Let's start at the beginning, you started borrowing money to improve your life. You are 21 and back from the Armed Forces. Life looks good and you are looking forward to your new life. Sounds like your life so far or close to it. Then it happens, we meet the love of our lives and decide to get married. Now there is more than just yourself, there is your wife to think about also.
Life moves to the next phase, an apartment together, each of you has a car that has a loan that is due every month along with your monthly rent payment. During this time period, there were multiple credit card offers that were accepted and now there is also a monthly credit card payment of one or two. Life is great, buy what ever both of you want and enjoying life together. Your wife wants furniture, so guess what, a new bedroom suite along with another monthly payment. Payments are starting to creep up and you realize, wow, there is not enough money to live on. What do we do?
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This is the typical scenario of a young couple struggling with a fresh start in life. It can be simple or even more complicated, but it happens. Debt starts to slowly take over your life. Money is spent at Orlando for a vacation and before you know it, it is a struggle to make ends meet. Then, disaster hits and the company that you work for goes out of business. The two of you are slowly getting further behind and the furniture gets repossessed by the loan company. A terrible story but true for a couple that I know that it happened to. His wife also got laid off but found another job quickly at lower wages. He has since found a job but at lower wages also.
This story is simplified and is much more complicated. They both had to hire a Bankruptcy Attorney to get them out of the mess they were in. They decided to file Chapter 7 and get a fresh start because of the harassment of the bill collectors. They were getting phone calls at all hours of the day and night. They could not take it anymore. I also forgot to mention about the medical bills that were incurred during the time he got laid off and had no hospitalization because he could not afford the payments to Cobra to continue the insurance.
This couple has a new start in life with a new financial perspective. They have decided to be a little more conservative with their spending and are slowing getting their lives back on track. Did I tell you, they now have a little boy who helped change their lives also. This is a sad story that ends good in the end. They are slowly re-establishing their financial lives together now.
In conclusion, life starts out easy and fun but somehow we get into a mess because of lack of financial skills. Financial skills are usually learned the hard way due to lack of experience. Chapter 7 Bankruptcy is not for everyone, but in certain cases with the advice of an Attorney, it could be your answer for your nightmare. Remember to always consult with legal counsel before making any financial decisions like Bankruptcy.
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