where you are comfortable financially

-Second mortgage on home can be greatly reduced or forgiven completely

-Most companies will no do second homes, investment homes, or commercial

(Home Solutions of North America will do primary residence, second homes, investment homes and commercial properties)



Any questions or concerns or comments please add comments or visit: www.myhsona.com/rdocherty

Take one day at a time. All may seem lost but you will come back around full circle. I was injured on my job, lost benefits and was fired for the injury. I filed a law suit and won. I was out of work for 6 months. I did odd jobs to keep the basics of life. The application process on the internet is grueling. Finally I received a call from an employer that I couldn't even remember. I got the job and kept applying for better positions. I got a better job and things started looking up. They will for you too. Just hang in there and don't give up. Much Love to You.

I feel for you. My spouse is bipolar and and we've had to deal w one catastrophe after the next. Repo man took his car last week, and we have become on bad terms w most creditors. Altho together we earn 175k a yr, we live in utter deprivation. I never know where all these funds go during manic episodes. I know he suffers terribly, but sometimes I dream of just having a small sense of safety.



If you google "Nolo Press", you may find help. They are a resource to handle almost any legal matter in your own, including do your own bankruptcy.



Good luck!



Rachel

All you can do is to live life one day at a time. Things looks bad now, but they will get better. It's not the end. -- Since you're down there in Texas, you should look Phil Gramm up and give him a good thumping for creating this whole housing mess.

I can feel and share the pain of all here....I lost my home, my two beloved dogs died, I had to surrender my car, and recently lost my job. I sign the bk chapter 7 documents this coming week. With faith in God, I know there is a better tomorrow. My biggest concern is landing a new and decent job with a bk on it.



We all need to hang in there as we are certainly not along .



Any "getting a new job" stories after a bk would be appreciated...that is what keeps me up at night.



God Bless

I am sorry that you are facing so much uncertainty...there must be resources for you...I fear that many more people will be in the same boat. I hope you don't give up on your self, or your situation...

We are in the same boat. Yesterday I finished up with the lawyer and we are ready to file. Contact your mortgage co and see if you can get into a forebearance agreement. Get a couple of roommates there are a lot of people who are looking for a place to live, You will not loose your home if you file chapter 7. Get a second job. Can you borrow money from family? Can you pay the mechanic on time? Try to think of solutions!!! don't try to pay any bills but mortgage and utilities. If you are going to file you are just throwing good money after bad. Don't answer the phone when collectors call. Go see a lawyer and get a free consultation he/she may let you pay on time. Perhaps he has a sliding scale by your income. Make sure with the lawyer that you qualify for a 7 and not a 13. Do everything you can to save your house. If you enter into a repayment plan with mortgage company it usually doesn't start for a month or 2 you can stretch out the 2 payments you are behind up to 18 months. Once you make the agreement you can get some roommates.



If it hasn't gone to a lawyer yet you will not have legal fees to pay. Enter into the agreement even if you think you can't pay it it will give you a few months in the house.



Good luck. If you want to talk and need some encouragement email me. I am in the same situation. One way I have been getting the money is to sell things that I own. I have sold all my jewelry and as many things as I can on ebay. It is only stuff. Pawn your jewelry then if you can't pay it back at least you tried and you can get some fast money. Don't give up!!!

Call you utility companies make arrangements go on a budget that will reduce you monthly expenses.



Good luck. Never buy anything with anyone else

i am so sorry. keep your head up.

You can do it. I too am in that boat.To boot, I have ?had a very bad lawyer. But I realized that the light at the end of the tunnel is not a train, its another chance.

Hope things get better for you.Something Mom said to me when I told her ...back up 10 and putt.....never understood that old saying of hers till now.

You are not alone, my DH and I decided to move to a different state, MT, for a better life for our kids. We thought we could also sell our house in the state that we were leaving, CA. Well guess what, we were caught up in the housing bubble and went from selling our house from $390,000 to $249,000 and still can't sell it, it has been on the market for 18 months now. Of course income in Montana is nothing compared to CA. We have had to file for Chapter 7 ourselves, there is a light at the end of this horrible tunnel. We are strugging now but luckily we hope to be back on our feet. You are still young enough to put some money away for retirement, just get past this step and hope things work out for you.

Hi there, I am so sorry this is happening to you. Don't give up. I know this is hard but it won't go on forever and you won't drown. Just do the best you can, get your car working, find a new place and start saving as much as you can for a lawyer. If you can't find a place because of your credit why not try and find a roommate situation until you can get on your feet. You are strong, just find your inner strength, take a big deep breath and try and move forward the best you can. One day at a time is all you have, so don't dwell too much on the future until you have today covered!

Good luck and hang in there, You are not alone.

I am 32 years old and i know your pain. When i was 23 i got married to the woman i loved more than life itself. She was pregnant and gave me two children and the the happiest five years of my life. But she decided that i was not responsible enough for her. She divorced me, took my children,took the house i bought for us, and she took my heart. I will never recover from the pain of losing my family. Fortunately, she didnt pay any mortgage when i left our home and i took it back when she abandoned it. She left me with about $12,000 in unpaid back mortgage, and a child support payment that was crippling. I was only making about $24,000 a year (of which I was paying $9,000 a year in child support) and i hit rock bottom. I turned to drugs, oxycontin, xanex, percocet, cocaine, and a lot of alcohol. I don't know how i lived thru this time. I am tearing up now just writing about it, and this was 6 years ago. I dont know how i did it but i still have my house, i get to see my beautiful children once a week, and i am still heart broken. The things that saved me were my family and that i never turned my back to God. Everything happens for a reason and it is not our role to understand the reason, just know that it happens for a reason. You will get thru this, but you have to keep your head up and keep God in your heart. The trials of Jobe is a part of the bible that kept me strong. If you keep moving forward with God in your heart i know you will get thru this trial in your life. Foreclosures can take years sometimes to finalize. Keep a clear head, keep the Lord in your heart, and keep moving forward and you will get thru this. Never give up, you are stronger than that, and if you think your not, then ask God for the strength. You are in my thoughts and prayers.