Friday, January 2, 2009

Is Bankruptcy Worth It?


I don't want to go into details, but over the holidays two negative financial things happen to me. One was devastating. This is on the heals of some other financial crap. It seems like a domino effect is happening. At this point I might have to call a lawyer about this. He/she might mention the "B" word. I HATE the idea! BUT. I own my car, it's payed for. The transportation system in Rochester sucks. You almost need a car. I hope I won't lose it IF...

If you, or someone close to you have filed for bankruptcy was it worth it, or do you/they regret it?

As a follow up to my other post No Work Till Jan. 1st My agency now says that the lost of our main client might be permanent. This means that they might continue to have little work. I'm still awake. I'm having trouble sleeping due to worry. On a positive note, I think I'm relatively depression free which amazes me. Again, I don't want you to feel sorry for me, but I would greatly appreciate your prayers and positive thoughts!

photo

21 comments:

S'onnie said...

I haven't been bankrupt but I do know from a banking perspective it can really mess up your financial life for years to come. but the states may be different.

bankruptcy at least allows you to get a payment system set up you can afford
You are in my thoughts

Awake In Rochester said...

Hi S'onnie,

That's a good point - that it might "mess up (my) financial life for years". However, it's very messed up now, and unless God provides a huge amount of money it will continue.

LadyBanana said...

Oh no! I have never (thankfully) had any experience of the big B.

I'm sure you will do plenty of homework before you make any such decision.

I'm so sorry things are this bad now and you most definitely are in the thoughts always..

Glad to hear you are OK on the depression side of things... :)

Awake In Rochester said...

Hi LadyBanana,

It's to the point where something needs to be done, but I'm just trying to figure out what that is. I might talk with a lawyer & see what he suggests.

twofinches said...

My ex filed for bankruptcy and though it did "mess up his finances" he used it as a clean start. I guess if you are not going to be making any huge long term purchases for the next 5 years it might be a valid way out. You will be in my prayers Awake

Awake In Rochester said...

Hi twofinches,

How did it "mess up his finances"? His credit? Well, I will probably need a new car within 5 yrs, but that's about all. I have a feeling that in 5 years a lot more people will be in the "B" category.

Babs (Beetle) said...

If it's the same as in the UK, you will lose your car, and anything else they decide to take, if you have any debt! They come into your home and look everything over for a value. I even heard they took a woman's engagement ring!

If you have a lot of debt it may be worth it, but if it is a small amount, think very carefully about such a step.

Giggle Pixie said...

I think my son is going to end up right behind you in line for the big B. So sorry to hear this news, but I'm sending you tons of positive energy and hope for a better year in 2009 (for what little that's worth!!).

Awake In Rochester said...

Hi Babs (Beetle),

Engagement ring? Sheesh, that doesn't sound far.

Awake In Rochester said...

Hi Giggle Pixie,

Sorry to hear about your son. I hope things work out for him.

Your positive energy & good wishes do mean a great deal. I appreciate it!

dmarks said...

From what you describe, I am in a similar situation.

meleah rebeccah said...

Glad you are in good spirits over this. I know a few people who went the Big B word and were BETTER off afterwards. It is something to consider.

Awake In Rochester said...

Hi dmarks,

I'm sorry to hear that! Do you know what your going to do?

Awake In Rochester said...

Hi meleah rebeccah,

That's good to hear.

One of the ladies at work told everyone she met that "B" was the best thing she ever did. I wish I had asked her questions about it now.

A. said...

I know very little about "B" but I do know that prayer works. I will pray for financial stability and sleep.

Allison

Awake In Rochester said...

Hi Allison,

I would sure appreciate that! Ah, is that a shark photo? Please don't eat me! *shaking*

dmarks said...

Awake: For now, there has been a lot of waiting.

Awake In Rochester said...

Hi dmarks,

Oh boy! ;o( Looks like a lot more people are seeing difficulties since the stupid stock market did it's thing.

Amias said...

YES!
YES!
YES!

I haven't had this much peace of mind in a long time, and I thank Chapter 7 for it ... After three surgery, me and my husband, his depression --- trying to pay that 20% on one salary ... Knee surgery! I almost gave up. But think goodness, I don't own anything ... and everything was dismissed. I am old and don't care about credit rating, as you get what you want anyway ...!

But we had to be very careful, because we were offer more credit cards .. it was unbelievable.

Awake In Rochester said...

Hi S'onnie,

I looked up at your photo and it made me laugh. It's so darn cute!

Awake In Rochester said...

Hi Amias,

I'm sorry that you, and your husband have had problems, but glad that things are looking up.

More credit cards? Ek! Run!