Tell us more stories about your bankruptcy and what happened?

to you, why u did it and was it worth?

3 Answers

  • Don
    Lv 5
    1 decade ago
    Favorite Answer

    I was in business for 20 years when it began a downturn. At first I drew on my line of credit to make up a monthly shortfall. Soon I had to reduce my salary to almost nothing to make ends meet. I had 10 employees and a lot of overhead. Finally I realized that even if I sold everything I had I could not pay off all the debt I had racked up. I declared bankruptcy, it cleared me of all bank debt and credit card debt. I was still able to make my mortgage payment, car payments etc. I started over in a new business and a year later sold it. I am now probably better off than I have been in 10 years.

  • 1 decade ago

    I declared Chap. 7 bankruptcy right before the laws changed, so don't have to pay off my debt that was in the bankruptcy. (Whew!) I did it mainly because of my STUPID AND DISHONEST MORTGAGE COMPANY, not to mention any names *cough, Ameriquest, cough, cough*. I thought I had something worked out with them, but they returned one of my payments because it was one day late--I had wired them the money, too, but they didn't get it on the day they wanted for it to be there--and said I was in default. They waited for a whole month to return the payment, too--I went around thinking I might be able to live in my house after all for a whole month and then found out they had started foreclosure. At that point filing for Chapter 7 bankruptcy was all I could do. (Those lousy fvckers!!!!)

  • 6 years ago

    Tell us more stories about your bankruptcy and what happened?













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