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3 Bumps

What made you finally chose bankruptcy?

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What was your breaking point that made you finally chose bankruptcy? How has it affected you since then?

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Asked by ABPeterson at 9:02 PM on Apr. 15, 2011 in Money & Work

Level 17 (4,580 Credits)
Answers (6)
  • The non-stop phone calls. The hopeless feeling of things never getting better.
    Since then we've managed to stay out of debt and we actually were able to buy a house last year.
    For me it was worth it.

    Answer by Anonymous at 9:09 PM on Apr. 15, 2011

  • When I got out of the navy unexpectedly and did not want to leave my husband to pay my debt while I was between jobs. I got a fresh start. It has not affected me at all. I rode on the coattails of his good credit for a few years and slowly built mine back up to the mid 700s. I was able to financing for a brand new vehicle in January 5 years after I filed. I guess it affected me in the sense that I am far more responsible with credit and my money.

    Answer by Izsarejman at 10:32 PM on Apr. 15, 2011

  • One of the creditors garnashing my wages for 60%

    Answer by mrsvixen at 1:12 AM on Apr. 16, 2011

  • I don't remember what exactly made us break. We had so much going on. We actually did feel a relieved when we bit the bullet and did it. We didn't have as bad of negative impact that I thought we would. Yeah our first car loan after that had a high apr, but after a a year or two we got another vehicle, the apr was lower that time and then with our next vehicle we got a really low interest rate (this was over the course of five years). In five years we bought another house. Our interest rate was 5.6%!! When we both had 780 and 806 credit scores with our first house our interest rate was 7.8% (that was low at the time).

    Answer by Anonymous at 2:06 PM on Apr. 16, 2011

  • My husband being a complete moron, leaving me and then racking up 10k+ in debt while we were separated. There was no way we were ever going to pay it off even if we scrimped and saved. It was going to ruin our lives until we died and I had worked so hard to get our debt down before we were separated. We had never been behind on a bill, always paid above the min. It was crazy.
    It was either bankruptcy (which I felt horrible about) or be miserable our entire lives.
    I wish we would have done it sooner. We probably wouldn't have separated (causing more problems) if we hadn't already had the issue with money hanging over us. Sure, we won't own a home any time soon and will have to pay cash for our next car but our lives are 100 times better now. Our only debt is our truck (will be paid off in 2012). Much less stress now.

    Answer by justanotherjen at 3:50 PM on Apr. 16, 2011

  • After we went through a debt settlement company and realized that all the money we paid them went for their fees and none had been used to settle the credit card debt. We probably owed around $50,000 in loans and bills. I now can sleep at night and not worry. We pay for everything in cash. I have one credit card with a $500 limit. I never want to get myslef in that situation again.

    Answer by 3mom627 at 4:55 PM on Apr. 16, 2011

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