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Re: Getting out of debt

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Message 31 of 59

I wasnt shaming at all.  I was simply stating my experience & advice.  As for health issues, my bankruptcy was the result of expenses that had accumulated over the three years that my late wife suffered with terminal ovarian cancer.

Richard I. Pigott
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Re: Getting out of debt

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Message 32 of 59

FREEMASON wrote:

I wasnt shaming at all.  I was simply stating my experience & advice.  As for health issues, my bankruptcy was the result of expenses that had accumulated over the three years that my late wife suffered with terminal ovarian cancer.


I don't know that that comment was directed towards your post.  Unless the posters replies direct like @FREEMASON  or uses the quote function it is not clear who they are referring to.  

 

 

Life's a Journey, not a Destination" Aerosmith
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Re: Getting out of debt

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Message 33 of 59

So, are you saying it's good or bad to file bankruptcy?  I live in Wisconsin. 

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Re: Getting out of debt

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Message 34 of 59

I live in New York State the laws of which governing personal bankruptcy may be &/or are different from those in other states.  I had to declare Chapter 13 because of expenses accumulated while caring for my late wife.  It helped me start a new life.  In the State of New York declaring bankruptcy, whether it be Chapter 7 or 13, absolves you of all your debt with the exceptions of those for governmentaly financed education loans & mortgages.  While it relieves you from having to pay monthly mortgage fees, since the bank has a lien on your property they can foreclose on your property.  I have a mortgage which I pay monthly fees.  As long as you are making monthly payments the bank cannot & will not force a foreclosure.  I am not certain whether it is Federal or State law, but I was told that if you declare bankruptcy once the bank will not take personal items in compensation, however,  if you should declare bankruptcy within a seven year period after your first declaration they can.  While the banks do not like personal bankruptcies as they are making their money from the monthly interest  they are still making money in having to pay lower taxes since the lost amounts are deducted from their gross income to give them their taxable income.  This applies to credit cards & otehr debts with the exceptions of educational loans & mortgages. All states may be &/or are different.  My advice is to seek legal advice in your state. The advice &/or opinions are based solely upon my own experience.

Richard I. Pigott
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Re: Getting out of debt

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Message 35 of 59

I've been through similar circumstances.  It's an embarrassing situation for anyone.  I was always cautious about credit card debt, but when things get really bad, it's easy to slip into paying for essentials on the card thinking "things will get better."

 

Credit counseling can be very helpful.  We actually end up imprisoned to our debt, emotionally and the stress can even further damage our health.  A non-profit credit counselor can be amazing.  They don't patronize, but help you take things from where you are today.  They can not help with secured loans like car or mortgage, or student loans though.  

 

Bankruptcy can clear consumer loans and credit cards, but again not the secured or student loans.  It isn't cheap either.

 

This is painful and embarrassing, but you are not alone.  It's actually expensive to find yourself at the bottom.  It's easier to make mistakes that were tough, but not as daunting when you have a descent income.  Now a small mistake is amplified by preditorial bank service fees that can slam you like dominoes.   We have a society that pushes too many people to live beyond their means.  Everyone wants the American dream, but things will never honestly make us happy.  Take a deep breath, get out of debt and rethink what is really important.  You can do this!

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Re: Getting out of debt

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Message 36 of 59

 

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"The key to success is to keep growing in all areas of life - mental, emotional, spiritual, as well as physical." Julius Erving
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Re: Getting out of debt

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Message 37 of 59
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Re: Getting out of debt

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Message 38 of 59

I learned a lot of bankruptcy from not only personal experience but also from working in the credit card customer service department of a major bank.  Just trying to help.  Many thanks for all the kudos from all!

Richard I. Pigott
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Re: Getting out of debt

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Message 39 of 59
I never intended to point out anyone. I was actually referring more to my own experiences. There are people that do get truly judgmental and it is like the old saying 'adding salt to the wound'. I was left with 3 children to raise alone and although I had always had to work, my skills were outdated. I had supported my ex through a masters degree, thinking I might be able to go back and update my skills or better change my job completely; but instead I ended up with all of the debt, including having had to put my name on his student loans. Thankfully I did get the children, they were worth every moment of struggle. It was terrible how many people think it's all your fault when you end up in debt. Sure I made some bad judgment calls, but no one knows your personal circumstance. Being a single parent wasn't quite as common 20 years ago, so it was a pretty lonely journey. I think my children were all that kept me from a complete mental breakdown.
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Re: Getting out of debt

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Message 40 of 59

Im sorry if I have inadvertently caused any trouble in the community.  Misunderstanding.  Im sorry.

Richard I. Pigott
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