Bankruptcy ... Well, here I go

[mexit]

For a few years now I have not been working much due to my health. My wife and I have had a lot of medical issues. Her health has gotten to the point that she is going to have to leave her job. We have 1 or maybe 1 1/2 paychecks left.






we are already in so deep that we don't know what else to do. We have appointments to apply for disability. We have been looking at moving out of the country either to Mexico (mexit) or my oldest daughter want us to move to where she and her husband live in Montenegro ... don't know how we can afford to get there.

Any ideas would be appreciated ... but enough of that. The reason I got on was to post this picture I found on facebook.

[TexasTowelie]

1. That is the number of declared bankruptcies.

It doesn't include the number of people who are bankrupt, but didn't have either the money, nor the time or transportation to sit through the credit counseling courses required under bankruptcy law. Who can afford to pay a lawyer when someone is struggling to keep food on the table or a roof over their heads.

[mexit]

5. Exactly

[KT2000]

2. Really sorry -

people do not understand that it can happen to anyone. Also as they keep pushing up the retirement age, these numbers will only get worse. Wish I had an answer for you.
Just get on any waiting lists you feel you will need ex. reduced rent, free phone & internet. Things take time to kick in.

[jimmil]

3. Don't pay them....

You think you are going to ruin your credit or something? It's already there. Declaring bankruptcy now is a bit harder than it used to be so let them take you to court and get a judgment against you. They can't take anything from you. They can't take anything you leave your heirs. Nothing really can happen to you. You can ask them to settle with you before a court case if you like. It usually doesn't work however. A court judgment allows them to claim a bunch of money lost is the reason why. Other than that I would tell them payment just isn't going to happen.

[PinkTiger]

4. Don't let bankruptcy scare you

I declared bankruptcy in 2005 and it didn't hurt one bit in the long run.

[Freddie]

9. Me too

My husband had a small business that failed - he couldn't compete with the "big boys" and he's now working for them. Of many $$$ of business-related debt the only thing we had to pay back (a negotiated amount) was 1 loan that used our house as collateral.
10 years later both our credit ratings are back in the high 700's. Don't regret it fir a second.

[7wo7rees]

6. Understand and feel your pain. So what does one do when

the IRS sends you a Merry Christmas letter saying we will see you on the 11th of January. The IRS wants to audit us for less than 2k in auto expense.
Really!

[RKP5637]

7. IRS typically goes after the little guys and the ones with zillions of dollars and lawyers go off

‘scot-free’.

[7wo7rees]

8. Thanks. N/T. Helpful.