Posted by
ResetbyGrace on Wednesday, July 08, 2009 8:31:08 AM
This is just a quick post. For the last year or so, I have lived with a nagging fear that my family's finances were in need of a reset. My cotton merchandising business was becoming way too risky, our spending as the boys grew up was always based on future earnings and profits. Budget....forget about it. We had built a big house on an interest only loan, used credit cards for purchases and took advantage of all the low rates and good relationships we had with lenders. Now, with the national financial situation, my business has gone south, I have taken a retail job that I like but the pay is about 25% of what I had brought home in the past.
Yesterday, I met with an attorney about my financial options and he confirmed what a previous lawyer had said...." you are done"
I have no choice, stop paying the mortgage, let the house be foreclosed on, you may be able to live there until next year before it is time to go. File Chapter 7...move on.
This is hard for me. I have never purposely been late on a payment in 35 years. It goes against my spiritual beliefs. But I have sinned in the way I have handled money. I would really appreciate anyone's views on the spiritual view of my story. I am blessed to be surrounded by good friends and a healthy family, but I go to church with some of my creditors.
Thanks to Townhall for letting me write a bit. B