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View Diary: Tales of Debt. Coming of Age In the Aftermath of Big Bank Bailouts. (8 comments)

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  •  We declared bankruptcy (7+ / 0-)

    this year.  
    This is what happened. My insurance company sent me a letter, with pictures of my dilapidated house. They informed me that they were going to drop my homeowners insurance because of the very obvious wood rot on my windows. The rot was due to a leaky roof that we just finished paying for. New debt for new windows was $12K. After signing on to that loan, I started doing some serious accounting, only to discover that what was left over at the end of our two paychecks had been just barely enough to pay the minimum due on the existing debt, and that the new addition of $200 per month was going to leave us flat broke for the next five years.
    This assumed that in the next five years nothing else in the house would break, no cars would need repair, no pets would need emergency care, no one in the family would get sick or lose their job, and gas and grocery prices would not spike, and no new major repair would be needed on my house.  
    So we filed. We went to court, said, "We can't pay this," and that was it.

    "YOPP!" --Horton Hears a Who

    by Reepicheep on Sat Nov 17, 2012 at 09:56:21 PM PST

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