I lost a job, got into a wreck without insurance trying to get to work many years ago… very young…3 different lawyers told me ot file…but I put it off for so long hoping my ship would come int…and lost another job because the man who hit me was driving a company car that was “self insured” [not fair] and filed a lawsuit against a 23 year old unemployed student. I never lived the wild life. I did see my gardian angel though in the wreck. It’s miricle I survived. So I filed with great embarrassment, joined the Army to try to pay it but bankruptsy hit first and the money didn’t come fast enough. That was during the downturn of the oil and gas industry in the mid 80’s.
After getting married and being run into debt trying to finish my degree, barely making ends meet and with my mom on her death bed every other month for 2 years driving me further and further into debt because we could barefly make ends meet anyway, she wrote me and older brother out of will, slinging us both in debt trying to travel to see her on her dying bed…overexagerated and probably intended that way. She wrote both of us out of the will as payback for moving with our father when we were about 10 and 12. Talk about conditional love.
Anyway, after older brother found out and his business began to fail he put a rope around his neck at a friends house and jumped… 4 months later she finally died… I went into a major depression that took years to come out of and ultimately brought me home to the Catholic Church. My wife couldn’t take the pressure of bill collectors even though we were barely making it bu never able to catch up. I had expected to get massive promotios because of being in an IT field and very telented at it. But in stead of promotion I got fired and that made the depression even worse because it was an unjustified termination… To help her become happier I went along with her and filed. Note that we bought a house, while BR was still on my record with lowest rate available. In 1998 we filed and bought another house in 2001 at lowest rate.
After years of paying over limit fees, late fees, etc. I don’t feel too guilty. They drive you crazy without a break or without scrutinizing where they find you…at work or family. This was also a way to get them off of my in-laws phone list. I think we paid for it in blood, sweat and tears from all the stress and crying. We live in a crewl society…but without the Bankruptsy in place many business would never leave the groud and we’d look like a third world country. The laws are designed to keep abusers from filing. We tried like heck and even went to consumer counseling and they gave us 3 options…continue paying and hope for increases in salary, don’t pay it and wait 7 years or file bankruptsy. That’s it…not choices. If backruptsy didn’t exist we’d probably never have taken some of the chances. We’ve been credit card free since. Even finally saving for retirement now. But it has affected my employability in higher jobs and by this year I should be able to move up without it on my record.
I am an expert at budgeting now. Budgeting and financial planning ought to be forced fed to high school students.