Filing for bankruptcy

  1. As ashamed as I am to admit this...I am preparing to file for bankruptcy. I made HORRIBLE spending choices for many years in my 20s, and now at 32 I am past the point of ever being able to pay off my credit card debt (except of course if I win the lottery).

    Anyone else going through this? I feel so horrible about it...
  2. 27 Comments

  3. by   iliel
    We really do PAY for our mistakes. Wish I had some good advice
  4. by   H ynnoD
    Me and My wife just finished going through it..Sometimes its for the best,nothing to be ashamed about alot of people do it.I learned a valuable lesson, and Have finally got better at budgeting.
  5. by   FROGGYLEGS
    Donny is right it is very common and nothing to be ashamed of. I'm sure you have thought it out. Bankruptcy will at least give you the chance to start over.
  6. by   karenG
    I have a friend in the same postion, so you have my thoughts as I know how she feels. Good luck and remember, when you hit bottom the only way is up!!

  7. by   jadednurse
    Originally posted by karenG
    I have a friend in the same postion, so you have my thoughts as I know how she feels. Good luck and remember, when you hit bottom the only way is up!!

    LOL, true, very true...
  8. by   jnette
    You do what ya gotta do and be done with it... then move on.

  9. by   Nurse Ratched
    The most important thing is to avoid getting back into debt once you are out, and it sounds like you have a handle on what got you to this place and how to avoid returning to it. Good luck to you, jadednurse - pulling for you here. (((hugs)))
  10. by   LauraF, RN
    We filed bankrupcy 18 months ago. We are still going through it. We did chapter 13. My husband lost his job 3 years ago, missed a couple of house payments. They said they would work with us. Two years later we had not completely paid it off so they tried to foreclose. Later found out the extra we were paying to make up for the missed payments, we being put into an account as unspecified payments. Anyway since we had to do the bankrupcy to keep the house, it also cleared up hubby's bad credit. So in a couple of years maybe we can take advantage of the lowered interest rates. We are currently at 11.6%

    Good luck, and don't be ashamed. I read somewhere that the last two years the number of bankrupcies has sky rocketed due to the poor economy.
  11. by   Spidey's mom
    Have you talked with one of those credit counseling services? There may be other options for you. Just be sure to check out whether they are legit . . . I guess there are some "fly-by-night" companies out there. Use "Consumer Reports" or check your local Better Business Bureau.

    We've been there . . . you really have to change your habits. That is why credit counseling can be a good idea. See where you went wrong.

    I think we should have a class in HIGH SCHOOL to better prepare us for life's financial decisions.

  12. by   SmilingBluEyes
    I did have that class in highschool, stevie-----

    And it was called consumer ed and I learned, apparently. I treat credit with kid gloves. I learned early on not to mess around when I got burned just ONCE (at age 19). All the lessons I learned in that class came back to me and I never played around again. IT does not take much to go wrong and companies are tossing huge credit extensions around like candy. It's truly frightening. Learning the hard way sucks.

    I wish you the best, get the counseling as well as the bankruptcy judgement. I hope it helps you out.
  13. by   Angelica
    Jadednurse-- I know you feel horrible and ashamed. I hope you learn from this and I wish you nothing but the best.

    I must disagree with the posters that say that bankruptcy is nothing to be ashamed of. It IS something to be ashamed of. When we take on debt we have a responsibility to pay it off. Bankruptcy isn't free. All americans wind up paying for it.
  14. by   SmilingBluEyes
    That is true, Angelica. But we are bound to be flamed for saying it.