So we went to a counciling session today (our councilor is also a financial councilor) anyway during the session we realised that most of our stress is coming from debt that is not constructive (eg car and personal loan a while ago). We have been advised by several people to declare bankruptcy and were again advised to do so today by the councilor.
So I know this is a long shot, but is there anyone out there who has had to go bankrupt???
I'm so scared that it will mean we can never get finance for a house etc ever again, and I also really fear losing our second car (cheapie but still financed) as I'm a pretty social person.
What was it like for you. What were the pros and con's and did you get back on your feet, also how did you find getting a loan after you were released???
Basically I just want to talk about it as I'm not sure of what its like in real life and not on paper...
I am not too sure on this one! But I wish you all the best!! When i get down about finances I think.. i am healthy alive and have beautiful healthy children.. nothing else matters!
It's $41,000, but its crippling us, we are sitting on the debts and they're not budging at all. Plus they are putting so much stress on our relationship.
I agree it's a super long time, but as DF said today, on his one trainee income we are goign to be doing nothing for the next 5 years anyway... I don't know it seems so hard to decide and is definitely not something to be taken lightly!
if you declare bankruptcy, it's a long time before you can do anything (financially)...and it goes on your credit history. Are there any other options before doing this? can you consolidate your loans or negotiate with your loan providers to come to an arrangement for payments that are more affordable?
I think bankruptcy would be the very very last option and I know I'd try as hard as I could to avoid it.
Imagine at the things that could change over that 5 years though. DH might be offered a fantastic well paid job somewhere and you'd still be stuck with the bankruptcy.
Maybe get a second opinion from another councellor?
Is there any way of your DF picking up addition work or maybe putting the traineeship on hold for a higher earning income in the mean time? The other option is making your own choice of getting rid of the 2nd car. I know that is a tough call, but cars really do cost a fair bit. I certainly know how much it has hit our budget having a 2nd car now. Is there any reason why you don't share a car? Can you drop your DF at work on the days you need the car? (Just throwing around ideas)
Hmm the second car is on finance and we will have to default on that loan to get rid of it, which I am sure they will chase us for. It was a dumb loan choice ($12,000 for a $6,000 car) but the only way we could get a car at the time- oh how we rush and demonstrate stupidity!
DF can't give up job as he isn't qualified in anything else and therefore we will still have a ****ty wage anyhow.
I am leaning towards not wanting to d it after researching it this afternoon, but hte look on DF when he considered being able to wake up one morning not worried about which bills we would prioritise to pay and which we would put off and take abusive calls from makes me want to do it.
Why isn't there some magical fairy that comes down when they see you have learnt from your stupid naive mistakes. Why can't the magical fairy drop in for a cup of tea right now and say- "ok I can see you know what to do now... here is a clean slate."
I just feel so hopeless, it seems such an insurmountable amount of money and I don't want DF and I to end up separating because we are both so worried over $5...
Bankruptcy or no Bankruptcy??
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