Considering Bankruptcy...
Well, no deals have closed, and I haven't made a dime in about fifteen months. Every single medical equipment deal I've worked to sell in the last fifteen months has fallen through. EVERY SINGLE ONE. It's gotten to the point where I've had to go to rabbis in my community to beg for money to get us through the month. Thank God they came through. However, even that was not enough and we are now over thirty days behind on one of our credit card payments.
So, it's now time to start considering bankruptcy. Filing Chapter 7, as I understand it, will allow us to keep our home, cars, and furniture. I hope. We'll probably be speaking with a bankruptcy attorney in the near future. The one question I have is the car I drive, which we own outright. We'll see...
Oy. Life really sucks... But at least bankruptcy will mean a fresh start and eliminate our credit card debt. That will lower our monthly obligations by a rather large amount...
3 comments:
I'm often teetering on the brink. My expenses and debt exceed my income. I sometimes feel if i just quit my job, go on medicaid, get healthcare that way instead of out of pocket individual rates, I will break even. It sucks man, and I feel for you.
Thanks! A neighbor of ours is a bankruptcy lawyer and a friend of ours. His wife's daughter is in my son's class. We're going to be speaking to him. Part of the problem with our expenses is my kids' tuition. It's costing us $300 per month! We're on scholarship, but it's still WAY too much! It's actually preventing us from paying our bills, and what REALLY sucks is that there's a perfectly good public school in neighborhood, one of the best in the district, but my kids HAVE to have a Jewish education. I'm sick of this being expected to be wealthy if I'm orthodox.
I would consult your local CPA about the matter as well. He's available to talk to you later about it.
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