I Am Grateful To Be A Bankrupt...

I used to have an excellent credit record... I would ALWAYS pay my bills, perhaps not always on time but I continually made a determined effort to pay them. Then the time came and the bills starting getting harder to keep up with so I started living on different credit cards and every time I paid the minimum on each card it would clear enough for me to use them for my basic necessities. I had been working in a job with 12 hour shifts..and then my employer cut all our hours and instead of working 57 hours per week, I was cut to a 40 hr week so I found a part-time job which allowed me an extra 16 hours per week. After 12 months that job was made redundant and I couldn't keep up with the bills anymore... so I stopped paying the big credit cards, after all, I had been paying the minimum amounts on the interest only and they just kept on growing and growing. I paid off the smaller debts I owed, I kept up with my rent, power and phone bills but the 5 credit cards had to be put on hold along with a personal loan I had taken out 2 yrs ago to pay off one of my larger credit cards. 
I had to give up custody of my son because I couldnt afford food for him, so I gave custody to his father and stopped the child support payments his father used to give to me, but my son would still come to stay with me, bringing food for tea from his dad's place. Now that his father's crippling child support payments stopped he would help me out a little more, giving me money for petrol and groceries. The credit companies would ring me relentlessly, and I would tell them I had nothing to pay them - so the biggest loan company suggested I make an appointment with a budgeting advisor, which I did. The result from that was that they found I had nothing available to pay my creditors and we began the process of bankruptcy - so now I am bankrupt and no longer have to pay back $30,000.
So I am truly grateful for my bankruptcy - my credit record is at 101 pts (it used to be around the 600s), the major banks closed my accounts (I had overdrafts with them which I no longer have to repay), and I can't obtain any credit or loans over $1000 BUT I have managed to save $50 per week from my wages, I can buy some groceries with cash, I don't have to ignore the phone ringing anymore, I still have my son and his father still helps me out whenever he can - he actually has more money left from his paydays as well since he no longer pays child support!!
When I look back on my life I realise that I have paid credit companies and banks most of my wages and I have nothing really to show for it - so I have learned a valuable lesson and I am absolutely grateful for being released from the treadmill of debt and financial woes...
Some people may despise those who become bankrupt but I am thankful for it - I believe I have paid my dues and I have a chance to start again and I am eternally grateful...
truthseekr truthseekr
56-60, F
4 Responses Jul 16, 2010

I am going thru the hell and depression with credit card debts, I lost my job and I can't make my payments. I don't sleep , I have panic attacks . I never was behind in my bills till now. I know what hell you must have gone thru. I'm at the stage of giving up on everything. I'm so glad you had a happy ending . Good luck to you.

What is the secret of happiness?<br />
go bankruptcy..

Thank you for your kind thoughts... it's been a rough road and I've suffered depression and sleepless nights of worry and I thought bankruptcy was the ultimate shame and humiliation - I could not have been more wrong - after letting go of all the angst and finding that I no longer have to worry about meeting the demands of all those creditors I feel like a huge burden has been lifted from my shoulders - in fact, I am still surprised at not finding my mailbox bulging with bills and demands! There is light after all at the end of the tunnel...

You did an excellent job of learning from your experiences. We do always learn from adversity. i am paying off debts myself. I used to feel like it was a shameful thing to not be able to pay off all your bills. I had to let go of a house i owned. It is gone now and is most likely having an effect on my credit but there was nothing else i could do. I am thankful to God to have the house i currently live in and can pay for my basic needs. I count my blessings every day. I would never rule out bankruptcy as a solution. Credit can be rebuilt. I wish you all the best and i am so happy that you are at peace and free of your worries! God bless you!