My troubles were starting in late 2007 but I didnt really know it. I brought a house when the real estate market was starting to crash. It was basically a house that I built to make some money for my retirement.
Well I had the house on the market for 2 years and ended up loosing it to foreclosure. When I first got the mortgage I borrowed as much as I could so that my profit would be substantial. Most of my paycheck went to the mortgage. I ran all my credit cards up trying to get money to pay my mortgage. I had only planned on staying in the house a year.
I have so many bills still from the house and also owe the builder. I recently retired because between the stress of not being able to pay my bill and stress on my job, I was just about to loose my mind. I have paid my bills all my life and know my retirement check only covers living expenses.
I went to a bankruptcy attorney earlier in the year and he said that according to my salary (which was last years salary, I would qualify for bankruptcy where I am released of all debts, but the one where you reorganize and make payments to a trustee)I have a daughter going to college in a few months and I need to try and help her out. I am a single mother and I feel like a failure, I also take care of my mother and cant even take care of them. I am stressed to the max
Right off the bat I think you could greatly benefit from reading How to Get Out of Debt. The Honest and Unvarnished Truth. Let’s try to push that artificial guilt aside.
Your stress is real, but it is internal. For whatever reason, you are predisposed to applying an emotional value to your numerical situation. If we overcome that one big hurdle we can get you back to enjoying life again.
I know it sounds impossible but the stress will melt away quickly once we step back and look at the reality of the numbers. From what you’ve shared with me your income has been reduced but your debt continues. That leads me to believe that bankruptcy is the most logical solution in your situation.
The thing to do at this point would be for you to return to the bankruptcy attorney and find out when you would be eligible for a Chapter 7 bankruptcy. If you didn’t like the last attorney, I would suggest you click here to find a local bankruptcy attorney you like.
What we really need to know is when you will be eligible for a Chapter 7 bankruptcy and then you can stop paying your bills a few months before that date and get ready to file.
I know you have your daughter headed off to college but at this point we need to get you safe as quickly as possible so you can help her later. The possibility exists that if we tackle this debt situation head on and deal with it, your stress level will diminish and who knows, maybe you can return to work to provide financial assistance for your college bound daughter.
Until then you and your daughter should talk to the financial aid office at school and find out what student loan and scolarship opportunities are available for her. She might just have to start school at the local community college which can be significantly cheaper that other four year schools. Let’s not start her off preloaded with lots of debt.
Please post your responses and follow-up messages to me on this in the comments section below.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.