going bankrupt - giving up the dream

14 years ago

I've been asking loads of questions about the construction of my dream home. I have been able to get a very low interest rate loan because I am the victim of a disaster, and it was this low interest rate which has been fueling my desire.

Unfortunately, like a lot of folks these days, I have been living beyond my means (as well as incurred some debt due to the disaster.) As a software engineer who has been able to earn over $60/hr just a few years ago, I thought that I would be able to get a job making only $40/hr, which is what I would need. Alas, in 18 months of seriously trying, I have not been able to attain that job, so it looks like I am just going to have to throw in the towel and move on.

It is with some sadness, of course, but the bankruptcy should leave me in a good position to be able to live working only $20/hr, which I really think I can still swing. And as my nice 401K will be left intact, it's not like I will be poor, and I could always start tapping that if I could not even earn a rock bottom rate of $20/hr - jeez, I think the foreign tech worker Indians make more that that!

I have probably put in about 1000 hours of sweat into my home design, but I am thinking that I can now start looking toward doing a new design for the time that I will be able to buy a home in the future (obviously with less accoutrements.)

Oh well, such is life!

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Comments (10)

macv
14 years ago
Sorry to hear it. Keep your head up and keep on truck'n.
emmachas_gw Shaffer
14 years ago
swampwiz,
I'm so sorry to hear of your misfortune. You sound like a real trooper. Don't ever give up hope. Things will surely turn around soon for you.
We were suppose to start our new home in 2007, but DH was involved in a serious car accident. Now, 2 years later, we're finally getting back on track. You will too.
Stay on the forum and keep us posted. I'll be sending good thoughts your way!
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George Dorer
14 years ago
Did you give some thought to paying your creditors from your 401K?
alabamanicole
14 years ago
Sorry to hear, but you are making the right decision. Now is the time to stabalize your situation and start to build a solid financial foundation that doesn't include debt and living beyond your means.

The house will be in your head waiting for you when you are ready to tackle it!
mdev
14 years ago
Hi Swampwiz,

There is a difference between "some debt" and declaring bankruptcy. There is also a huge continuum between deciding you don't have the funds to build a house and going bankrupt. Do some homework, though, before deciding to go that route. If you have a lot of credit card debt- the rules were changed not long ago and I don't think you can just make a lot of debt "go away" as one once could.

Good luck.
jasonmi7
14 years ago
Perhaps your desires are bigger than your needs?
rsc2a
14 years ago
Sorry to hear that...that's got to be hard. One possible solution: have you heard of Dave Ramsey? His program has helped literately millions of people who are/were struggling with debt. It might be a solution and it's infinitely better than bankruptcy. Bankruptcy affects EVERYTHING in your life, not just the financials.
terry_t
14 years ago
Jason's comment may sound a little harsh but I now wish I had been more financially constrained during the building of my house. I have a beautiful home but it could have been smaller which would have meant smaller heating system and bills, smaller property taxes, and elimination of our current situation requiring one of us to work 500 miles from home for half the week.

I certainly understand the disappointment but think of it as an opportunity rather than a dead end. Good luck...
User
14 years ago
If your next step is bankruptcy, then you really had a completely unrealistic dream from the beginning. Dream a different dream, and maybe give priority to your current financial crisis for now. Have a goal of just plain buying a home at some point down the road. Any home. An existing starter home. Because that would certainly be a step up from not owning a home and having to declare bankruptcy. Or investigate a different career path. Don't give up, but do get in touch with reality.

You've got to do a lot of training jogs before you commit to running a marathon.
davidandkasie
14 years ago
just an FYI, many folks would kill for a 20.00 an hour job. in my area that is considered a dream job, as most barely pay minimum wage. of course, our cost of living here is a LOT less than other areas. teh property tax on my 2400 sqft home and 4 acres is less than 1100.00 a year, some folks in other states pay that a month for much less!

going bankrupt - giving up the dream

Comments (10)

macv

emmachas_gw Shaffer

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