Money Bankruptcy - anyone gone through it?

Dayze · 09-16-2009, 05:56 PM

well, after a 12 month fight with our mortgage company and creditors; exhausting all savings; cashing out 401ks; stopping 401k contributions.....

it appears the end is near. We are being foreclosed upon 10/15/09.

our lender has being jerking us around for 5 months with a loan modification and I was informed today by the VA that even if the mod is approved, it will likely be a very miminal impact to our monthly commitment/cashflow etc.

Anyone have any suggestions, opinions on the matter? It's really tough right now.

Thanks guys/gals.

Dayze

Over-Head · 09-16-2009, 06:02 PM

Didn't actually declare BR, BUT I was there.
Snorted everything I made up my nose, and what was left I popped in pill form or drank away and lost the ****en farm for it.
9 years later things changed.
You'll feel lost for a while, but only for as long as it takes to you to come to the conclusion you KNOW you will bounce back.
I lost not quite $400,000 in buisness/home/marrige.
Now I own my own buisness again, and qualified for a mortgage
It's hell.
I ain't gonna lie. But don't roll over and play dead.

Dayze · 09-16-2009, 06:10 PM

Quote:

Originally Posted by Over-Head

Didn't actually declare BR, BUT I was there.
Snorted everything I made up my nose, and what was left I popped in pill form or drank away and lost the ****en farm for it.
9 years later things changed.
You'll feel lost for a while, but only for as long as it takes to you to come to the conclusion you KNOW you will bounce back.
I lost not quite $400,000 in buisness/home/marrige.
Now I own my own buisness again, and qualified for a mortgage
It's hell.
I ain't gonna lie. But don't roll over and play dead.

good advice.
We still have a small, small window to make a decison but I definitely wanted to get some input etc.

Over-Head · 09-16-2009, 06:16 PM

Quote:

Originally Posted by Dayze

good advice.
We still have a small, small window to make a decison but I definitely wanted to get some input etc.

If there's ANYother way take it.
Most lenders will settle for what you can actually show up and give them.

Fairplay · 09-16-2009, 06:16 PM

Dayze i am so sorry for you.

I remember not that long ago it about your job situation was in dire straights.

I really hope things turn around and get better for you and yours.

Its got to get better.

**Bane** · 09-16-2009, 06:16 PM

I thought about it a while back but after talking to an accountant I decided against it.The few people that I know that have went through with it,wished they hadn't afterwards.
Posted via Mobile Device

**Mr. Flopnuts** · 09-16-2009, 06:21 PM

I've got a client who lives in the KC area who is going through a similar situation. If anyone knows of any good bankruptcy attorneys in the KC area please let me know.

At some point you have to know when things are upside down to a point that you can't sustain it. Check out my website, and feel free to hit me up for a rundown of where you're at and what your options are, cost and obligation free of course.

www.thenegotiationstation.com

**BigMeatballDave** · 09-16-2009, 06:24 PM

Sorry to here this man. My sons mom and her husband are about to go thru this. They were denied a modification, now they're facing foreclosure.

Dayze · 09-16-2009, 07:18 PM

Quote:

Originally Posted by Fairplay

Dayze i am so sorry for you.

I remember not that long ago it about your job situation was in dire straights.

I really hope things turn around and get better for you and yours.

Its got to get better.

Thank man; I really appreciate it.

Dayze · 09-16-2009, 07:21 PM

basically, our last option is to scrapte together about 5 months worth of payments; and pay in full to pull out of foreclosure status. This will be VERY challenging, but we're going to try to do it. If we can, we'll pay the unsecured people what we can pay them each month; knock out cards one at a time. I think we'll eventually get out.

I had planned on paying my car off to free up the payment from a cashflow perspective, so if I can manage to hang on/make the payment until this time next year it will be paid off on time. Then, I can start snowballing the the freed up cash onto other debt.

gonna be rough, but F it....worth a shot.

**Mr. Flopnuts** · 09-16-2009, 07:23 PM

Quote:

Originally Posted by Dayze

basically, our last option is to scrapte together about 5 months worth of payments; and pay in full to pull out of foreclosure status. This will be VERY challenging, but we're going to try to do it. If we can, we'll pay the unsecured people what we can pay them each month; knock out cards one at a time. I think we'll eventually get out.

I had planned on paying my car off to free up the payment from a cashflow perspective, so if I can manage to hang on/make the payment until this time next year it will be paid off on time. Then, I can start snowballing the the freed up cash onto other debt.

gonna be rough, but F it....worth a shot.

Good luck bud. It can be difficult, but it's been proven that it can be done. Just know when to throw your cards in if it comes to that. Otherwise you'll be hemorrhaging money with nothing gained.

Dayze · 09-16-2009, 07:24 PM

Quote:

Originally Posted by BigChiefDave

Sorry to here this man. My sons mom and her husband are about to go thru this. They were denied a modification, now they're facing foreclosure.

sounds very similar to our situation. Talked to the VA and they said that with the fees involved etc, the loan mod (if approved) probably wouldn't net much of a reduction in payment - if at all. We've been in a holding pattern for this mod process since May; where we were told (I've requested teh transcripts of the call; i have the employee name and ID number; date etc) we didn't need to make a payment until Oct 1 while the mod process was going on. Shame on me for not spotting a potential problem right there. But oh well; can't change it.

We've just decided we should make the payment and pay what we can on the unsecured stuff each month with the $ left over after secured debt. If they want $50, but we can only give $25...F em. They can eat it as far as I'm concerned.

eventually those bastards will be paid off; staring with the small ones.

Dayze · 09-16-2009, 07:26 PM

Quote:

Originally Posted by Mr. Flopnuts

Good luck bud. It can be difficult, but it's been proven that it can be done. Just know when to throw your cards in if it comes to that. Otherwise you'll be hemorrhaging money with nothing gained.

Yep. This is sort of our hail mary pass.
if it doesn't work, then we've no sh*t done everything we can to try to avoid it; and I'll have no problem doing it at that point.

stlchiefs · 09-16-2009, 10:12 PM

I respect you for trying. Many people cut and run and this point. Good luck.

DJ's left nut · 09-16-2009, 10:17 PM

Well...I can't help you much.

But here, have my $12K in Casinocash. You may be up against it in RL, but you're now a rich man in the CP gameroom

Sorry man. I'll say only this: I know a person that had to go through it. He said it was brutally painful for a year or so, but it was the best thing he ever did when it came right down to it. Sometimes a clean slate makes all the difference.

09-16-2009, 05:56 PM
Dayze Resident Glue Sniffer Join Date: Nov 2003 Casino cash: $1739358	Bankruptcy - anyone gone through it? well, after a 12 month fight with our mortgage company and creditors; exhausting all savings; cashing out 401ks; stopping 401k contributions..... it appears the end is near. We are being foreclosed upon 10/15/09. our lender has being jerking us around for 5 months with a loan modification and I was informed today by the VA that even if the mod is approved, it will likely be a very miminal impact to our monthly commitment/cashflow etc. Anyone have any suggestions, opinions on the matter? It's really tough right now. Thanks guys/gals. Dayze
Posts: 37,460

09-16-2009, 06:02 PM	#2
Over-Head Boom, Boom , Crash Join Date: Sep 2000 Location: In my shed Casino cash: $9995760	Didn't actually declare BR, BUT I was there. Snorted everything I made up my nose, and what was left I popped in pill form or drank away and lost the ****en farm for it. 9 years later things changed. You'll feel lost for a while, but only for as long as it takes to you to come to the conclusion you KNOW you will bounce back. I lost not quite $400,000 in buisness/home/marrige. Now I own my own buisness again, and qualified for a mortgage It's hell. I ain't gonna lie. But don't roll over and play dead. __________________ ...Illegitimus non Carborundum est...
Posts: 12,040

09-16-2009, 06:16 PM	#5
Fairplay A certain set of skills Join Date: Dec 2003 Location: texas Casino cash: $10026683 VARSITY	Dayze i am so sorry for you. I remember not that long ago it about your job situation was in dire straights. I really hope things turn around and get better for you and yours. Its got to get better.
Posts: 25,265

09-16-2009, 06:16 PM	#6
Bane C.H.I.E.F.S Join Date: Dec 2003 Location: **** your face Casino cash: $10005055	I thought about it a while back but after talking to an accountant I decided against it.The few people that I know that have went through with it,wished they hadn't afterwards. Posted via Mobile Device
Posts: 12,621

09-16-2009, 06:24 PM	#8
BigMeatballDave GBM 8-12-15 Join Date: Aug 2000 Location: Dayton, Oh. Casino cash: $10052154	Sorry to here this man. My sons mom and her husband are about to go thru this. They were denied a modification, now they're facing foreclosure.
Posts: 59,997

09-16-2009, 07:21 PM	#10
Dayze Resident Glue Sniffer Join Date: Nov 2003 Casino cash: $1739358	basically, our last option is to scrapte together about 5 months worth of payments; and pay in full to pull out of foreclosure status. This will be VERY challenging, but we're going to try to do it. If we can, we'll pay the unsecured people what we can pay them each month; knock out cards one at a time. I think we'll eventually get out. I had planned on paying my car off to free up the payment from a cashflow perspective, so if I can manage to hang on/make the payment until this time next year it will be paid off on time. Then, I can start snowballing the the freed up cash onto other debt. gonna be rough, but F it....worth a shot. __________________ Life is 99% inspiration, 1% Perspiration, and 1% Attention to Detial. RIP & Godspeed: Saccoppo Lonewolf Ed Fire Me Boy
Posts: 37,460

09-16-2009, 10:12 PM	#14
stlchiefs Veteran Join Date: Mar 2007 Location: St. Loser, MO Casino cash: $10005674	I respect you for trying. Many people cut and run and this point. Good luck.
Posts: 4,160

09-16-2009, 10:17 PM	#15
DJ's left nut Sauntering Vaguely Downwards Join Date: Sep 2005 Location: Columbia, Mo Casino cash: $-850901	Well...I can't help you much. But here, have my $12K in Casinocash. You may be up against it in RL, but you're now a rich man in the CP gameroom Sorry man. I'll say only this: I know a person that had to go through it. He said it was brutally painful for a year or so, but it was the best thing he ever did when it came right down to it. Sometimes a clean slate makes all the difference.
Posts: 66,857