What would you personally do?

[medicineman]

Bankruptcy isn't as big of a deal as some people make it out to be. Sure most of us are ashamed to even say the word and yes there are adverse consequences. I've heard of people doing 3 and 4 bankruptcies and they still are able to get mortgages and credit cards! If you can avoid bankruptcy by all means try to avoid it, but if you are in the same boat as most of the country there's no shame in it. Think about how this is gonna play out when the economy recovers and everyone's credit is shot. How is anyone going to get a loan? I think the creditors are going to have to make exceptions, and lots of them, if they want to make any loans at all. Don't sweat money problems. It isn't worth it.

I have a couple of friends that filed last year, they started out with secured cards, (you can get one of those at your local bank) and now, both of them have credit cards. Their limits are small, but ya got to remember, ya can't file again for 7 years. Seems to me, you'd be prime candidates for a card, especially if like me, your credit score was above 800 when you filed. I'll be stashing some of my savings and paying off what I can with my life savings. I'm not giving it up to the credit card companies. They screw people relentlesly, a little screwing going in their direction really doesn't bother my conscience.

 

[AkPapaGanja]

You know, this thread reveals some of the real people behind the screen names. MM, I disagree with most of your posts, and your political philosophy as I discern it. Yet, we are alike in many ways, I think.
I am rightwing conservative. I fully believe in the principles of conservatism, and personal responsibility. I do not like the liberal ideology of tax and spend. Charity is not charity if taken at the end of a gun.
In the case stated above, personal responsibility demands an immediate reduction in expenditures and cut all frivolous spending post haste. Of course, not letting things get too precarious goes without saying.
Like the Medicine Man I retired about 7years ago. Suddenly. Not by choice, but retired none the less with no option of returning to the work force. Having just started on a house expansion of just under 3,000 sq. ft. it was inopportune to say the least. I do get disability, but those union checks were a whole lot nicer. Here we are now, in 2009, the house is still not finished, our rental properties are mostly gone, and I'm gearing up to expand garden space to supplement income, which pisses me off. I hate the black market shit. Fortunately, the government price controls are in effect. Main Street is hungry for product in these stressful times.
Good luck to all in this all too real scenario.
CJ, you asked a question that certainly reflects the choices people are faced with everyday.
MM, May the ground rise to meet, May the sun be at your back, and may your soul be in Heaven half an hour before the Devil knows you are dead. Good luck.
Peace out

 

[CrackerJax]

So far, we are running about 2:1 for cutting back against getting a 2nd job, and a marginal % for jacking the future and partying hard in the present.

 

[Johnnyorganic]

Although this may divulge way more information than I wish, I will give it a go. 7 years ago we were doing fine, combined income around 100K, not all that much but liveable, after my retirement we were in the 75K area, 2 Years ago My wifes employer cut her to 3 Days a week, cut 1800 a month right off the top, almost 22K per year. Sadly we had just purchased a new car for my wife with 500.00 a month car payment, very do-able before the cut. Now we are in dire straights, making less than we spend. We Then took her mother out of the care home and brought her home, using the 1800 a month she got to hold the ship together, the mother dies. Were fucked. So, had the economy held together we'd be fine, had the dog not stopped to crap, he'd of caught the rabbit. The moral of this story is to not leverage yourself beyond a certain point. We thought that my wife's job was secure and were living well within our means, although we have some savings, I certainly don't intend to give it to the creditors. It is time for action and although I hate to do it, Bankruptcy is our only option. Thank God for bankruptcy law, there was a time of debtors prison. I realize some of the blame lies with us, but that 1800.00 a month cut killed the canary. My wife is 60 and finding another job for her or me is way unlikely. I'd bet my story is somewhat typical of those that got fucked by job loss or cuts in salary. Here's where a union might have helped my wifes situation, but in a word , we're fucked.

Med, I'm sorry to hear about your travails. Sincerely.

I hope things turn around for you, and soon.

 

[2much]

i cut back a few yrs ago, now i need another job in a mrkt where there are none to be had...........may i take your order please?

 

[medicineman]

Med, I'm sorry to hear about your travails. Sincerely.

I hope thing turn around for you, and soon.

Thanks, It's kinda like, I'm up to my ass in aligators, but I only came here to drain the swamp. Gotta start shoveling soon, It's gonna be hard to hide my little piece of savings from the CC companies, I saved all my life and I aint giving it up due to catastrophic circumstances, got to be sneaky, taking a little piece out at a time. I'm looking at some time in April for filing, will have all of it out by the 15th of Jan.

 

[CrackerJax]

Yes indeed JO, I concur. I wish no man ill will or misfortune.
If u're 50 or older, and you don't already have a protected retirement, I've got some very bad news for you.

 

[The Warlord]

You know, this thread reveals some of the real people behind the screen names. MM, I disagree with most of your posts, and your political philosophy as I discern it. Yet, we are alike in many ways, I think.
I am rightwing conservative. I fully believe in the principles of conservatism, and personal responsibility. I do not like the liberal ideology of tax and spend. Charity is not charity if taken at the end of a gun.
In the case stated above, personal responsibility demands an immediate reduction in expenditures and cut all frivolous spending post haste. Of course, not letting things get too precarious goes without saying.
Like the Medicine Man I retired about 7years ago. Suddenly. Not by choice, but retired none the less with no option of returning to the work force. Having just started on a house expansion of just under 3,000 sq. ft. it was inopportune to say the least. I do get disability, but those union checks were a whole lot nicer. Here we are now, in 2009, the house is still not finished, our rental properties are mostly gone, and I'm gearing up to expand garden space to supplement income, which pisses me off. I hate the black market shit. Fortunately, the government price controls are in effect. Main Street is hungry for product in these stressful times.
Good luck to all in this all too real scenario.
CJ, you asked a question that certainly reflects the choices people are faced with everyday.
MM, May the ground rise to meet, May the sun be at your back, and may your soul be in Heaven half an hour before the Devil knows you are dead. Good luck.
Peace out

Just read that little blessing there at the end. I've always heard it as:

May the road rise to meet you, may the wind be always at you back, May the sun shine warmly upon your face, the rain fall softly upon your fields, and until we meet again may God hold you in the hollow of his hand.

i always loved that little travellers blessing. Tell it to a girl whos breaking up with you instead of calling her a dirty rotten bitch and she'll be back in three months wanting you back because your such a thoughtfull nice guy....lol....

 

[medicineman]

Just read that little blessing there at the end. I've always heard it as:

May the road rise to meet you, may the wind be always at you back, May the sun shine warmly upon your face, the rain fall softly upon your fields, and until we meet again may God hold you in the hollow of his hand.

i always loved that little travellers blessing. Tell it to a girl whos breaking up with you instead of calling her a dirty rotten bitch and she'll be back in three months wanting you back because your such a thoughtfull nice guy....lol....

I told it to a hooker once, she was back the next day.

 

[The Warlord]

I told it to a hooker once, she was back the next day.

But did she charge ya? Thats the important question. If that line works for free sex from hookers it truely is a blessing!

 

[medicineman]

But did she charge ya? Thats the important question. If that line works for free sex from hookers it truely is a blessing!

Well, not exactly free, but reasonable.

 

[doc111]

Well, not exactly free, but reasonable.

There's no such thing as free sex. They make you pay for it one way or another.

 

[The Warlord]

There's no such thing as free sex. They make you pay for it one way or another.

it's almost always worth it though.

This thread took a wierd twist there, eh! Irish blessings, sex, hookers, and relationships out of an economic poll thread.

 

[Haul me to Heaven]

I miss understood the pool.
Income being slashed to me is a reduction in weekly/monthly pay from the same job. If thats true- and I work just as many hours. I would cut back.

But if my hours were cut- I would find hours of work to fill in the blank.

I chose option 2. Believeing that my pay rate was cut but my work hours stayed the same.

 

[CrackerJax]

okay, I gotcha ... no worries.

Is that pool heated by the way?

 

[Straight up G]

Here is the scenario:

You are employed and married. You own a home, car, etc. You are "plugged in". Okay?

After doing your monthly bills, you realize that you are paying out more than you take in.

Soon, you're informed that your hours at work will be reduced, further exasperating your financial worries.

You owe pretty much everyone at this point, and it is painful to add up the total amount you must "eventually" pay off.

What do you do? How would you solve your economic shortfall?

Any business ideas?

 

[tical916]

Any business ideas?

Where's the suicide option?

 

[doc111]

it's almost always worth it though.

This thread took a wierd twist there, eh! Irish blessings, sex, hookers, and relationships out of an economic poll thread.

So true............

 

[tical916]

So true............

3 things you can always rely on during a recession.

Hookers, Alchohol and guns

 

[doc111]

3 things you can always rely on during a recession.

Hookers, Alchohol and guns

And that nice homegrown!