Filing for Bankruptcy & financial stress

splitimage · May 12, 2012 at 04:15 PM

Well guys my financial situation is pretty grim, I'm almost out of my non-retirement savings, and that includes using up my retirement savings that were not in a locked in account. I mailed in the application today to the financial services commission to get access to some funds from my locked in account to support myself, but the amount I can withdraw is pretty minimal - thank God I got into a subsidized housing situation.

And I've hit the debt wall - years of bad decisions have caught up with me, leaving me with little or no options other than filing for bankruptcy. I feel so embarrassed that things have come to this. I'm meeting with a trustee on Mon. to start the process.

I guess the only good thing that can be said about it, is it gives me a clean slate to start from, and the trustee said I should be discharged from bankruptcy within 9 months, at which point I can start rebuilding my credit rating, assuming I find a job.

I really feel like a failure that I let things get this bad.

splitimage

Rose3 · May 12, 2012 at 10:30 PM

All the best in your job search. And hopes for rebuilding your credit rating.
Find a way.

notz · May 14, 2012 at 07:03 PM

Hugs for you.

rrmcfreely · May 14, 2012 at 07:17 PM

I've been through bankruptcy. Financial stress caused a lot of heartache in my life. I was only able to move forward after declaring bankruptcy. I was embarrassed about the situation at first but after talking to a lot of different people, I came to realize that it's not so uncommon. Good luck with everything.

IowaFarmGal · May 14, 2012 at 08:48 PM

Quote:

Originally Posted by splitimage

Well guys my financial situation is pretty grim, I'm almost out of my non-retirement savings, and that includes using up my retirement savings that were not in a locked in account. I mailed in the application today to the financial services commission to get access to some funds from my locked in account to support myself, but the amount I can withdraw is pretty minimal - thank God I got into a subsidized housing situation.

And I've hit the debt wall - years of bad decisions have caught up with me, leaving me with little or no options other than filing for bankruptcy. I feel so embarrassed that things have come to this. I'm meeting with a trustee on Mon. to start the process.

I guess the only good thing that can be said about it, is it gives me a clean slate to start from, and the trustee said I should be discharged from bankruptcy within 9 months, at which point I can start rebuilding my credit rating, assuming I find a job.

I really feel like a failure that I let things get this bad.

splitimage

A clean slate sounds good! Good Luck with your jobs search! I'll be in the same boat soon if I don't find work. A person can only just do the best they can from where they are. We can't change the past. Good Luck with everything!

Free_at_last · May 15, 2012 at 02:50 AM

While you're not working, and between interviews, go volunteer for a cause you believe in. Even there you may find employment; the best volunteer is always considered first.

xoxo,
Terri

Suki22 · May 26, 2012 at 08:25 PM

funny, I tried to refinance my mortgage and I had too much debt. I talked to a foreclosure prevention and had too much debt. now they tell me to file for bankruptcy, then come back for foreclosure prevention. I, too, am embarrassed to be in this situation. I have a job but it's about enough to cover my mortgage. I've been living on credit cards but that's coming to an end soon...

good luck on the job search and I hope your bankruptcy process goes smoothly. as you stated, you're not alone!

splitz · May 27, 2012 at 03:15 AM

You certainly aren't alone, I went through this in Dec last year so feel free to PM me if you have any questions or just want to chat.
I'm impressed that you have been told that your bankruptcy will be discharged after 9 months, it's 3 years where I am.
Splitz.

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Rose3 Grand Member Member Since Feb 2007 Location: north america Posts: 779 17 15 hugs given	May 12, 2012 at 10:30 PM #2 All the best in your job search. And hopes for rebuilding your credit rating. Find a way.
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notz Wisest Elder Ever Member Since Oct 2008 Location: Notzville Posts: 60,397 (SuperPoster!) 15 6,732 hugs given	May 14, 2012 at 07:03 PM #3 Hugs for you. __________________ notz
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rrmcfreely Member Member Since May 2012 Location: Illinois Posts: 56 12 2 hugs given	May 14, 2012 at 07:17 PM #4 I've been through bankruptcy. Financial stress caused a lot of heartache in my life. I was only able to move forward after declaring bankruptcy. I was embarrassed about the situation at first but after talking to a lot of different people, I came to realize that it's not so uncommon. Good luck with everything.
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Free_at_last Member Member Since Jan 2012 Location: Western Colorado Posts: 47 12 19 hugs given	May 15, 2012 at 02:50 AM #6 While you're not working, and between interviews, go volunteer for a cause you believe in. Even there you may find employment; the best volunteer is always considered first. xoxo, Terri __________________ "The unexamined life is not worth living." -- Socrates
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splitz Veteran Member Member Since Apr 2009 Posts: 314 15 5 hugs given	May 27, 2012 at 03:15 AM #8 You certainly aren't alone, I went through this in Dec last year so feel free to PM me if you have any questions or just want to chat. I'm impressed that you have been told that your bankruptcy will be discharged after 9 months, it's 3 years where I am. Splitz.
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