Bankruptcy - anyone gone through it?

[CaliforniaChief]

Originally Posted by Dayze

I definitely want to get to a point where I’m debt free.

The real kick to the onions with this deal is we did everything right 3 years ago when we bought the house. We only borrowed about 65% of what we qualified for etc. It just sucked bad when I had to take a job paying 40%less per year; and by the time I got the job, we had racked up debt; . It took every bit of unemployment simply to pay the house payment; my wifes income covered the other secured debt; gas, food, even some utilities had to be put on credit.

I want to get past this; begin restore credit (hopefully only restoring late pays etc and not a foreclosure) and get out of unsecured debt. Then only enter into a small practical home.
Our current house is nice, but too big for the two of us anyway.

Your story is all too common. What I like is your attitude through this, that you're looking to the future and have hope. You will recover and make a great future for yourself largely because that's your attitude. Obviously you recognize all the hurdles you have to success, though.

My wife and I never went through foreclosure, but we did have to move out here from Texas (I lost my job) and we couldn't sell our house in TX. We lived in a small apartment and had about $20,000 in debt. We took a class called "Financial Peace University" through our church (Dave Ramsey) and started taking the right steps. Budgeting, Emergency Savings, Debt Snowball, 3-6 months savings, insurance, investments, giving, etc...and now we still struggle but we only have about $1,500 in debt, our car is paid off, we own a home (which in Southern California is not easy...well wasn't), and are moving forward.

I can't imagine how tough this is for you guys and I really am sorry to read...but you'll get back on your feet again.