Print
Hoped It Wouldn't Come to This
Jun 24th, 2009
126 Views
1 rec
4 Comments
W
e were married young and made some really bad financial decisions at a time when my husband was making nearly a 6 figure income. Then we unfortunately got involved in a multi-level scam that told us to use credit to pay for things as "we would be financially independant in 3-5 years" so we built up more credit. At the time we finally saw through the multi-level and quit charging and started to pay things off, my husband got laid off. We burned through our savings and we charged on credit cards to survive until he got his job at less than half his previous salary. I have had to go back to work. For the past 7 years we have fought to pay our minimum payments every month. We have children with health problems and have paid of thousands of dollars of hospital bills that were accrued when we had no insurance. We now pay 500+ every month in medical expenses just for insurance that doesn't cover anything, dr visits and medications. At the end of the month we have very little left and we have to put money aside for winter as my husband doesn't have much work in the winter.
He needs to go back to school so he can get back into high tech. I need to go to school so I can do something that makes more money and we cannot afford that.
We have 2 children that need me, 80,000 in credit card debt and no assets other than a savings account that has our insurance deductible in it.
Yesterday we got notice from Chase bank that our payment with them is going to more than double, from 1200 to 3000 dollars a month. We cannot pay it.
For 7 years we have been struggling to do the right thing and we are barely staying level, just not getting more in debt. We have learned our lesson with debt, pay cash for everything now. Drive completely old and worn out cars, all have more than 200,000 miles on them, rent our home and we see no other options.
I have been crying and sick to my stomach all day long. This completely violates my personal beliefs. Even though we have not been using credit cards for more than 5 years but that doesn't matter. I am so scared and worried. I don't know what is ahead of us, but I don't see this ever getting any better until we get out from under the debt and we cannot get out from under it with what options we have now.
Please tell me we will get through this.
 Comment (4)
 Share Your Story
 Flag
|
| Comment on this Story | |
  | Posted Jun 24th, 2009 at 8:09PM I have been there and felt desperate to have some kind of direction. I went through a chapt 13 BK. It was not fun ! But it gave us a chance to pay off the creditors at a pace we could afford. It is done now and we are like you just paying cash for everything. A suggestion ; Talk to your creditors, tell them it is work out an agreement with you or it will be with the BK court. They do not like to deal with the BK court because they do not have control. With you they do.   |
 | Posted Jun 24th, 2009 at 8:16PM I am sorry to hear about what yuo are going through. My boyfriend is in finance. and his advice was to drop the insurance if it covers nothing that's an extra 500 a month in our pocket. Have a garage sale...get rid of anything you do not need...any amount of cash will help...what ever cc has the lowest intrest rate...see if you can transfer any balances to that card...worst case... file bankrupcy you do not own your home and you currently rent, so if your credit if ruined it's ok at least you will have a roof over your head...Good Luck |
 | Posted Jul 30th, 2009 at 6:55PM Your pain is palpable. Please do not let the vultures destroy your spirit. You have both been ethical and heroic. What Chase did to you was done to us. We have lost our home because, after 28 years living in it, we tried listed just a bl This is not to upstage you but to tell you that, while my situation has galled and depressed me, yours has brought me to tears. Our children are grown and we have each other still after 40 years. The biggest hurdle now is to be able to treat each other well and not chip away at our relationship, the best part of what we have and ever had. They cannot take your children, nor can they take you from each other. There is some solace in that. I will keep you in my prayers. |
 | Posted Sep 22nd, 2009 at 11:56PM Go bankrupt! you'll be on your feet in a year. It is not associated with the shame it used to be. We lost our house and it was so dehumanizing, but now we laugh at how "normal" it has become. A friend of mine went through Bk and less than a year later, she is buying a car on credit and at 7%. Not such a bad thing to wipe the slate clean. I am facing BK in probably the next 30 days. It is harder to hold on to everything than to start at the bottom and work your way back up. |
Share Your Comment
...then continue the discussion in the story's forum or, send this story to a friend
|
Polls for I Must File For Bankruptcy
Here are some polls created by members of this group: There are no polls yet. Maybe you can create a poll yourself?See more polls for I Must File For Bankruptcy, or create your own poll |
Questions & Answers for I Must File For Bankruptcy
Here are a few Questions and Answers for I Must File For Bankruptcy
| Must File For Bankruptcy Open Questions |
| There are no open questions yet. Why not ask a question now? |
| Must File For Bankruptcy Resolved Questions |
| There are no resolved questions yet. Why not answer a question now? |
|
Forum & Chat Board for I Must File For Bankruptcy
Here are popular forum topics for I Must File For Bankruptcy See the Must File For Bankruptcy forum to chat about these topics and more! |
|
Music, Song, Artist, Book and Movie Recommendations
|
|
Show this Story's Author Some Love
There's lots of ways to show you appreciated this person's story from the experience group, I Must File For Bankruptcy. Send them a virtual gift, make a gesture, scribble on their whiteboard, or send them a private message. |
|
Translate this Story
Read this story in your own language
|
|
||||||||||
Be a part of the biggest social experience on the web. Where who you are is more important than who you know. Share what matters the most and find others who just "get it."
Join now and get started in seconds, or learn more about Experience Project
This month is Vegan Month!
Some related groups:
I am Vegan, I Am a Vegan and Love All Animals, I Grow My Own Vegatables
Of course, we love to hear Your Story, whatever it happens to be. You can be yourself here!
|
||||||||||||||||
