This is a first person account of one families struggles with the decision to file for bankruptcy, and the emotions, fears and results that they experienced. We know that when you are having money problems, you can feel alone and as if you are the only one this is happening too. We hope this story gives you inspiration to know that ow will recover from your own financial struggles.
In 2007 we were blessed with the birth of our first child, a beautiful baby boy. Shortly after his birth we realized that we were in for financial disaster. At 13 weeks pregnant, I suffered major complications and almost lost out baby. I was placed on bedrest, could not work and we had only one income which was being impacted by the fast that my husband need to be at home caring for me.
Our budget was tight but we were doing alright. We were new home owners, had a new baby and felt like we would recover in no time. Then our insurance started to deny claims that had been filed during my high risk pregnancy. The medical bills started pouring in. It was not on common to get bills every week. We tried our best to work with creditors, create payment plans and make sure we connected with everyone so that we could managing an ever growing debit.
Then the housing market crashed. Our home’s value seemed to be cut in half over night. Our neighborhood quickly changed from “happy family community” to foreclosed properties, an increase in crime occurrences and vandalism.
As we struggled, our lender refused to help us. We were harassed by them, called names, threaten and belittled. We knew we needed help but the idea of bankruptcy seemed wrong. We felt like everything going on was our fault.
The decision to talk with a lawyer was not an easy one to make. It was scary, overwhelming and just plain unimaginable at times. Once the process got started however things quickly changed. The lawyers gave us confidence. They showed us that we were not totally at fault for the situation we were in.
Having someone support you and help you refocus, get back on track and gain a healthy outlook for the future is one of the best things we did. Instead of feeling as if we were failures, we learned how to make changes, how to make the right decisions when it came to whom we took loans from and who we trusted with our money.
We did loose our house, but thankfully we were able to move on. Not only were we able to get credit rather quickly, we also were able to make smart choices to increase our credit scores and get focused on our future rather than a series of things we had been made to feel we could have fixed when really, we had no control over.
Partnering with a lawyer who knows what they are doing when it comes to bankruptcy, is the biggest step forward you can make. Don’t be afraid to ask for help. The problems that made you consider bankruptcy in the first place, can cloud your judgement and make you feel a lot less confident that you have to be. Bankruptcy is not the end of the road.
*We have kept the writers identity confidential at their request.
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