As most of you already know, the failure of Greybishop's Books has put me in an untenable financial position. I owe far more than I can realistically hope to pay back, leaving me no choice but to swallow the bitter pill of bankruptcy.
For those that have never experienced this, it is fairly simple in terms of the process. The bankruptcy trustee tallies up what you owe, figures out what you are worth and takes all that to court to have you declared bankrupt. At that point, creditors can only demand their share of whatever your net worth is and no more. Once that is paid, you're free and clear, with the tiny trouble of ZERO credit and no chance of getting any for seven years.
My "net worth" amounts to the equity I've built in my home (minus some penalties and fees) which works out to a tidy sum of $8800. That's what I have to pay the trustee, one way or another. If I can't come up with the cash, then there's no choice but to sell the house and get the money that way.
Sadly, I think that is the only option open to me, since there's not much chance of me coming up with $8800 any time soon.
The bankruptcy would be MUCH easier to cope with if I didn't have to add moving to the mix, but there it is.
I'll keep you posted.
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4 comments:
Is there a time period in which all of this has to happen, GB? Also, what if your house doesn't sell? Or, what if it sells for less than their estimate? What happens then?
Just wondering....
:-(
Basically, I have to have the cash a.s.a.p.. If I don't have the money, the house goes up for sale. I think I'm given the option to pay up until the house actually sells, but that's not much help.
As for the house sale, I think they basically put it up for the price that I've given as the value (what's known as a letter of opinion from a real estate agent gave me that figure) and sell it as quickly as they can.
Wow, this really sucks. I have a very close friend down here who is looking at doing that very same thing.
Hang in there, buddy. I know you will land on your feet.
Thanks Joe. I'm workin' on it! Tell your buddy that he's not alone!
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