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Joining the club....


BacK2bay6
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Hi all,

I've been a lurker for sometime. Your threads have done much to put my mind at ease. This is the only site I've found that takes an objective look at Bankruptcy.

My story:

Divorced 4 years ago. I got 90% of the property. She got custody of the kids and $238 a week in child support. In retrospect I should have let her keep the house as it took 7 mos. to sell and I ended up selling at a loss just to dump the thing. Anyway 3 years ago I remarried. She divorced 7 years ago. We have 5 children between us. Her's live with us all the time. Dad is currently forbidden from contact which is a whole other story. And he's 10K behind in Child support and continues to slip. So for a short while we have 3 houses.....YIKES.... yes that's the beginning of my finiancial woes. After my house sold we had her condo on the market for 2 years. The county considered it a vacation home even though it was only 1/2 a mile from our house. So that means no homestead exemption. Further financial woes. Then wife's job becomes unworkable with new responsibilities that would involve her driving until 9pm 3 nights a week. That is unacceptable as it would be our car and my job also demands some nights on short notice. So what would we do with the kids? So she quits and takes another job that pays less but we have support from her Ex. Then he goes off the deep end and quits paying. Quits working altogether! After a year of that I can read the handwriting on the wall. We need to sell the condo or the house and move into the one that does'nt sell. We put the house up and it takes 6 mos to sell for a loss as we had just bought it 2 years previous and mortgages are of course front loaded. So we move into the condo which is too small but we figure out how to make it work. Then I get laid off for 2 mos. Then back to work then laid off for a month. Then back for a bit. Then laid off for another month and a half. That's 4.5 months in the last year. I'm back to work again for who knows how long. Needless to say our finances are in a shambles. We shorted the credit cards which totalled 51K to pay the lawyers retainer. We are reaffirming the mortgage and due to having almost no equity after rolling the loss from the house into it are able to exempt enough to keep our cars. Which are thankfully both paid for. We filed Oct. 5th. I wish it had'nt come to this. I'm not a fraud or crook. But I can't help feeling the guilt. Our CR was 702 pre BK so it will be interesting to see what it is after the dust settles. It just got to the point where it was file or be sued. Them or my family.....obviously I chose my family.

None of my accounts went into collections so it's all on the OC's. Sorry guys. This economy sucks. We are in a recession and nobody wants to admit it. I'm just looking forward to my discharge and starting over at this point. Before all this I had it all together. When bills came in I paid that day and mailed them back out. Poor financial choices and a sequence of events coincided to put me here. Thank heavens our country doesn't have debt practices that throw a family in servitude for generation for the sins of the parents. I look forward sharing stories about JDBs. And other nere do wells that attempt to pray on us.

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That sucks you pay your child support promptly (you're not in jail, right?) but your DW's X ducks the system. Doesn't seem right.

Is HE in jail for non-payment of child support yet? I know jail doesn't get him working to pay but perhaps a few nights with "Bubba" will change his tune, like from a bass to a soprano!

You're just like many people. You live check to check. You miss a paycheck or get laid off, you are f--ked. Unemployment doesn't keep the bills covered. Every day when I listen to CNBC on XM at work, I hear how hot the real estate market it and how much homes are appreciating and how good of an investment RE is ... I think you're living proof, the RE market sucks in some areas of the country.

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Absolutley. I always pay my Child Support. Even when it hurts :oops: . Child support is one of those things that survives bankruptcy, floods earthquakes, nuclear holocaust. etc etc...... I'm not going to play games with it. Not to mention it's for my kids. Kills me though how my wife's EX continues to duck the system and gets away with it. He's walking free. He's supposed to pay 168 a week but it usually comes in around 100 if anything a week. (a few more lines of ranting here) Anyway it just goes to show that people that file bankruptcy have been pushed into a corner. We're not all cheats and scallywags.

Oh yes the housing bubble has burst around here. One of the biggest builders in the area just had the banks pull the plug on him cuz he holds 25% of the available realestate on the market. They want to see some of those homes sell before they advance any more capital. Funny how everytime I buy a house the realtors tell me houses always go for asking price. And everytime I sell one I take a bath. HMMMMMmmm :?:

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You got that right, I felt pushed into that same corner, although thru years of oc`s jerking my interest rates with high balances and late charges for 1 day lates! Just a thought, but you may want to list your location in your profile, it helps when you ask questions that are usually state specific ! Your decision to BK could not have had better timing as the bush revamp is just around the corner. You think things are bad now, try six months of a credit counselor (that almost always work for the oc`s )telling you how to run your life...you dodged that bullett .

Things will get better,good luck!

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