I am self employed and in the last few years have been going downhill fast. I can get another job, but it wouldn’t cover a tenth of my expenses now because all this debt was nothing when my business was going well.
For example, I was used to making 6 to 7000 a week, my mtg payment is 6000, car 500 etc all together it costs me close to 11000 a month to run my household. Nowdays I worked maybe 1 day in the past 3 weeks thats how things have been for a few years now (2 years) Im behind in everything to the point of desperation. Even a second job now will bring in maybe 300 a week which does nothing for this monthly debt so I was trying to ride it out with my business and get it going again. I cannot go bankrupt, I’ll lose everything I’ve worked so hard for. I see no way out.
My mtg company bought my loan from another who had me on a forebearance agreement with a promise to modify my loan. Once they got my loan they agreed to nothing said they had no paperwork even though I faxed it twice. I can’t get anywhere with them. Can you intervene to try to help me with this modification? I tried a short sale now for 2 years (previous mtg co oked it) nobody came to see it.
It appears that the issue here is not if the mortgage company will accept a modification, they don’t have to if they don’t want to.
The real issue here is coming to grips with the fact that just because your life was one way in the past, it does not mean it will be that same way in the future.
Whatever it is that you do, you sound like you are very talented at it. People or companies paid you a lot of money for those skills or services. Now your customers either no longer need those services or they themselves are facing tough times and can’t afford to pay those old high rates.
Unfortunately, the only legal intervention into consumer debt is bankruptcy. It is not a process for losers but a process of legal reorganization of your debts. I have no idea what your assets, if any, are, but I think, even if you do or don’t go bankrupt, you need to go and meet with a local bankruptcy attorney to discuss your situation.
Barbara, you seem like an educated woman and you know that before you can make a good, logical and educated decision, you need the facts. This is why I think a free bankruptcy consultation with a local bankruptcy attorney is going to be important for you.
I think the time might be upon you to let go of what was, free yourself from the debt that is dragging your soul down, and set your sights on a new future. But first, you will need to go bankrupt to shed these obligations that you have no foreseeable expectation in being able to repay.
We know what the old life was like, we know the pain of your current life, but what can you do in the future once you come to the realization that you need to go bankrupt and move on. What will your new life without those bonds look like?