Wednesday, February 11, 2015

AlphabeThursday - M is for Money


Money and finances have been on my mind since the beginning of the year.   It’s become a real problem.  I knew this day would come, when my revolving credit line could not support me anymore and I’d have to go to the bank, begging for a loan.  But I decided to do something else instead: declare bankruptcy.  



Now I don’t know how many of you out there have declared bankruptcy.  I thought I’d never do it.  But it’s much different than I expected.  Because I have a steady income, I can’t file for Chapter 7, where all your property (usually excluding house and car) is sold and turned into money to pay your creditors.  I will be filing for Chapter 13, where a lawyer will bring my case before a federal judge.  If the judge approves my repayment plan and budget, a trustee will be appointed to collect payments from me and make sure I “live up to the plan.”  So, instead of paying a local bank interest for a number of years, I will be “supporting” the legal system for five.  And find some peace of mind.  



What’s going on with other AlphabeThursday posters?  
Come by and visit Ms. Jenny at … off on my tangent… and see.

12 comments:

Leovi Leovi said...

Yes, money is important, but not the most important!

carol l mckenna said...

Well am glad you have a solution ~ do hope it works for you ~ Unique post for M ~

Happy Weekend coming to you,
artmusedog and carol

Sarah Beth said...

Good luck to you, Deb!
BTW, your link for Jenny goes back to her post :p

Annesphamily said...

Good luck to you Debi! We have been there, done that! What I find so offensive is that the American govt. is in debt up to the moon and back and yet they judge us! My son was a manager at an ins. co. and he recently took a nice promotion but he was telling me that it is fact that most who file bankrupcty will more likely steal, not do a good job etc.! I am so insulted. Who thought that up? Someone born with a silver spoon in their mouth I suppose! I lost my job in November and last year we had to file bankrupcty. OUr main water line was damaged. We tried so hard to keep those payments up but ended up in bankruptcy. A $7,000 debt would cost $20,000 and that was with excellent credit we once had! A woman I worked with had the same co. for a similar matter and her wealthy in laws paid off their debt! We had no other choice as we were at the point we either could lie down and die or file bankruptcy! It is a sad world we live in! Then trying to reestablish credit is horrid! The changes our government made were for their benefit as well as big banks. Nothing is for the common, hard working stiff!

Rocky Mountain Woman said...

It sounds like you've found a way to make it work for you.

Splendid Little Stars said...

Thank goodness for peace of mind!
best of luck to you!

Ann, Chen Jie Xue 陈洁雪 said...

we will never get enough of money.

Lmkazmierczak said...

All the best to you...it is rough to be constantly worried about finances..http://lauriekazmierczak.com/moonscape/

nelabligh.com said...

M for peace of mind ... nice one thinking of you xxx
PS I adore your art work for this Post and K ! xxx

Ruby Manchanda said...

As they say, this too shall pass away

Su-sieee! Mac said...

Best wishes to you!

Susan Anderson said...

Hope it all works out well for you.

=)

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