# Bankruptcy..any experience?



## oldugly (Nov 18, 2010)

Has anyone had the experience of filing bankruptcy? Have been considering it for a few years, and the past few months it is getting harder and harder to make payments, pay bills, etc. Too many creditors calling every day, some very poor business choices, winter coming and nothing in the bank, and getting too old to be competitive in the work force. Most of my assets are intangibles...(ie customer bases, location, demand forecasts, certifications, experience, licenses, and advertising). 

I don't believe in bankruptcy...unlike alot of people I believe in paying my bills...which is why ...although I have lost money steadily for the last 4 years..I have not filed. Now my credit is shot anyway...and I really don't see anything I have worth protecting.

Its not a lack of jobs..I have quite a few..and business this year has been better than the last couple...its a lack of ability maintain the current income to bill ratio. There are too many hacks in the area to raise my prices..I cannot afford hire anyone...and there is no way I can make enough money on a regular basis to fulfill my obligations.

If anyone has experience..good or bad..I would like to hear it. Thank you in advance.


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## D&B Mack (Dec 9, 2010)

Why type of business/corporation do you have (filed as)?


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## ropensaddle (Dec 9, 2010)

I feel ya bro I am in the same boat sorta but the way I understand it is 25K of unsecured debt is going to be paid regardless and 24k is what has me behind. I am trying to keep the farm as it was ours before this bs began, dern economy bs hit me hard but I ain't alone. I may just pull it off but got garnish and uncertain what they can do. I have my business acct and the garnished my personal, time will tell. I answered the summons and still did not get my day in court It is not like I don't want to pay them, its more like I want to keep my home and can't if I pay them. I suspect many will feel it before this economy is fixed but it likely will be too late for some me included. I have decided not to worry or whine but it does get to a honest man's pride.


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## D&B Mack (Dec 9, 2010)

Just remember, many great companies were created in times like these. Keep the head up and forge on.


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## ropensaddle (Dec 9, 2010)

D&B Mack said:


> Just remember, many great companies were created in times like these. Keep the head up and forge on.



Thanks brother will do I mean what choice does a man have but to go on. My wife and grand babies still love me, I got thee call tonight my mom goes off life support Sat so a trip to Indiana next week to pay respects. I have been blessed in all this struggle comes wisdom that really fail or not, what matters is family. I don't understand my own feelings at times but all I want to do is live until I die.


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## lawnmowertech37 (Dec 9, 2010)

oldugly said:


> Has anyone had the experience of filing bankruptcy? Have been considering it for a few years, and the past few months it is getting harder and harder to make payments, pay bills, etc. Too many creditors calling every day, some very poor business choices, winter coming and nothing in the bank, and getting too old to be competitive in the work force. Most of my assets are intangibles...(ie customer bases, location, demand forecasts, certifications, experience, licenses, and advertising).
> 
> I don't believe in bankruptcy...unlike alot of people I believe in paying my bills...which is why ...although I have lost money steadily for the last 4 years..I have not filed. Now my credit is shot anyway...and I really don't see anything I have worth protecting.
> 
> ...



I look at it this way i can loose everything i have but i will not loose my salvation in Christ the lord for i am not of this world i am a seperate pecurilar person in the worlds eyes amen 

Keep looking up brother yes i call you brother because if you have Christ in your heart and life you are my brother Amen 

This too shall pass keep your chin high do not look down for soon Christ is to return to get the church 

just thought i share some word of encouragement to you 

i was driving today like a normal single person does radio was playing a song Christ is the best gift during Christmas the msg behind the song became so clear to me i started shouting while driving 

big smile came on my face i know Christ is all i need these worldly things are just temporal they will not last 
so that is funds etc. the only thing that Christ is interested in is our heart and life


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## D&B Mack (Dec 9, 2010)

ropensaddle said:


> I got thee call tonight my mom goes off life support Sat so a trip to Indiana next week to pay respects.



Sorry to hear that, my deepest sympathies.


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## ropensaddle (Dec 9, 2010)

D&B Mack said:


> Sorry to hear that, my deepest sympathies.



Thank you kind sir, she is going to a better place it really drive home what is important and iit seems the older we get the more funerals we attend. I will miss her dearly, so part of me grieves; knowing her quality of life was so far in decline. I take solstice in the end of her struggle knowing the pain will soon end. Again thanks


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## lawnmowertech37 (Dec 9, 2010)

ropensaddle said:


> Thank you kind sir, she is going to a better place it really drive home what is important and iit seems the older we get the more funerals we attend. I will miss her dearly, so part of me grieves; knowing her quality of life was so far in decline. I take solstice in the end of her struggle knowing the pain will soon end. Again thanks



Know how you feel rope i am about to go thru this myself with my mom my mom has angels camped around her bedside and that gives me peace knowing God is in control you know what is sad you have so many on this site that has no heart on them two days will make a year since my dad been gone from my life i told people on facebook i am not here much longer im longing for the day when Christ says calvin come on home you know its sad when Christ is the only Friend i have that does not stab me in the back


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## ropensaddle (Dec 10, 2010)

Calvin trust in God friend but sometimes we just make mistakes, as in my case. I quit trying to put any blame on even myself. Sure I made some bad choices, I am going to live through them , learn from them and try to do better. That is all I can do, as I really get tired of trying to figure out why it did not work. It could be many reasons, economy,or maybe I am just supposed to learn a lesson. Either way I am going to remain confident it will pass as it always has and always does, good or bad here's to better days


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## a_lopa (Dec 10, 2010)

Ask your larger creditors to work a deal per $ otherwise you will call bankrupt,its worth a shot.

Good luck its hard to get outta the hole.


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