The candid tale told by a personal finance adviser about his personal story dealing with financial difficulties is both educational and eye-opening, and we pass along its essential details for our Florida and other readers.
Above all, the account makes one point eminently clear, namely this: Money problems can occur for virtually any individual or family, owing to one or a variety of circumstances. Moreover, steep financial challenges can arise suddenly from a sizable and unexpected debt or over time and more subtly, as a number of factors coalesce that eventually result in payment obligations becoming flatly unsustainable.
That latter scenario is what ultimately became reality for the adviser and his family. After coming to terms with the insuperable conditions confronting him, the husband and father ultimately made the decision to file for bankruptcy and seek a fresh financial start for himself, his wife and children.
As is similarly the case with many other cash-strapped couples, the adviser and his wife started marriage with a sizable amount of student debt. They then added to their monthly payment duties by buying what he says was “an overabundance of expensive furniture.” Additionally, they frequently exchanged cars and took vacations.
Their debt level rapidly spiraled, and the adviser now notes in hindsight that the couple made an ill-considered move by selling one home at a loss after the economic malaise of 2008 and moving into another that was beyond their means.
Their family was growing, too, as the bills piled up.
The adviser says that the decision to file for bankruptcy came “after struggling for nearly a year to keep afloat.”
Although that decision is admittedly a tough one to make for many couples, it is sometimes the only one.
In fact, it is often the wise choice for an individual or couple facing impossibly difficult constraints, enabling them to work responsibly to erase debt, accumulate savings and get back on their feet.
An experienced bankruptcy attorney can offer candid and confidential advice, as well as strong representation, to any person who is considering filing for bankruptcy.
Source: Daily Finance, "I'm a debt counselor ... and I filed for bankruptcy," Dave Landry, Jan. 27, 2014