Friday, May 4, 2012

Starting Fresh through Bankruptcy

I used to laugh when I heard the phrase, "affordable bankruptcy," but now I actually get it. No one files bankruptcy for fun; we file because we have a mountain of debt and no foreseeable way to pay it off. At the same time, a good attorney doesn't work for free and filing can actually cost thousands of dollars. Fortunately, in my experience, they also understand that you're broke and in our case, jobless, so they provide generous re-payment schedules. In other instances, some like Cary bankruptcy attorneys provide zero-down options to make it even more achievable. 

There are all sorts of unnerving unknowns in the future. Will anyone rent us a house or an apartment once we have to leave ours? You know that little box you have to tick, or not, on applications that reads, “have you ever filed bankruptcy?” I used to scoff at that, thinking what poor, irresponsible person has to check that box?! Now, I know. It could be anyone. Good or bad, responsible or not, anyone can end up here.

A benefit of bankruptcy:
a smaller bill pile!
Yet, as I’ve mentioned in previous posts, there is relief too. Our bills have been reduced to one car and utilities, we’re protected from lawsuits (thank goodness, because I’m being sued) and we have the ability to start over.

Our lawyer inspired me as we signed document after document a couple of weeks ago. He said that the beautiful thing about the US bankruptcy laws is that it allows for people to take a chance. Entrepreneurs have been given this gift through bankruptcy laws to take risks; if the venture fails, they (we) can take another risk without being punished for failing. We’re not thrown in debtor’s prison for the rest of our lives, or left to repay our former landlord’s or vendors for the next 20 years. No. We can wipe the slate clean and begin again.

And that’s just what we’re going to do. 

I am participating in a blogger campaign by Bucks2Blog and was compensated for this post, however, the views and opinions are my own.


  1. Wishing you all the very best for the future x

  2. I've never had to file bankruptsy thankfully, but I do know what it's like to struggle and it is not fun. I'm sorry you are going through such a difficult time. Hang in there, I know it's tough, but it will get better. Honestly, I've heard a lot of people are going through this now a days because of the economy and unemployment, you are definitely not alone.


  3. Thanks to both of you. I appreciate it.

  4. Oh, this sounds so familiar, we went through this 2 years ago and it was the hardest time in my life! The 'not knowing' what/where/when is the hardest and it was a true test on our relationship. But we came through it and we are now working our 'butts' to catch up (excuse the language), and hopefully one day own our own house again. Your right, the positive side of it (there's always a silver lining) is that you can start over and clean up all the clutter, that feels good even though it's hard at the time. You and your family will get through this, sending good vibes your way in this difficult time. Just remember; 'this too shall pass...'

    1. Thank you! Yes, it is the unknown that kills me. I just told my husband today that I'm preparing a moving sale, but I don't know where I'm moving! Yikes!!!
      I really appreciate your support. :) Tamara

  5. I went through one 14 years ago. Things do get better.


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