Bankruptcy

[tbonus]

OK, these past few months have been the most financially challenging for me ever. I gave up a part time job that was pretty lucrative, but kept me from being with my family. In addition business has slowed down a bit, I've had some horrible luck with some investments in real estate.

I am way past the point of being able to keep my head afloat. I feel like shit not being able to honor my obligations as in the past I thought that paying my bills came first above everything. Now I am stuck as I had been juggling paying mortgages and car notes. I have to let some very good people know that even though they have been paying their rent to me, I am going to be losing the house they are renting. It's real tough when you put so much work into something and have to give it up. Makes you feel like a total failure. I have been putting off filing bankruptcy, but I know it is probably my only option. I have tried to work with my creditors and am not able to negotiate any terms acceptable to them.

Have any of you had to go through this? Were you able to get your shit together? I can keep my house and a couple of cars, so I am confident I will have no problem keeping those straight. I will just have this big black mark hanging around for 10 years now.

 

[Big A]

Don't worry about it, it's part of life. I have lost EVERYTHING twice now.
First time I lost my 2 businesses, my house and my car. I had to move in with my parents.
Second time it was 4 huge houses, one an absolute beachfront, $200k+ worth of cars and my 7 businesses shut down.
So?
That is how I learn. You never learn from success but from failures. Everytime I came back so much bigger and better.

All the shit that happened to me this last year, I nearly lost it all again for the third time. I saved it with weeks to spare.

And since - everything is absolutely exploding. Since I have been back, ProMuscle went from 2million hits a month to 64million hits last month. And that reflects everything else in my life.

I am just about to sign these contracts that will make one of my companies earn a 7figure profit each month!
I have 3 publishing houses fighting over the rights for my book.
I have just patented a business idea that should make me the worlds first trillionare.
I am on the way to make ProMuscle the biggest board on the net with it's own real life magazine and having pros paid on contracts.
I just won the rights to open up this supercar dealership in the state that I live in and also I am opening up an exclusive jewellery store, both for fun as they will have to do with my two favourite material things.
I just started training seriously again as I want to walk on the pro stage again (I just want some good photos with me looking insane).
And this is just the begining, as I tell you, I have some BIG plans!

My point? When you lose and you fall down that is how you learn and that is what makes you HUNGRY! You will want things so bad, it will hurt. And when it will hurt, noone and nothing will stop you as you will know inside yourself that the only way to stop the hurt is to get what you want! And that is what you will learn from failures. So, it's all good

 

[Nemesis79]

YEAAAAAAAAAAAAAAAAAAAHHHHHHH SHIT BIG A

thats' what i want to hear..I've had some shitty luck tooo..my grades slipped didn't do good on my MCAT..im' trying to build a company what will composte waste anaerobically....trying to buy some real estate..and trying to go for my doctorate in physical therapy..we'll see what happens..nothing can be done unless u try.

Later
Z

 

[Mr Pickles]

keep your head up bonus.... if hard times come, you can live with the Picko

seriously bro... you'll do fine... nothing is ever as bad as it initially seems.... think of it this way... you'll get to start with a relatively clean slate this time around

 

[tbonus]

Thanks for the support all. BigA, that is pretty inspirational! I know this board has been taking off like mad. Keep it up.

And Picko, I might just have to crash on the couch for a weekend and we can tear up your college town!

 

[wedge]

Keep on Truck'n

TB,

You are not alone man. Had a simular situation in 1989 of my own and felt like a complete failure. Looking back now, it was a good call so do what you have too. You will come back strong.

take care, wedge

 

[vitor]

Help

Tbonus, I cant say for sure if I can help you, but I help about 20 familys are year in your situation i have investor connections where, you do lose your home, but we save your credit and give you some cash. If interested PM me,

 

[JETHRO TULL]

TBONUS....HANG IN THERE BUDDY!

SOUNDS LIKE BIG A HAS SOME HANDS ON EXPIRIENCE WITH THE SITUATION. MAYBE YOU SHOULD FIND OUT HOW HE WAS ABLE TO PULL IT TOGETHER FINANCIALLY 2X........SHIT, I'D PROBABLY BE LIVING IN A HOLE SOMEWHERE.

 

[Sigmund Roid]

T-bonus.

How is everything else holding up? Usually finances are just the tip of the iceberg. Relationships with you spouse tend to go south when money problems arise. Are you married?

Sigmund Roid

 

[tbonus]

How is everything else holding up? Usually finances are just the tip of the iceberg. Relationships with you spouse tend to go south when money problems arise. Are you married?

Sigmund Roid

Yes, I am married. We are actually doing ok. I think for a little bit I had some serious problems with her spending habits. She loves to shop and has about 20K in credit card debt to prove it. We also decided she would stay home to care for our daughter so there went about a third of our income. I was able to supplement that for a while, but was burning the candle at both ends for a year. When I decided to spend a little more time with my family the finances suffered. I would get upset when she would spend money we didn't have write bad checks at the mall and I would scramble to get the bank account back into the black. She spent a good year after losing her mom doing some crazy shit. That problem was solved when I took her name off of the account and told her I would handle the check book. She said that was fine with her as she didn't think she was responsible with it.

After discussing everything we decided bankruptcy was probable the best solution. She actually suggested it months ago, I was just stubborn and thought I could fix everything somehow.

 

[Sigmund Roid]

I find it amazing how often the issue of female overspending arises!

For the life of me I cannot fathom how anyone who is a team player can knowingly do something detrimental to the team (family). Men are quilty as well, but usually not in this area! Glad you've got that under control, T-bonus. Obviously 20,000 in credit card debt is a heavy load. Have you sought out the advice of a financial advisor? Don't jump the gun before you get all the information possible. Your situation might end up being managable!

 

[dallasmsl]

Bankruptcy was the best thing that ever happened!

Back in 2001, I lost my job in the Telecommunications industry due to the "Great Recession". Telecom was hit hard. Everyone was out of work, or so it seemed. Debts had mounted up and my brother was in a coma (he came out of it but only survived for a few months after that). My choices were to starve and pay what I could on my debt (and move into my truck)...or file bankruptcy and live off unemployment for a while.

Well, those next 7 months were heaven. I adopted a puppy. I trained at the gym everyday and lived off my IRA savings and unemployment ($1,200 per month).

Now, four years later, I have a great job, no debt, a house, a Cadillac, a truck, and two dogs. Yeah, bankruptcy sucks. Oh, and they keep sending me credit cards!!!

 

[jerrywear]

i see a lot of us had a bad last year,so did i.i went down big time.but same time when i lost everything,i just cut everybody off for a 7 month,got pist big time,and just started go thrue the walls to get where i am now,in one year i got a lot of done,2 houses,a new car,invested in the business,and have a great idea for next thing.so we all need to fall to get back stronger and hungryer.
everyting going to be ok T

 

[BLMac]

New here, but if I may, I've never been any more than 30 days from losing my business and/or house and eveything else that goes along with the loans... I've been doin it that way for almost 17 years now.... I have a reason though. I find that for me, as soon as things start to ease up, so do I. I loose the very thing that gets me all up to go kick some ass at work. Anxiety... not sure if it's the right thing or not, but it truly is what drives me to get my ass movin and keep the pace that i set for myself. Whenever I get tired of doing just that, I see it in the way money comes in. Now, about the people that will be effected. Don't hide, man. Go to them and let them know where you are at in timely intervals. The first company I had, I would start my week by making calls to all that i owed and let them know in a best guess what they would see from me in anything. That way the worries are over for the week and I could focus better on the job. The people at the phone company got to know me by voice. Most times they can work with you and trust me, after doing it as long as I have, they know that I ain't pullin their legs. This business that I have now is the 4th try at the same thing and we're gonna make it. For me it's always been a matter of whether I wanted it to or not... It can work for anyone...