Hurray! You now have a great opportunity to change your life, lower financial stress, and start over. If you do it right you will never look back except to smile. Lots of very wealthy people and companies have filed bankruptcy. Even Donald Trump has. Seems like the Gov't puts these laws in place to help the rich become richer, so might as well use it to your advantage and learn from the rich. Not saying I have ever enjoyed having one of my accounts file on me but hey, if your already in the situation might as well do it right.

Pay Cash for everything. Restructure your life where you pay cash for EVERYTHING. If you can not save first then you do not need whatever it is. Build credit with things like cell phone, utility bills, etc. You will prob need a Secured credit card to help rebuild credit, but only use 1/3 of the available credit and pay it off 100% every month. After a couple years convert it to a standard credit card and do the same thing. Only exception is years from now ONE item at a time can be 50% down 50% loan. You can rent a house till you save 50% down also. You do not "need" anything enough to have a loan on it.

Once you get out of the credit cylce, and live debt free, the money and stress you save on interest will far out weigh the "stuff" you might have with debt. Plus its pretty cool to have a positve net worth!

Good luck

Offshore Excursion, I couldn't of said it better!! I learned my lessons and by the grace of God, life is good for me now!
My advice would be to save up and pay for a boat that you can afford without a loan!

It suprises me how many people on this thread think just like me. The financial servitude that debt puts one in is illogical if you stand back and look at it. It literally makes you a slave.

Its been a long road to dig out of the massive debt hole I/we dug. In February I wrote my last check to a mortgage company. I am in awe at the attitude adjustment that gave me at my whole approach to life and at work. My stress is totally different now and not fear based. If I was to get fired it would have no affect on my family or how we live. Before when my debt service monthly was 65% of my net, I was one FU at work away from my family living under a bridge. Now with the debt to net at under 5% and dropping fast I have to keep myself from laughing when my boss trys to act like I might not be cutting it. Its a game they play you know to get you to work harder. I also find that my response now of not caring what he says is getting me more respect from him. Anyway debt blows and the sooner everyone figures that out the sooner the good ole USA will be back on track.

Seriously Dallas, look up Dave Ramsey or buy his book call financial peace. You will be happy you did.

i can only speak for my self i am 52 and all growing up i always heard the world works on credit that is what was drilled in our heads as we were growing up people say stuff enough and it starts to sound right now i have 1 credit card and i do my best to keep a zero balance and i must admit it is a better way to live i paid cash for my boat and yes its older and yes i work on it myself but especially living in a cold 6 month of the year climate who needs payments when you can't use your boat payments are fine the first 6months after that they get old jmo

I would recommend getting a reverse mortgage on your house and take that money and use it for down on the new $200K boat. When the first payment comes due, use your credit cards to pay the bill that way you can earn free miles and book a trip to WTF land.

Harsh, whats sad tho if I could I would I just got married last september so Im trying to blow everything before she takes half of it anyway. Because half of nothing..... well, is nothing

Seriously Dallas, look up Dave Ramsey or buy his book call financial peace. You will be happy you did.[/QUOTE]

I think everyone should buy Dave Ramsey's book "The total money Make over"!!!

Thanks for the suggestion, I bought his audio tape and it is by far the best finacial plan I have ever read or heard of. 4 hours long but worth the 15 bucks. I am 13 months away from being debt free, can't wait!!

coulda cost more if she did blow

Great advice. I'm striving to be debt free now myself. I'm on a 6 yr. plan. It's very doable without really sacrificing my current lifestyle, provided our income remains the same. I spend a tremendous amount of mental energy worrying about staying employed and taking care of my family. I'm tired of worrying about $$$.

Everything is paid for here, but I'll never be debt free.

Taxes, Insurance, Utilities

Beer, Groceries