I have just heard that my cousin who is married to a car dealer has gone bankrupt. This means that they had to sell their luxurious car and villa. Instead they had to go and live in a small flat. To save money they eat at my aunt almost everyday. Would you survive after going bankrupt? © ronaldinu 2008
[question posted by ronaldinu]
responses and comments:
Yes, I would. I would not have a choice but to survive, and I will be looking for a way to get back on my feet too. You have to have the motivation that you are going to make it and do it. Nothing is impossible, I believe they will be ok if they have that will power, it may not be as glamorous a life as they were used to but they can make it. I wish them luck on their journey back up. [Chevee]
Hi Ronaldinu, I have never been bankrupt but I lost my home in the early 90's and I was in B&B and caravans for many years and now in 2008 I have a three bedroom house in a beautiful coastal town in England and have never been happier so yes I guess I would survive that as well and come out of it far happier. Huggles. Ellie :D [ellie333]
thanks ellie, i had a quiet bday this year. but it was still enjoyable. [ronaldinu]
Yes I think I would be able to survive, I lost my job and right now I am living on my sosn's SSi check, until I can find me a job, they were talking about cutting his check off when he turns 18, I told them he will still be in school,that is because he is far behind right now, I will make it I am not worried, I will find something else.happy [notlistening2]
Hi ronald, I do know really if we will but we are trying not too and for us to do it, we are trying not to spend more than what we are earning and be contented with what we can afford, live in a simple life! [checapricorn]
At this point of my life. I really feel that no matter what happens I will survive! I get that from my faith! This world is only temporary! [LouiseKnittel]
Amen and amen! When we make money our god, we are lost already. [keymandan]
i'd sure try to survive but would hope ittaught me a lesson to be more careful what u spend your money on. [ANTIQUELADY]
copyright again? Please explain. [rocketj1]
I don't believe we have any choice but to survive unless you are talking about the marriage. MANY marriages are victims of financial stress. Some people however don't survive mentally or emotionally either. They have break-downs. I don't believe anyone could predict that. We would all like to think that we would never have that happen to us. [rocketj1]
Declaring yourself bankrupt used to have a terrible stigma attached to it,but over the last few years that has waned.No longer is it seen as a weakness or as being irresponsible.For some there is no other way out,the debts have spiralled out of control and are no longer a viable proposition to repay.Of course there is the IVA route,but for many even that is not an option.I know when one of my husbands relatives had to declare himself bankrupt during the early 1980`s it was a dreadful thing.All of his assets were frozen,and all of the valuables that he and his wife owned were taken by the liquidators,including jewellery.It was totally humiliating for them.but on reflection they had lived a life beyond their means,they had been enjoying luxury at the expense of others,so it was time to call a halt to it all.Their relationship went downhill fast after that,sadly recovery never came and they divorced not too long after.But he then went back into business again after some time had passed,and he rebuilt his business again. [ella1bella]
This is a time when the strength of their relationship will really be put to the test. When everything is going well and you live in a nice house, and have a nice car, there is no financial stress. However, when things turnaround to such an extent as your sousin's then the situation becomes really stressful. I wish your cousin and his family the best of luck. [mipen2006]
I suppose you'd have to survive ... what's the alternative? It's very sad so many people are being affected by the economic climate. In Australia, I think a lot of people have relied on living on credit and purchasing homes with very little deposit and huge repayments. There is no margin for interest rates going up, or unexpected expenses, and many people (young families in particular) are having to give up their homes. [guybrush]
There is life after bancrupcy. You simply have to pick up the pieces and move on. I went through one in 2005..I think it was. It was more because I was working for someone who was in need of care and couldn't afford to pay much. It was an Elderly person.. Anyway I gave of my life many years and couldn't do both working for less and paying my bills.. I am doing much better now.. God will help anyone who is willing to put out an effort. [littlefranciscan]
I believe we all do what we must and we survive what come our way. That's one thing about the human species, we will survive. It may be hard at first until things get better. But that only teaches us to get by how we can and to learn from what went wrong. Sometimes people start living beyond their means and they have to work around it somehow. Others just have something happen that causes them to go back to where they were before in some ways. Whichever, we survive. I have got to the point of almost losing everything not long ago becasue of cut backs at my husbands job. It put us in a hole so deep I couldn't even see the top any longer. What helped was when I was able to work. I suppliment our finaces. Then I wasn't able to work anymore. That threw us in a downward spiral. He got a new job just before I was going to sell our home and have nothing, basically. And be traveling around with him from job to job staying in hotels. I couldn't live like that with my health. I can barely go and do things so that would have hurt me in so many ways. Also never having a doctor to get medicines and other things, physical therapy, etc. [moondancer]
I don't know but I have never had a lot of money to spend anyway so I'm used to being thrifty. Then again bankruptcy can happen to anyone, I guess I will have to be prepared just in case. I will find out if there is any place for homeless people to stay until they can afford another roof. [LittleMel]
We did declare bankruptcy, chapter 13, many years ago. We did not lose our home. Medical bills, my husband being on strike with his company and other problems caused us to be behind on bills and we almost lost our home. We had to cut back on things, significantly, but we survived. I just worked more, ate cheaper meals, used coupons, did not go out to movies or on vacation. We had our home, which is small, but it's ours, we had our health and our loved ones. All the rest is just stuff and it is survivable. [nanajanet]
I believe I would do ok. I am a survivor from way back and have been through several financial and other problems. I have always come out on top with the grace of God helping me out. I am the type of person who is willing to do whatever it takes to get things done. It is certainly a humbling experience to say the least and hopefully one that will never be forgotten. I know that my experiences have only made me stronger. [eeyore39]
Hi ronald my ex husband had to go bankrupt..his accounts,cards everything was taken away from him he was a bankrupt for 2yrs then it took cost him $400 to get out of bankruptcy...during the time he was a bankrupt it was hard but we survived, it isn't as difficult as people think....litleowl [littleowl]
this would be a critical situation when we are bankrupt...as in such conditions we try to give off all that we have for the debts made by us...so in such critical situations i believe its hard to survive...but if we have the will power then we can find a way to our problems and get on to the right track.....hopefully this helps better to survive in such situations... [evamshi88]
No, I don't think my family could survive if we go bankrupt I think will have to sell everythong we have and start all over again and it will be very hard for us to make it until my husband can find a descent job and start to put things together again. [reddbone]
I think if your used to living a certain lifestyle, it would be hard to survive after going bankrupt, because you would be used to living a priviledged life, and having all the luxuries, then you would have to learn to live on less than what your used to. I don't think I'd have trouble surviving, I don't have much anyway, I'd be used to living on less than what I had. I don't plan on going bankrupt anytime soon anyway, as I'm not in any kind of debt, thankfully. [walijo2008]
i have never gone bankrupt. but, i think i can survive after going bankrupt. your family will help you. that's why, keep in touch with your family. they're the only one who can help you in this kind situation [iman3004]
hi ronaldinu, I have read it in a book before (sorry i forget the title of the book and the author) that mostly who under go bankrupt is more succecful than never been experiencing it. Many people who work diligently and strive for success to become financially successful fails along the way. they made their failures as a learning experience like thomas Edison the inventor of electricity say that it took him 1000 step to fanally succeed to his evention that we are using everyday. May be this discussion i make can help you. Try to comment it. Happy mylotting.happy http://www.mylot.com/w/discussions/1749978.aspx [Margarit]
Yes it is possible to survive but you have to work at it. Find yourself a job and learn to cope with a reduced income. That is the hardest part and is the same if you lose your job. In Australia we have income support for people out of work but it is not much and you need to budget very carefully. The important thing is to try and get a job as soon as possible. That may be hard if the company has a problem with your bankruptcy. I think there are some jobs you are not allowed to do. I could be wrong. If he cannot find work his wife might have to try or both of them. [sharra1]
hi we survive in two senses - physical and mental. Physical survival is not in our hands, anytime we may die or even if we don't want to survive, we have to. So being a bankrupt one may physically survive, but i don't think he/she will survive mentally for long time. This is what is true for me. I won't survive mentally but won't commit suicide. [tapnaroy12]
I never imagine that, but be prepared yourself not to go bankrupt. Buy what you can, and never overspent it. it is a good advice as always. [jzbrynn]
I have gine bankrupt because my husband did and so I had no choice but to also. We are going through it right now, as a matter of fact. Our's was a consumer proposal so it is a little different. We have to pay for 3 years till it is over. It is actually really easy after going bankrupt because you have no bills to pay. All you have to pay is the monthly fee for the bankruptsy which is only a pecentage of your wages. We only pay $500 a month to the trustees which is a lot better than the $3000 a month we were paying before. So after the three years are up, which is only in another year, we are totally debt free and can start all over again. So it is a lot easier and we get a second chance to do it all over again. [chrislotz]
I'm a survivor so I'm sure that I would. I've heard it is tougher for those who are accustomed to a better lifestyle than those like myself who have always struggled just to get by. I think it is hard for them to adjust to a different lifestyle. I think that most of them will survive but it will feel worse for them. It's a bigger adjustment. Heck, I'm on the other end of it all. I qualify for bankruptcy because I ran up some credit debt a couple of years ago while raising 3 kids on my own. I had never used credit before and made the mistake of using too many cards. I only charged necessities but they added up & soon I was in trouble. I consolidated before my credit got bad. They advised me to go bankrupt but I refused. They couldn't lower my payments but they did lower my interest rate and so far so good. I should soon be debt free...knock on wood. I live pretty simply and pretty good at budgeting so i'm sure we'll be ok. I think your cousin just has to adjust to living within his means...not an easy thing for some people. [sid556]
Of course, I would! I definitely wouldn't commit suicide. Your cousin and her spouse are doing quite ok too. They will survive. :) Cheers! I love that copyright sign. lol [positiveminded1977]
you are only totally bankrupt when you stop trying. i believe that we are given all the mental, physical and emotional capabilities to withstand life's punches. sure life is hard but we only learn appreciate what we have when that something has been taken away from us. your cousin lost their luxurious home and now lives in a teeny tiny flat. at least she still has shelter, lots of people dont. maybe now she will learn to appreciate the fact that even though she feels as if she is destitute, at least she wont be sleeping on the gutter. when she gets back on her feet this experience will make her stronger and more appreciative of the blessings she has gained. [sullen]
I think there is survival after bankruptcy. A friend of mine went bankrupt about a year ago and he admits he is learning a valuable lesson. He was spending far more than he was earning and kept thinking he would pay it back at a later date, but then he said he woke up one morning and realised that he was a slippery slope and had no chance of getting himself out of debt and went into voluntary bankruptcy. I feel bad for him, but he says he feels OK and that he's going to bounce back. In fact, he seems positively happy. [derek_a]
As the American financial storm becom biger and biger,so many banks have been bankrupted.That has effect people's daily life. [victory999]
I must depend on myself for survival if ever i were to go bankrupt.. Those who are not able to do so, are just weaklings, whom are too pampered in life.. NO matter what, the life is ours, and we determined our own lives.. SO if we want back the comfort of the past, all the more we should strive for it and work harder for it ^_^ NOthing is free in this world, whatever we want, we have to fight and work hard for it.. PLus bankrupcy is not the end of the world, it's just the begining of a new start in our lives ^_^ [kun2349]
I'll survive because i'm living in a small flat and always one step away from becoming bankrupt. In our country we have a foodbank, people that haven't enough money they can pick up a free box of all the necesarry crogeries(milk, bread, vegetables) every week at the foodbank. This way they can make a meal at home every day. Sometimes there is even candy or cake in the box. [Jody20]
Hello there ronaldinu My husband put us through a bankrupcy which was the best thing for us as embarrassing as it was. We owned nothing so we lost nothing (apart from my dignity). As you know I am no longer with him so life is pretty peachy now I must admit. I have certainly survived the bankrupcy though I have a few problems like not being able to have a normal account with a debit card and cheque book but that's ok, it's not a real hinderance and financially I'm doing ok! [Humbug25]
I have always been poor so I know how it is not to have money. Going bankrupt might be a luxury. Cheers!! [underdogtoo]
Of course different countries treat and view bankruptcy differently. In the US bankruptcy is no longer treated as the end but rather as a new beginning. Certainly for a few years it is more difficult for the newly bankrupt obtain credit cards, auto loans, or mortgages; but it is not impossible. These days a bankruptcy might negatively affect job prospects, but I suspect that will change soon also as our economy continues in its downward spiral. I have known people that have gone bankrupt more than once and survived. In the US you are allowed to keep you main transportation and your main home. Depending upon the type of bankruptcy the courts will usually renegotiate any past due on the notes to allow you to catch up payments. In some bankruptcy you actually pay off your debtors, so these days it isn't exactly a get out free card. What it does is eliminate interest and assign the court as the collector. It is harsh really as for up to 3 years you will have nothing, the court will take everything to pay your debt then for another 4 years your credit rating is in the toliet. I read somewhere recently that a primary cause of bankruptcy in the US was medical bills. I wish I could remember where I read that. It was a pretty harsh condemnation on the American system. I should a sprial of job loss, insurance loss, medical incident and then bankruptcy. People survive. I suspect that we will see a rise in bankruptcy over the next 3 years in the US. [lvaldean]
I guess I would have to say YES INDEED remember there are thousands of bankrupties every year and I guess some make it and other don't Why i guess we will never know Right now October 2008 there will be plenty more here in North America I donot think it will mirror the Great Crash of 1929 but you never know I would have to know more about your cousin to give a real evaluation I would SURVIVE Good Luck Have a Great day [vmksvmks]
Oh I would survive as you would have to but life would be different. Different home, car (if you still had one) etc. I would not feel good about it that is for sure. I have always paid my bills and almost always on time. There were a few occassions where I have been late either due to neglect or not having the funds available to pay the bill. My credit is excellent. But we live pretty much pay check to paycheck and if some catastrophe happened to us like losing our jobs or some large expense we are not expecting it would be very hard for us. I have never had to file for bankruptcy nor do I want to and I hope it never happens to us but if it ever does you just have to go on and pick up the pieces and move forward. [ryzach]
bankruptcy is something that happens to us sometimes and it tends tomake us learn to live small and face reality,but it ddoes not mean the end of our lives i believe that anyone can still survive bankruptcy [BYOLA2871]
i will be sad and worried but will never lose my self-cnfidence. [chandan_narayan]
hello ronaldinuji, well it is very sad to know about your cousin. it is very difficult to live after bankrupt, but it goes easily if you work hard and try to rebuilt all what you have lost. one should have the will power to stand again. and the most important family and friends support should be there. therefore i can only say all the best stand again and resettle all the things. have a nice time. [shalu1975]
i did it before my friend thats how i am careful with my money now. before what is money but now where is money lol and i am glad furtune came to me again and i am able to survive and help in life but most of all i am thankful to God for giving me the opportunity to rise again. [skywolfcel]
The more money you make, the more you spend. Once you're used to living it up in a certain way, it makes it difficult to go back down to basics again. But it can be done. I am going through a bankruptcy. I will have my discharge in the new year, and I am looking forward to it. Money is tight right now, because it costs money to go bankrupt, but I'm managing. I don't have many extras for my sons and I right now, but we have all of the necessary basics. And really, my kids are in need of nothing. The only difference that they see is us not going out to dinner and a movie every month like we used to. [CanadaGal]
Hi ronaldinu, Life is a risk, no matter what you do, I don't have a business going but if I did and end up like your cousin, I think I would survive, it life and I would hve to start again but not have a business, having a buiness against your home is very bad, because when you lose your business, you lose your home, its very riskey, they will be fine, you see. Tamara [tamarafireheart]
My first efforts would be that i spend within my means and never try out measures which could lead to bankrupcy. Secondly if i ever go bankrupt i would be surely living with it and would put in all my efforts and thoughts to get myself out of the situation and lead a respectful life. [limcyjain]
I'm sure it would be rought, but you'd have to do it. Learning to do things differently would be very hard, but most people thinks it humiliating. My husband filed for bankruptcy way before he met me. He now knows not to live above his means. [reinydawn]
I have already gone bankrupt. I filed for bankruptcy a few years ago, and have been able to make a pretty good come-back I guess. You can do it. You just have to keep trying. Things will all work out in the end. [goldeneagle]
yes, i would still survive.., i would move on, start a new beginning and strive for my goals.. i would have new strategies to star over again.. [cuttyrish]
I'd survive, but I don't want to just survive, but thrive. I started not one, but 3 businesses just as the recession was hitting, and all are doing well. Almost too well. Keeps me pretty busy. It took a determination to be successful, but also a little boldness in the face of what apparently was a crisis. "You have not, because you ask not." Well, I asked, and I received. I'm certainly not there yet - that is, rich and successful, but I'm getting there, and I keep asking people to listen to my Music website - www.soundclick.com/danmatheny, to let me paint their house, and to network for our mutual benefit. All of these things are necessary to overcome financial difficulty, of which many are suffering right now. There are no easy solutions, no quick fixes, and no help is coming anytime soon from the government. So, grin and bear it. [keymandan]
i guess i will survive ..of course God forbids...since im really not that rich..just an average kind of.....but i havent experienced yet that situation i mean eating to another relatives just to save money...of which if that will be the situation i could say that what happen to your cousin was the worst... [vanities]
I think I will survive. I came from a not-so-well-off family and growing up was fun though we've been poor. I guess, it lies down to your survival skills and to how you deal with situation like this. happy [tryxiness]
I would have no choice but to survive and if it means going back to basics and living in a bedsit or basement apartment, take up several jobs and cut back everything, then that is what I'll have to do. No shame in starting over. We make the choices, they don't often work out. Next time we make better choices. [maddysmommy]
am bankrupt.....though am in my own apartment still...but the loan amount of this flat is overdue in the bank and my father has been reciving calls frm many days to pay the EMI or they will seal our house...now we are looking to sell it... my father is sitting in the house without any business ...and i too... we are going thru an bad pace of life at present...but god is with us...and i still hope for an better future...!!.... so i think i and my family will survive this.... but the thing i may not survive is ...if my career dream breaks....i will surely die...or go mad...or i dont knwo....but i may not survive...if what i am dreaming doesnt happen....! [utkarshkumar]
I know we would survive!. we already live frugally, by choice, and enjoy simple things. We would do without some more pleasures I am sure, but our home would be safe and our car and our spirits intact. Even our jobs since we work with people. Hardships are not strangers to us. [fjaril]
Yes I will survive because failure is not an option in my life and I always tell myself "I may be down, but not out" [gtdonna]
I think I might just find out the answer to that question in the very near future. After the last budget which our government brought out last week, I think the whole country is heading towards bankruptsy. I think I might survive but not in this country. My son recently bought a lot of land in the USA and I would probably have to go to live with him. I would be able to purchase a log cabin and we would have to live off the land. It is not what I would like to do but desperate needs take desperate measures. [Alexandria37]
Sure I could. Bankruptcy is unfortunate but it's hardly a tragedy. If I lost my health or a family member or a friend, THAT would be hard to recover from and I would have lost something beyond price. It's only money, replaceable and unimportant in the grand scheme of things. Money only means as much as we let it. [dragon54u]
Hi friend, i guess i would survive after going bankrupt although its going to be difficult. We definitely have to change our way of living after bankrupt, we cannot spend lavishly and we need to save on our meals too. But definitely i will find ways to get back on my feet again so that i will be able to recover from bankruptcy so that i can provide my family with a more comfortable life. [swarovski87]
I slept in a car with my boyfriend a couple days and that was our lowest point ever but I didn't know what was coming before it happened so I think I took it like a breeze almost as a challenge. We moved in his parents for a couple months and have been in an apartment since--that was over 2 years ago now thankfully. I really have much more appreciation now because while everything was well in our life and coming to the point where we had to rely on every dollar really was an eye opener to how well we were really doing where as before that I just did not notice. Now Im happy that my boyfriend is employed and that we have our own apartment that I have my car and him his, things that I once never had. If we went bankrupt I think I would be pretty optimistic about it because we have been there (no money). [revellanotvanella]
It is very hard to be on bankruptcy but I am so sure that they will be able to survived on it in due time because every people will have a fall down and up in the way of everything we only have to mange it very well......int he next step that we will have after the experience. [iyah10]
Physically I would. But, financially I would not..crycry [cream97]
Well, I have several brother in laws that has done this three to be exact and they are okay and fine. I guess they used some kind of select bankruptcy thing. They got to keep their house,cars, and all the contents of their house they basically didn't lose anything in their bankruptcy except for the bills they owed. [mtdewgurl74]