I don't know how I go tto this point. I inherited some money whenmy dad died 10 years ago , I got divorced after 22 years. Invested the money with a charletain , tom newguard who took advantage of my inexperience in the stock market an dproceeded to lose mostly all my money in the stock market crash . Then I tried to sue him but got trampled with people who knew more than me and lying attorneys who just took more of my money . That started my credit card charging. I had great credit for a while . I was aloan officer and worked forma home office. I didn't do a lot of loans but I made good money . Then in 2007 things started falling apart. The financial industry started to falter and I wa losing money . I was tryign to keep up with everything , house payments , 2 kids in school and preparing for college.. all that stuff, a costly house that needed constant attention . I started charging to fill in the gaps.. and then everything just started spiriling ou tof control . I can't keep up with the credit card payments, I am on umnemployment which will run out, Audi say s my car needs a second transmission for 7000! I was hoping to pay off that car and keep it for a lot longer , now that and I am afraid to drive it anywhere. . I am a fool , I feel foolish to have lost all that money , my children's inheritance or worse yet th emoney I would live on if I never meet anyone to marry. I never even goout anymore, I am overweight, 60 ,and my back hurts all the time . I can t seem to dig myself out of the hole I dug. I keep on paying what bills I can, the mortgage, some credit card bills and food.. but I am not making any head way. I am stagnant an dfeel lost alone and stupid. I have a college degree, but I think I have made every possible stupid mistake anyone could ever make whenit coes to financial matters. Everyday I wake up and say this day will be better, things will change for rme , but mostly things just stay the same.The creditors call and I don't anser the phone . I had to go through an IRS audit and that cost me $2000, I am tapped out .Now I know why women stay married even if they are in bad marriages. I am at aloss as to what to do , it doesn't seemlike these is much I can do but try to make more money and slowly paay back these debts. I owe $637000 on my mortgage and 50000 on a heloc and th ehouse is under water.. All I do is pray to God to help me.

Chapter 7.

You may indeed need to take drastic measures to come out on the other side of this. For some people, bankruptcy is a viable option. It will put a damper on future loans and credit for awhile however, so weigh the pros and cons carefully.

Could you afford your mortgage payments if most of your other debt was discharged? Would you be able to increase your payments to bring your balance and the value of your house closer together at a faster rate? This could help you be in a better position to sell it at some point and get out from under it faster. You might even investigate the option of a short sale if the mortgage is just too much to handle. Unless there is some reason you need to stay in that house... there are far more affordable options.

Regardless of what you decide... a wise move would be to find someone you trust to help you with your budgeting and getting you back on track once you do get the debt sorted one way or another. The absolute worst financial mistake would be to not learn from your past financial mistakes. Local colleges sometimes offer courses to the public for women and finances. Might be a place to start to help you see the possibilities of getting back on your feet.

You are living way past your ability, so you sell what you can, go bankrupt and start over again, for 7000 dollars you don't buy a tranmission, you may an entire used car that will last for many years. So your kids have to pay their own way to college, using grants and loans and working if they want to. So what.

I seldom agree to go bankrupt but you do seen like there is nothing else left. It is not the end of the world anymore, there is little stigma on people for doing so.

Next get off your rear and get a job, even a low paying one for now.

And instead of living in a 1000,000 dollar house you live in a small one that you can afford.

I would do nothing without consulting with an Attorney - Bankruptcy may or may not be the way out but I agree it sounds like a very viable option.

You need legal advice -

God, will provide. Just take small steps, you are overwhelmed right now.
I lost a house, cars, kids college money, my high paying job after being
Diagnosed with MS, brain anurysm burst, PTSD, bipolar, conversion
Disorder. And. 35 yr. Marriage failed because hubby had many affairs.

I was housebound for 3 years. One day I decided to fight my illness
And with the help from God Almighty my health has improved. God
Gave me a house and brand new van and income. I will soon be
Debt free! Yes it was a slow process. BUT IT WORKED!

If. I did it , YOU. Can too with God's help. Just ask him! He
Never fails!

Quote:

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Originally Posted by temalee

God, will provide. Just take small steps, you are overwhelmed right now.
I lost a house, cars, kids college money, my high paying job after being
Diagnosed with MS, brain anurysm burst, PTSD, bipolar, conversion
Disorder. And. 35 yr. Marriage failed because hubby had many affairs.

I was housebound for 3 years. One day I decided to fight my illness
And with the help from God Almighty my health has improved. God
Gave me a house and brand new van and income. I will soon be
Debt free! Yes it was a slow process. BUT IT WORKED!!

If. I did it , YOU. Can too with God's help. Just ask him! He
Never fails!

---

I have a few issues with your post. The first is that this thread was posted in 2010, and the OP (original poster) hasn't been back since she posted.

The second is that this is the money and services forum, not the religious forum. Telling someone that God (not everyone believes in God) will solve their money issues, is not valid advice in this forum.

This is a Q & A site, and we have people from all over the world on this site. Please keep your religious beliefs on the proper forums. Telling someone that God will provide, is really not helpful in a factually based forum.

Thank you.

Oh good - I could use the new van.

Quote:

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Originally Posted by dinawatson691

I read your story and I found out that you are so upset right now. The better way that you can do is file for bankruptcy which is chapter 7.

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Actually, she's not so upset right now. She was upset in 2010, when this was posted.