The Case for Walking Away

With bankruptcy, I filed Chaper 13 (1994) and paid on tiime which included my mortgage payment. With the completion of the terms(October 2008) I was liaid off my position (November 2008). Now I don't know what to do because now this is on my credit report of 5 to 10 years and receiving umemployment. What a circle. I did what was suppose to do and get t me back on my feet and now I am 3 steps back,. I can't win for losing.. Any suggestions

Well lets see here. I am facing an annouced lay off, in 2009. My house that just 5 years ago was worth $236K, now sitting at $125K (appraised on 12/22/08). Oh Boy, I can keep my medical coverage through Cobra, at a cost of $1100 a month! Unemployment paying right around $225 week, will just about feed us and keep the utilities on.

I've been a good dubbie, paid my bills, don't owe anything to anyone, except for the house, Now I am to take my life savings and try to stay afloat, to see what else the CRIMINALS of this great country can take from me?

Billions upon Bilions given to companies that couldn't balance a check book , if their lifes depended on it, yet, "WE the People" are expected to Bite the Bullet, cough up EVERYTHING and continue to allow the Elite, to Rape us until we are so desparate, even Suicide looks good?

My 401K is safe....Yeah right, until they find a way to get their hands on it! They've taken TRILLIONS already!

A National Debt that is eventually going to have to be paid, HOW? Nearly $11 TRILLION, from our childrems future, already spent, and they are not even out of High School. I just wonder when it is all going to end?

Remorse, NOT ONE LITTLE BIT. The "Elite" of this contry have a GOOD lesson coming, and it won't be Pretty! Things will get really bad, when people can no longer feed their children, take them to the doctor, or even put a roof over their heads!

Street light poles, need decorated with these criminals, that have ruined our great country! The time is coming, and it won't be Pretty! They've backed us into a corner, there's no place else to turn.......

I agree with R Cole. We must not worry about these HUGE corporate companies and help ourselves. It's all about saving yourselg these days. We had a mortgage that after two years incresed a whole $1000.00 a month. We decided to ask the mortgage company for help. It took 8 months to get a fixed rate of 6% that increase over a period of 4 years to 7% but is was for a 30 year mortgage. The payment did not decrease whatsoever. We were really hoping that it would go down at lease a couple hundred dollars. The only thing it did was extend the loan. The payment actually increased $100.00. In the meantime we did stop paying the little credit card debt that we had left. We did feel bad about it for awhile, but then learned that so many people are in the same boat we are. Self employed! We hope that everyone can hang on this year. Take one day at a time and try and get through this mess. Oh what a mess!
BK

r cole.... I totally agree with you. With the credit card companies four years ago pulling together some 163 million dollars for the lobbists to get ones like our Biden to vote for the new laws against bankrupty. I think it's time the american people
also start pushing for lobbist to becaome iiegal to go to the very ones we elect to serve us and get such bills passed. With the amount of money these elected officals get from lobbist it's no wonder we have the problems of staying honest in gov.
I also feel it's time for these banks like Citi bank to realize who's bailing them out! All of us here in the USA need help now.
Let our government pull together and Help US as we have them!!! If they can do this for the banks, Auto makers...They can do it for us! Oh yeah! Lets not for get AIG.... The one who rubs are nose in it.....
Give us a decent stimulas package to get this economy going from the ground up!

Congress and the masters of the universe had better wake up to the first big financial disaster of 2009, the tsunami of credit card defaults and bankruptcies that will slam into our economy any day now. Having investigated bankruptcy, we found that we could call up no inner guilt or remorse for the credit card companies that would take the hit. We decided to go another way, but Ms. Quinn's insights may inform a future decision.

Unemployment will be the biggest driver of bankruptcies this year. Mortgage companies and credit card companies are willing to negotiate at least short term relief. This could help until the lost job is replaced, most likely for boomers by a lower paying job. Then you could negotiate new terms of repayment. We went with a non-profit credit counseling service since sparring with the various card companies detracts from more productive job-seeking or income producing efforts.