This community is for people who are struggling to meet financial obligations of any kind. Financial challenges include everything from the day-to-day challenges of making ends mee...
|
Anyone every been here?
|
Watch this |
| View More Posts |
Hello-
I am sorry that we are all here so I will start with my story and hope to help someone in the future. I am in financial ruins, I just found out all of this information in the past week and 1/2. To compound the problem, I have an anxiety problem. My husband changed careers in 2001 to a full commission job. Fast forward to 2003, we lost a baby due to prematurity in April, we bought our first home in May, I got pregnant again & put on bedrest in Oct & my 2nd daughter was born at 25 weeks. Feb 2004, I quit my corporate job to stay with my daughter in the hospital & be home with her. I was never part of the finances, my husband handled everything. Fast forward to now: My husband/we owe the Irs $19,000 and other debt totalling $190,000. (investor gave him $100k to build two 2 family houses, that never happened. The builder has $60k of the money, husband borrowed $20k from another investor, $25k from his mom etc. We have $2k left in the bank and our $1800 mtg was due 3 days ago! This is all new information, I have not been able to eat or sleep. I have a 4 year old daughter that I absolutely adore and love spending all of my time with her. Now I have to put her in daycare and work! I angry & sad. I don't know what to do, where to turn. My husband owned his own business that wasn't doing very well, just got another full commission job. He has interviewed for a few other well paying jobs but any advice on what to do or how not to go crazy while in this waiting place? Thanks much= Hugs Kim We owe Posted on 07/04/08, 08:07 am |
| 11 Replies | Most Recent | Add Your Reply |
| View More Posts |
I would feel overwhelmed in your position too! No, I haven't had that much of a debt, but my husband and I filed bankrupcy in 2003. Is that an option for you? Do you think you can pay off that high of a debt? Try to think of your options, and although you are in limbo now, know that you will get through this. You and your husband need to sit down and talk about a game plan, a real one. You need to figure out how to fix this and not just band-aid the issue. I know it's hard to think straight after being blind-sided by this kind of life changing news, but just remember that there is a solution, you just need to find it. I wish you good luck, wish I could help. Keep us posted! 
|
|
|
|
||
| View More Posts |
CharityV-
Thanks so much for sharing your story. When you filed bankrupsy, did you own a house? Did you have kids? My husband sat down yesterday & put it all down on paper, it's sickening. We decided that we don't have a choice but to file bankrupcy for our personal debt (that I didn't know about) & his business debt. He still must make good on $163k, he is calling his atty on Monday to get some guidance on all of this & find out how to set up a payment plan for all but the IRS debt (IRS has been set up already-new news to me). Thanks so much for sharing your story again. We just need to write out our game plan & try not to lose our house. Luckily we don't have car payments! Hugs- Kim
|
|
|
|
||
| View More Posts |
We had our home, and our son already when we filed. We were able to reafirm one loan that we didn't want to have in the filing...
Why can't you file on the $163k? Are you going to be able to pay that off? If you are filing bankrupcy, why do you need a payment plan? It must be more complicated than I thought. I do know you can get the IRS to lower the amount owed via lawyer, I hope that is the case for you. Girl, I don't know how you are going to do all this and come away with relief. I hope you can, for your kids sake as this is going to permanently affect their lives as well. You sound more upbeat in your last post, so I hope you see something in your situation to be optimistic that I don't. Have a good weekend, enjoy your family as they are what life is really all about, don't worry about your money situation, until Monday. I wish you the best of luck!
|
|
|
|
||
| View More Posts |
Hello-I guess when I wrote my original post,I was probably still crying. Sitting down & seeing it on paper makes me sick to my stomach but put things in perspective.
My husband had a piece of land he & another guy were to build two-2 family houses. That never happened. The 120k my husband had from this guy was supposed to be in escrow but my husband had written checks to a contractor with 60k of the money (he will start proceedings to try to get the $$ back). In the meantime, he was still paying the investor $800 month in interest on his $$ but the $$ wasn't there to make the interest so he used the principle to pay the guy back (sounds crazy ha?)So that's $120k, another person put in 20k, so that's 24k(with interest);19k to IRS and 25k to his mom (which she told him she didn't want back). We own a rental property that we bough 3 years ago, the tenant had a workman's comp claim just settled and she had not paid rent for 2 years).My husband was smart enough to go to an atty with her to get the money once she settles. So, on paper he should be getting back $85k, which will go towards his debt. It kills me, all that money, for nothing. Grrr!! Enjoy your 4th and the rest of your weekend! Thanks so much!
|
|
|
|
||
| View More Posts |
If you ever need to vent, vent away! That is the purpose of this group, and I for one feel that it feels like the only safe place to do so, and where people understand exactly how you feel. I know I'm not a big help, but I will be here to listen and give encouragement through your situation. I truly hope things work out for you, and if you want to talk, you can message me anytime, take care of yourself.
|
|
|
|
||
| View More Posts |
So sorry to hear of your problems. I really know how you feel. But I find myself saying to myself that we can only do what we can do and the Lord is there for us.
I'll be thinking and praying for your family. Susie
|
|
|
|
||
| View More Posts |
i lost my home and car due to the hospital i was working for firing me for having a seizure at work. no fun. it could have been worse. i am working at home now cz no one will hire me with a bs degree and seizures. they tell me i am over qualified. lol. good luck
my email is msvb19@yahoo.com if you want to vent
|
|
|
|
||
| View More Posts |
I am in a lot of debt my self, and on top of that I'm a single mother, but I can only tell you one thing please when nothing else seems to work turn to God ask him straight questions and increase your faith get close to him, just to tell you a little when I joined DS I was in a very desperate situation everything was going bad in my life. Now my life has changed and things are going smoothly paying debt slowly and even got a job to work from home that pays better then my regular job but I'm keeping both jobs for now until I pay off the higher debts then Ill keep my home Job and quit the regular job, there are resources out there. and believe it or not in here you get a lot of support. If you want please email me>
sabesa88@yahoo.com keahilany
|
|
|
|
||
| View More Posts |
Susie-
Thank you so much for the encouraging words. I really appreciate it. I know in time this will get better. Right now I'm in "let's fix this mode", not sure in the long run how this will affect me. Only time will tell. I gave my mom a small pillow that hangs on a door knob when she was diagnosed with cancer, it reads "Faith in the unseen". I keep looking at it. Thanks so much! Kim
|
|
|
|
||
| View More Posts |
msvb19-
Thank you for your reply. I am so sorry to hear of your troubles, especially after something you cannot control (seizures). That's such a troubling thing to hear, almost sounds like it wasn't a legal thing to do. How long have you been in that situation? Kim
|
|
|
|
||
| First | Previous | Page: 1 2 | Next | Most Recent | Add Your Reply |
Hi all. I just joined today. I owe $5197 on my daughter's private school tuition which I stupidly haven't paid in a few …
I have a ppiece of property with a 4500 sq ft house unfinished in an affluent LI communtiy need loan to finish my …
Do any of you have a husband like mine??? My husband cannot keep track of finances to say the least. I have been …
