Your feelings on paying back debt

Reply Mon 26 Apr, 2010 12:35 pm
Linkat wrote:

I am the voice of experience - I've been through bankrucpcy - due to a business. Like you stated, this was not due to lack of hard work - hubby worked there 7 days a week pretty much from open to close without drawing a pay check. We even tried to negotiate with the lender (not to pay less of what was owed, but to work out a different payment plan) - they were unwilling to negotiate.

Bankrupcy was a last choice. If we did not, we would no longer have a home to live in and who knows what else. Also, you do not come out unscathed - this impacts almost every aspect of your life and is incredibly embarassing and humilating especially as we had always been financially responsible including paying off credit cards monthly - no car loans, student loans all paid off, etc. We made sure we paid all our personal bills and employees.

Our credit rating was spotless prior to this. Now it is on our record and can be supplied to our employers and whoever hires us in the future.

I'm glad you posted on this thread linkat.

When I was initially posting I thought of you, as I remembered that you'd gone through this.

You should be proud that you did the honorable thing and tried to work out a payment plan with the lender, so the full amount.
Reply Mon 26 Apr, 2010 01:04 pm
That part made me angry. We tried to sell the business and work out a plan to pay the lender any difference as a result of the loss. They were really mean and almost cruel about it. Kind of bullying us. We told them if they couldn't work with us we may be forced to file bankrupcy - they did all sorts of threatening words if we filed, but gave us no other alternative.

So they ended up with very little money in the end. I guess that was the only saving grace. And once they received a notice from our attorney, they called and left us this message - you should have left us know and sh*t like that.
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