Tuesday, August 17, 2010

Shouting From the Mountain Top: Halleluia! We've Gone Bankrupt!

So, we've been struggling to keep our heads above water for about 7 years now. I've tried to be good and do the right thing with my money. What I never realized was that our unsecured debt was never going to go away with the amount of money we made. We could only ever pay the miniumums and that will never be enough to make any progress.

I also fell for the bait that home ownership was the American Dream. I kept going down that path and sinking deeper and deeper. Looking back, I don't know why any bank in their right mind would have leant us the money to buy a house. Of course, we all know now that they weren't in their right minds.

But now, we're free. We get a second chance to do things right. It's like, when you're in your 20's, there's no tomorrow. We spent money we didn't have on luxuries because it was fun. Then we had to spend money we didn't have on necessities because all our money was going to the creditors. It was a snowball ride to ruin. But now, we can be forgiven and we have the opportunity to be smart, grown-up and mature about money.

I'm very sorry that I screwed things up so badly. But I'm super-grateful that there's a way to reboot.

12 comments:

  1. Yikes. Hope you guys work it out. If you ever need to escape, you know where I live.

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  2. It's not scary...it's a relief. And once we get through this, we might be able to come and see you guys.

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  3. Good luck, and if things resort to Fuckery (I *am* allowed to capitalize this, I checked), just pretend you guys are a bank and ask the feds for some extra loot, First Three-Fifths United Bank of Americana.

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  4. Good luck. I got myself into quite a bit of credit card debt during my first year in NYC, and then ran into some troubles paying it back when I lost my job. But for the past few years, since I've been steadily employed and have been paying more than the minimums before the due dates, I've gotten the cold shoulder from the credit card bastards every time I ask for an interest rate decrease. They were more willing to work with me when I was unemployed than now that I'm actually able to pay. Gee...it's almost as if they WANT me to remain in debt...

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  5. Hey, Randal...Thanks and we'll keep that idea in our back pocket!

    Beckeye, We were struggling very much and trying to keep current...no one would work with us unless we couldn't pay. So we took the plunge.

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  6. there's an Arlo Guthrie song called "I'm Changing My Name to Chrysler" that might work for this situation...??

    somewhere a few years back I ditched Fanny Mae and her american-dream-is-home-ownership realizing that regardless if it's mortgage or rent, about 3/4 of your cash is going to putting a roof o'er your head.


    As far as the ALT+CTRL+DEL of bankruptcy, I'm about 8 months away from finally being OUTSIDE mine! Whoo-hoo!!

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  7. I'm really sorry to hear about your troubles, but am heartened by what a great attitude you have! You will thrive, this I know. Good luck, kids. We're here if you need an ear.

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  8. I spent years in a black hole of debt and it's ever so much fun! I'm glad you've got some relief washing over you right now. The sun's gonna shine again!

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  9. YAY! Welcome to the very large, not-so-exclusive club. :)

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  10. I’m sure that it must’ve been difficult for you to realize that you were having money troubles. I’m glad that you have found the positives in filing for bankruptcy. It’s not an easy thing to live with. But as long as you keep working hard and saving your money, you’ll recover quickly. How are you doing these days?

    -- Jaden Allred

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  11. “Reboot” – nice term, huh? :) Well, I admire you for accepting the fact that you screwed up in managing your finances. Some people really go through that situation. It was awful, but what can you do? It happened. The best thing that you could to do during these tough times is to recover and start anew. As what you said, there’s a way to reboot. :)

    Allan Morais

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