Money Problems? Have you thought of this?

by Robdar 2 Replies latest jw friends

• 

  Robdar

  I posted the following on Restrangled's topic, "Losing a Home." I thought that considering the economic meltdown, it might be good to post this in a separate thread. I hope this post will be able to help anybody who is feeling the financial hurt:

  My heart goes out to anybody who is about to lose their home. Please seek the advice of a good, well established, bankruptcy lawyer. Even though the reform act of 2005 is in effect, there are changes coming and each state has it's own "local rules" that may be in your favor.

  I work in bankruptcy and it is heartbreaking to see what is going on in this country. The attorney I work for has been practicing for 47 years and knows the law inside and out. He has been able to help many, many clients keep their home. Sometimes, however, his best advice has been to dump the house and move to a rental. Although the clients get upset at first, after it's all over, they usually feel relieved.

  A lot of people are squeamish about filing bankruptcy. If you are one of them just remember, bankruptcy is not illegal and it may be your salvation. You will always have a chance to rebuild your credit. Besides, if you are behind in your bills, your credit is already ruined. Bankruptcy can remove a heavy burden. It can also reorganize your debt and help salvage your credit.

  The money you spend on a good, well seasoned attorney may save you financially and emotionally.

  Do not, I repeat, do not trust the ads you see on television promising to help you reorganize your debt. Most of these people are rip off artists, they take thousands of your dollars and do nothing. A good place to look for reliable, honest credit counselors can be found here:

  http://www.usdoj.gov/ust/eo/bapcpa/ccde/cc_approved.htm
• 

  Quandry

  Thanks for the advice, Robdar.

  I am 57 years old. My family has had its share of financial ups and downs. We have never lost our home. One reason why is that we are very frugal. Our home is small but affordable. Our car is old but well maintained. I am careful with clothing purchases. We eat leftovers. We seldom eat at a restaurant. When we do it is a treat.

  Perhaps the economy is a wake up call to all who "had to have it all."

  I realize that some become bankrupt through medical bills, death of the primary income producer. and that is truly unfortunate, and can't be helped. Otherwise, yes, a rental is better than nothing.
• 

  Robdar

  Thanks for the advice, Robdar.

  I am 57 years old. My family has had its share of financial ups and downs. We have never lost our home. One reason why is that we are very frugal. Our home is small but affordable. Our car is old but well maintained. I am careful with clothing purchases. We eat leftovers. We seldom eat at a restaurant. When we do it is a treat.

  I Perhaps the economy is a wake up call to all who "had to have it all."

  I am frugal too. I have had acquaintances look down their noses at me because I refuse to live the "high life." I have had those same acquaintances contact me lately asking if I can get them a discount on attorney services.

  I realize that some become bankrupt through medical bills, death of the primary income producer. and that is truly unfortunate, and can't be helped. Otherwise, yes, a rental is better than nothing.

  True, up until recently the bankruptcies we filed were for those very reasons. Now the biggest cause is employment layoffs.