Bankruptcy - anyone gone through it?

[Dayze]

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

[Dayze]

Originally Posted by R8ers

America wants you to be in debt,

DUMB DUMB DUMB DUMB

I agree 1000%.
Debt = obligation. Obligation (too much anyway) = limited or no choices.

they want everyone in debt so they continue to 'stimulate' the economy. Businesses love it too because then people are forced to eat a sh*t sandwich everyday at a job they hate because they have too many obligations.

[Dayze]

Originally Posted by R8ers

SEE thats what I am talking about....

Most people think they are "too good" for that focus though and they are "entitled" to whatever they want because they get up and go to work everyday.

Yep. And frankly, I don’t know why I ever ‘thought’ I wanted car X (Corvette, BMW, et al). I mean, when I think about it – I spend 45-hour each way in the car to and from work. Then on weekends, it’s errands etc. Sh*t…it aint like I would have time to ‘cruise’ or ‘be cool’ anyway – even if I wanted to (which I don’t) lol

I’m trying to tell my wife “What’s it matter what you drive? You’re only getting to and from work. As long as it’s reliable, and safe etc….why do you care what kind of car you drive to and from work”.

When I actually asked that….she couldn’t answer.

Now, I’m not saying people who have killer cars are dumb etc. Everything is relative. If they can afford it ( I mean, ‘really’ afford it; not cutting it close etc) then go for it. I’m just saying I’m not in the position (and probably never will be) etc.

So in a few years, I’ll be rollin’ in a Focus b*tches with straight up 15”s.

[R8RFAN]

Originally Posted by Dayze

I agree 1000%.
Debt = obligation. Obligation (too much anyway) = limited or no choices.

they want everyone in debt so they continue to 'stimulate' the economy. Businesses love it too because then people are forced to eat a sh*t sandwich everyday at a job they hate because they have too many obligations.

If you and your wife get on the same page you will succeed, just never forget how you got to this spot, you can in your mind blame your life, your job your anything but when you look deep down inside you did exactly what you wanted to do and it bit you in the ass.

Now you can sit back and be bitter or pull yourself up by the bootstraps from the hole you dug and learn from the mistakes you made and never let yourself ever get in that position again.


I am pulling for you because if you want it and get rid of ALL debt and don't make anymore until you buy your house and make that house your only debt... you will be fine

[R8RFAN]

Originally Posted by Dayze

Yep. And frankly, I don’t know why I ever ‘thought’ I wanted car X (Corvette, BMW, et al). I mean, when I think about it – I spend 45-hour each way in the car to and from work. Then on weekends, it’s errands etc. Sh*t…it aint like I would have time to ‘cruise’ or ‘be cool’ anyway – even if I wanted to (which I don’t) lol

I’m trying to tell my wife “What’s it matter what you drive? You’re only getting to and from work. As long as it’s reliable, and safe etc….why do you care what kind of car you drive to and from work”.

When I actually asked that….she couldn’t answer.

Now, I’m not saying people who have killer cars are dumb etc. Everything is relative. If they can afford it ( I mean, ‘really’ afford it; not cutting it close etc) then go for it. I’m just saying I’m not in the position (and probably never will be) etc.

So in a few years, I’ll be rollin’ in a Focus b*tches with straight up 15”s.

put your budget on paper, stick to it, if the money runs out before the month then next month you just budget better, too bad, eat at home and no vacations
You all will be on the road to recovery before you know it.

I hit rock bottom, I went crazy when I got a good job, I never had anything, My Mom worked at a cafeteria and my Dad worked in a furniture manufacturing company and never made over 6 bucks an hour his whole life (he died in 1981) I thought I deserved the new things I bought on that credit card, I thought I was entitled to them because I got my ass out of the bed everyday and worked and America owed it to me.

America don't owe us jack shit, we owe America

[Bugeater]

Originally Posted by R8ers

2-4 year range
Kias are on craiglist everyday, they can be found
Suzuki Forenzas 2-4 yr olds

You can find em if you will settle for them, but if you think you are a Prince or have a woman that thinks she is a Princess, it gets difficult.

Yes, and those cars likely will be a pile of shit well before they reach 100K. Just because it has a low initial cost doesn't necessarily mean it will be a good value over the long term.

[R8RFAN]

Originally Posted by Bugeater

Yes, and those cars likely will be a pile of shit well before they reach 100K. Just because it has a low initial cost doesn't necessarily mean it will be a good value over the long term.

you can't be choosey when you are broke... Drive less, save gas, save money... Broke people can't do what people with money can do without being more broke

[Simplex3]

Originally Posted by Dayze

So in a few years, I’ll be rollin’ in a Focus b*tches with straight up 15”s.

I drive a Civic. With plastic wheel covers.

I did buy it new, though. I negotiated in the extended warranty. That way I have a fixed cost for 8 years or 100k miles, assuming I don't wreck it. I will drive it until my daughter leaves for college, the plan is she'll take it with her and I'll get something similar.

[Dayze]

I guess I would just look at the overall ‘cost’ of the vehicle once it dies.

If I paid 8k for it and drove it for say, 10 years and it died….
It would cost me less than if I financed a 25k car and drove it 10 yrs +.

I would have to probably drive the 25k car three times as long to justify the cost.

I know there is a lot more involved in ‘cost’ of owning a car etc…just using a general scenario.
That’s my $.02.

[Skip Towne]

This guy practices what he preaches. He bough one of those Japanese imitation Harleys. He wanted to be a biker but instead turned into a Japanese fake Harley rider.

[R8RFAN]

Originally Posted by Dayze

I guess I would just look at the overall ‘cost’ of the vehicle once it dies.

If I paid 8k for it and drove it for say, 10 years and it died….
It would cost me less than if I financed a 25k car and drove it 10 yrs +.

I would have to probably drive the 25k car three times as long to justify the cost.

I know there is a lot more involved in ‘cost’ of owning a car etc…just using a general scenario.
That’s my $.02.

I have 3 cars (all paid for of course)
2002 Explorer with 32k or so miles
2005 Suzuki Forenza with 18k or miles

I have a 60 mile round trip to work a day
I drive a 1994 Mazda truck with 182k miles on it bought it when it had 140k on it and the only thing I have done to it besides changed the oil; is brakes and rotors... I paid 1000 dollars for the truck.

My wife drives the Zuki and I put the miles on the truck and drive the Explorer on the weekends

[Bugeater]

Originally Posted by R8ers

you can't be choosey when you are broke... Drive less, save gas, save money... Broke people can't do what people with money can do without being more broke

Someone who is broke shouldn't be spending $8K on a car. Back in 2000 when I started my own business I was basically broke, I bought a 1992 Caravan for $2,500, drove it for over eight years and made around $2,000 worth of repairs to it. That means that van cost me around $500/yr, that's what broke people should be doing.

[R8RFAN]

Originally Posted by Skip Towne

This guy practices what he preaches. He bough one of those Japanese imitation Harleys. He wanted to be a biker but instead turned into a Japanese fake Harley rider.

And I paid cash for it too and could pay cash for a new Harley in 15 mins if I wanted too, actually looked at a Harley before I bought the Roadstar, but when I told him I had cash and he wouldn't take less for the bike as a result, I took my business elsewhere.

What do you have that you actually have paid for Skip with that major salary you earn running cable wires under houses?

Have you even got your trailer paid for yet Skip?

[R8RFAN]

Originally Posted by Bugeater

Someone who is broke shouldn't be spending $8K on a car. Back in 2000 when I started my own business I was basically broke, I bought a 1992 Caravan for $2,500, drove it for over eight years and made around $2,000 worth of repairs to it. That means that van cost me around $500/yr, that's what broke people should be doing.

If everything a person buys is being bought on credit and being paid back in time, they are broke.

500 PER yr is much much better than 500 per month..... both were doing the same job, you just didn't look quite as cool to your buds but you pocketed the money instead and put it back into your business.

I agree on the 8 k part but most people won't drive a caravan like you did or a truck like I drive..

Most feel they are entitled to more because they drag their ass outta bed everyday and go to work, just like me and you do (except for today)

[Bugeater]

Originally Posted by R8ers

If everything a person buys is being bought on credit and being paid back in time, they are broke.

500 PER yr is much much better than 500 per month..... both were doing the same job, you just didn't look quite as cool to your buds but you pocketed the money instead and put it back into your business.

I agree on the 8 k part but most people won't drive a caravan like you did or a truck like I drive..

Most feel they are entitled to more because they drag their ass outta bed everyday and go to work, just like me and you do (except for today)

Well IMO, if they can afford it and that's how they want to spend their money, they deserve it. I don't think entitlement comes into the picture most of the time.

And besides, if everyone subscribed to that theory and didn't buy new cars, where would the used cars come from? We'd be like the folks down in Cuba who are all still driving 1958 Packards.

[Skip Towne]

Originally Posted by R8ers

And I paid cash for it too and could pay cash for a new Harley in 15 mins if I wanted too, actually looked at a Harley before I bought the Roadstar, but when I told him I had cash and he wouldn't take less for the bike as a result, I took my business elsewhere.

What do you have that you actually have paid for Skip with that major salary you earn running cable wires under houses?

Have you even got your trailer paid for yet Skip?

I made more money before I was 30 than you will in your lifetime.