is it morally wrong?????????

mommaof31isdsd · **is it morally wrong?????????**

to file bankruptcy? we have nearly 33000 in cc debt AND an extra house AND only make 38000 a yr. i see no way out of it! im just freaking out because i want to do it but *dh* doesnt. we have 2100 worth of bills (not groceries or any thing) and only make 1700.

calimari · 10-10-2006, 02:13 PM

Why don't you sell the extra house?

Rakshanda · 10-10-2006, 02:32 PM

I think you should exhaust all mean to cut down expenses, cut down you spending, you extra house, cars payments. everything before you file for bankruptcy. I would work hard at making payment plans with all debtors and trying to pay it off.
Is there a specific event this happend? did a business you ran go belly up? did you have medical expenses and no insurance? or is it just living beyond your means?

Happymom · 10-10-2006, 02:34 PM

It is not morally wrong, if all other options have been used. If you live a high lifestyle and are just doing it to get out of debt and continue on that high lifestyle, than it is wrong.

Try to sell some things first (like the extra house) Look at your bills and see where you can cut. Try everything first. Bankruptcy should be a last ditch thing.

Kimberley · 10-10-2006, 03:02 PM

have you tried a consolidation loan for your credit cards? the bank pays off your credit cards, you cancel them all and get rid of them and then you make a low monthly payment to the bank over a period of years to pay it off. i would try that, i would go to debt counseling, get rid of the extra house, and cut back on anything unnecessary, like internet, cable, cell phones, any take out, or eating at restaurants, start shopping at sales for groceries, or using coupons, see what you have that you can sell on ebay? what about those types of things. i know when money was tight we cut off our internet, and we use dialup under my parents number so it doesn;t cost us anything. and my parents don't mind.we cut back on gas expenses, in the winter we lowered the thermostat by 2 degrees, and dh stopped buying lunches and only takes his lunch to work, we don't eat take out at all. and i make my kids lunch snack instead of buying them. i personally don't think bankruptcy is immoral, but i think it should be your absolute last option.

mom23angelboys · 10-10-2006, 10:20 PM

First of all I just want you to konw I will be praying for you and your family in my quite time tonight. This is an awful place to be in, and nobody wants to be there. I would exhaust all my resources, selling all the "extra" stuff cars, houses assets (not needed). Then see what that leaves you with. I would definately contact a counseling service for consumer debt, like consumer credit counseling service/money management international. Go to www.crown.org this is a Christian financial site founded by Larry Burkett who passed away about 3 years ago. I believe that there are references from Dave Ramsey, and so many other resourses there. There might even be a toll free number you could call and get some live help from a trained professional. Nevertheless, it is still going to be some major changes for y'all. We are enrolled in consumer credit counseling service. We have been with them for 2 years, and lack 2 more years to be free of cc debt. It seems very daunting at first, but once you start paying down the amount, you can see the accomplishment and see the light at the end of the tunnel.

I don't think it is morally wrong, however I do feel that you have to be willing to make some drastic changes so that it doesn't happen again. I am not pointing fingers, so don't think I am judging you, I'm not! We are in the same boat!!!! My hole just got bigger before your's did!!! LOL It is an ongoing battle, so go into it for the long haul. There aren't any easy answers. Ultimately I think you and your dh will have to pray, research and find out as much as you can about all of your options, pray some more and get some good professional advice (crown.org) and then make the best decision that y'all can. I just want to encourage you and let you know that you are doing the right thing and the starting point is the hardest. Remember that you aren't in this stuff alone, so many others are right there with you, including me! THIS TOO SHALL PASS! Chin up!!! Angela

aliadam · 10-10-2006, 11:28 PM

I wouldn't file bankruptcy unless I absolutely HAD to. I agree with selling the extra house. How did you end up with $33000 in cc debt?? At some point you just have to say no to yourself. You need to find some way to cut your bills to fit with what you make. Maybe you could take a part time job until you're caught up more. Or dh could get a second job for a while. Eliminate all unnecessary expenses (cell phones, internet, cable). Only after I'd done all of that would I even begin to consider bankruptcy.

mommy&wifeisme · 10-11-2006, 06:32 AM

I agree with the ladies, sell the things you don't NEED. And take a good look at what you can cut back on. I know people (some family) who have filed bankrupt when it wasn't necesary because they didn't want to make lifestyle changes. I'm hoping the govt. will make it more difficult to do so in the future. Your debt is the product of the promises you have made to pay back the company who have helped you by loaning you money to buy the things you wanted or needed. So I think it is wrong to not do all you can to keep to your word!

LadyByTheLake · 10-11-2006, 07:14 AM

I know all to well how you are feeling and you are in my prayers. I agree with the other ladies, if there is anything you can do to cut back your expenses and sell some things that are not necessary than by all means do that. It may be hard but it is worth it.

I know of one family who went out on a shopping spree (jewelry, lawn mowers, house, car, etc.) and then went out and filed bankruptcy. They have changed the law here in FL. Instead of wiping your debt clean you still have to pay a good bit of it back.

flybygrace · 10-11-2006, 10:49 AM

Can you even file for bankruptcy with that much in assets just sitting there? My bff and her husband just filed, but before they could, they had to meet with a credit counseling service that went over all of their assets and debt with them and made them sell off one of their cars and sell some other stuff before they'd even be allowed to file for it. Wouldn't selling the house get rid of all the debt alone? I dont' know squat about realty, but I think 33,000 is a cheap price to get a house. Or if you can't sell it, rent it out. At least let it get you money instead of losing you money.
If you're only bringing home $1700/mo, that's about where I am. What do you have in bills (without groceries) that cost THAT much? Maybe we can all help you think of ways to cut back and keep your expenses within your take-home income.