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.