Many people wonder how they will overcome bankruptcy. It isn’t an easy feat. I have done some research on it as it is an option under consideration for my family. We have worked hard to become very responsible with our finances. My family and I left New Hampshire in 2006 to move to Florida. No disrespect to Florida, we were miserable there but we had bought a house when the market was doing so well.
Fast forward to 2010 and after talking and thinking it through we made the decision to move back to New Hampshire.We are so happy to be back but we have taken a financial hit. We had to short sale our house in Florida that was now worth 20% of what we bought it for (SW Florida took one of the largest hits in the country). Now we couldn’t help wonder if bankruptcy was an option.
I looked over a lot of info online and considered all of my options. I realize for me the best option is to wait and see how a few personal situations pan out. I do know given our nation’s economy, filing bankruptcy is not shameful. For some it is a step forward. I am also thankful for all of the information available online to help me in my research. While the laws vary from state to state, California bankruptcy laws provide a good starting point.
My advice to all considering bankruptcy, do your research before making your final decision. Overcoming it won’t be easy. Find a good bankruptcy and arrange a consultation. If you do your research in advance, getting your finances in order afterward will be a lot easier.
*I am being compensated for this post. However, the opinions expressed are my own and true.
I filed for bankruptcy in 1997 after having a very sick child. He was epileptic and severely asthmatic. I made too much money to qualify for state aid but did not have health insurance and not enough money to cover all of the visits to the PICU. I was able to recover my credit score within 5 years and purchased a home. My credit score is well above 700 and the only reason why it’s not above 800 is because we don’t buy on credit. If it’s something that needs to be done you can overcome it and even within a reasonable amount of time.
My ex husband and I had filed bankruptcy in 2004. We had to do a Chapter 13 in order to be able to keep our cars and house. It was not a decision we made lightly. There was a lot of factors that played into the situation. My 2nd son was born and was very sick. He was in and out of the hospital and dr's office. My husband (at the time) had been demoted and took a significant pay cut. Well i could keep going but it ended up being a necessity for us. For someone that is really in a tight situation it may be an option. Most of it has already come off of my credit reports. I'm working hard to fix my credit. I've already raised my credit score significantly.