I was 3 days from them begining forclosure when I got my tax return. It bought me a reprieve for a while but the problem is that outgo exceeds income and we have already thrown out all the ballast we can.
I sympathize with you guys struggling without jobs - I am very blessed to have one right now. My buddy is a highly (and I mean HIGHLY) qualified IT person and he was out of work for a year.
Times are tough and the most frustrating thing is when decent people start to slip into the world of bad credit and forclosure for the horrific crime of being laid off.
I have knows several people - some years ago - who filed bankruptcy. One friend was simply irresponsible - ran up a bunch of debt buying toys and took the easy way out.
However, I know a few people who have been hit with just about every calamity imaginable until they just could not do anything - with heavy hearts, they filed and got a fresh start.
That is what the law is for - to give a second chance to people who have really run aground and are taking on water.
My only advice would be - realize that if you do file, a lot of your "unnecessary" property can and will be sold off to pay what can be paid. Jewelry and furs, real estate, extra cars, RVs, etc.
I am not sure about guns - I am 99% sure that you would at least be able to keep a few, especially if you say you use them to hunt - so you can probably keep your Coonan without any problems. It might be a dollar amount, cant remember.
Also - realize that if you try and give away a bunch of stuff anf then file, they can go and repo the stuff and money that you gave away. This even includes debts that you pay - say you owe your friend $1000 and pay him before filing - they can go after him if you do that within - I think its 90 days, maybe 180 days. So - dont do nobody no favors if you do have to file.
I am sure a lot of people will pipe up that they would pay every cent if it took a century and they would never walk away from obligations, etc.
Well, our system is designed with this option in mind. It is factored into lending practices and our credit system. It is designed to help balance the scales for the consumer and incentivise lenders to work with people. So if you really are considering it, do not be afraid to tell your creditors strait up "I am considering bankruptcy if we cannot work this out" - that can make things happen, but dont threaten if you arent willing to follow up.
Finally, it is a bad idea to file if the forces that put you in that position are still active in your life. The guy I know who bailed out of his credit cards - hes back into them, does not own a home, pays crazy interest, etc.
Good luck man.
DR
