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Observer expresses my feelings exactly.


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Posted by Drew (24.59.27.46) on January 16, 2004 at 14:12:45:

In Reply to: Re: This merely proves that the system should be changed posted by observer on January 16, 2004 at 09:50:20:

I too have gone over this time and time again. I am not in default on anything of our own except a loan my husband cosigned for. At the moment it has been sold and we have no idea where it is and the original party will not speak to us because he defaulted. At this point and time it is all we can do to pay our current bills and keep current on that. We deliberately choose at the time not to rescue the primary obligator because he had waited so long before telling my husband and it was too late to help him and to help him would have meant that we would sink everything else.

I too personally struggle with the morality of our decision. Is it right to go bankrupt and screw everyone or is it right to honor as many of the obligations that we can and not honor one until we can get in a position to honor it.

I came to this board for answers on how to protect our situation. If this one sues us and gets priority in taking our money, we will be FORCED to go to bankruptcy because it would cause us to default on everything else.

So for me it is the lesser of two evils and there are times that I am not sure I am doing the right thing. Should I just go bankrupt and not worry about it anymore. Somehow I sense that may not be the right thing to do.

So I hang in there and just wait and know that there will be a solution. I do work so my income is helping but we are in too much debt right now for this problem to be worked out within the next year or two. It will take us at least three years of scrimping and saving to get ourselves out of this mess.

I don't blame anyone else for our problem though, not even the primary. THe primary was my husband's brother and he too lost his job and he was not able to save his situation. He was just too proud to ask his brother for help. Maybe if he had, we would not be in this situation, but oh well, you can't change the past.

I admit I am not great with money and most of what I am learning about money and credit I have learned in the last two years since this all began.

So keep your chin up folk and keep truckin.


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