Bankruptcy Court

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While my parents are in court for bankruptcy, I'm worried we might not make it out of this. We are a middle class family going down, the house is falling apart again (and not just metaphorically) and we're losing it too, and our income is shortening year after year.

I would like to remind that our current debt is 2 years of unpaid mortgage payments plus $40,000 student loans for my mother plus my student loans which are currently deferred.

Every member of my family has been notified except my dad's dad. My dad is worried that his father might blame him for not being a better provider and I'm worried because my dad drinks and this could be a disaster. My grandfather was the only sole provider for the family because grandma (rest in piece) never worked.

My dad's working, my mom's working, my middle brother's working, my youngest brother is still in high school, and I'm a college dropout on social security disability and we're still not putting a dent into this.

If the government would just invest more into the middle class, this wouldn't be happening to us. What's so important about investing in Wall Street and rich people? What is investing in Wall Street and rich people building up to that's so important that the majority of the government can not, will not, and thinks they should not invest in the middle class?
What's Wall Street going to do? Nothing! What are rich people going to do? Nothing! Rich people only care about themselves. All their profit money doesn't go to help make this country better. Instead, it goes to some island resort bank somewhere and once the nation has become impoverished, they'll fly to that very island resort and stay there until the heat dies down.

Sorry for getting political there but I'm making a point. If we succeed in court, I hope bankruptcy won't be too bad. I don't want to lose my house and live in poverty despite 3 people working jobs. I just want things to go back to the way they were.

I am sorry to read that you and your family are experiencing such financial pressure.
Bankruptcy could be a good solution, it will be a change, and freedom from the constant stress and anxiety from an external force. I think the collective stress and anxiety will still exist, but it will come from personal issues, eg finding rented accommodation, loss of the family home/assets, all the changes and stress that accompany moving house and the desire to rebuild your lives.

Blame will always occur, it is unavoidable. However, because there are three incomes, after the fixed repayment period ends, a reasonable lifestyle might be a realistic outcome. Therein lies the hope that poverty will not be a feature in your life.

Governments do not care about the middle class, anymore than they care about the homeless, sick or other socio-economically marginalised groups. They never will. They invest time and finances into areas which will pay dividends at the polling booths and keep them in 'power'.

I would like to tell you differently, but life can never go back to how it used to be. My advice is to accept this, fighting the inevitable will make all of it more difficult, save that energy and invest it in your family.

I think there's certain "exceptions" when you go bankrupt. I think one's primary home might be one of them.

I wish you excellent luck. There is a "light at the end of the tunnel."

http://www.usnews.com/education/blogs/s ... uptcy-myth

Your dad needs to stop worrying about what his father might think. No matter what he thinks the situation is what it is and needs to be dealt with in the best way your family can.

Bankruptcy is extremely stressful in the moment.. but in the long run it can be a blessing in disguise. I know because I've been through it. It sucked. It was a terrible time. But it was also a great time to start fresh financially, to learn new habits, and restart a new life. Thats the huge silver lining opportunity that comes out of bankruptcy - a chance to learn from your mistakes and not repeat them as you move forward, onward, & upward.

It's been a bit under a year and a half since my bankruptcy discharged. I don't have the stress of any debts anymore. I'm in the black. Bankruptcy can create a wonderful second chance if you let it.

We just had my grandfather over two days ago and everything went fine but still, my father is a redneck so no solution is helpful. You just gotta hope he doesn't drink too many beers or else he doesn't shut up. When he is drunk, you just hope he takes a nap as soon as possible. Spring is approaching and my father gets worse during Spring time. My poor grandmother was taken by lung cancer around between late April and early May. He's never gotten over it. You do what he says or he yells and punches holes in the wall. I don't know how mom puts up with him either.