My DS is filing for bankruptcy!

**JustJoy** · 07-10-2007, 04:15 PM

At least that's the way it's looking. He and my DIL have an appt. with an attorney this afternoon to talk about their options. I knew they were having money problems, but I had no idea how bad they were until last night. They are $40K in debt! They've only been married 16 months! They have been living way beyond their means from day one. They are living on Navy pay and my DIL is going to school and not working. They've been running up credit cards like crazy.

Anyway....I'm hoping they change their minds about filing, but I doubt it. I've explained to them all the cons of bankruptcy. I suggested they start making a budget today and stick to it, stop with the CC's and the constant eating out and that they should both get a P/T job. My DS sounded like he was listening, but I'm almost certain it just went in one ear and out the other

**Sahmamma** · 07-10-2007, 04:47 PM

oh boy, I'm sorry that must be hard. Maybe if you have a copy of the TMMO you could lend it to them?

**Amanda W** · 07-10-2007, 05:01 PM

I'm sorry you're worrying about him. Hopefully, whatever route they choose, they'll learn from their mistakes and come out wiser.

**wanderlusting** · 07-10-2007, 05:02 PM

Has he talked to the Navy about it? Family Support should be able to give DS and DIL free money counseling. I hope your DS doesn't have a clearance-it could affect his status.

**annymoll** · 07-10-2007, 05:04 PM

I would be very worried as well and heartsick.I did not think the Navy was tolerant of that type of irresponsibility.I hope he will weigh his choice very carefully. I will be thinking of you.

**Luv2BeFrugal** · 07-10-2007, 05:47 PM

The military frowns on that pretty seriously. I hope he's running all these decisions past someone in his command structure. That could reeeeeeally hurt his military career.

Let us know how the appt. goes... We're pretty close to where they are in debt and it is a heavy load...we still have about $7K to ADD as Dh is in school...(tuition, books, fees for remaining degree requirements). He'll have good pay after he graduates and already has people wanting to hire him...so, that brings some comfort. Though we're not counting on anything until he has a paycheck in his hand! And we're slowly, but steadily chipping away at it.

I wish them luck...they'll learn from this...just give it time... Hugs...

**JustJoy** · 07-11-2007, 08:13 AM

Well I talked to him after his visit to the attorney. It looks like they are going ahead with it

He told me that it is mandatory (at least in VA) that when filing for bankruptcy that you attend financial and budgeting classes. Which I'm happy about. As for him talking to the Navy about it.....I highly doubt it. I know if and when they find out....it will definitely reflect poorly on him

**wanderlusting** · 07-11-2007, 02:47 PM

Originally Posted by JustJoy

Well I talked to him after his visit to the attorney. It looks like they are going ahead with it

He told me that it is mandatory (at least in VA) that when filing for bankruptcy that you attend financial and budgeting classes. Which I'm happy about. As for him talking to the Navy about it.....I highly doubt it. I know if and when they find out....it will definitely reflect poorly on him

I highly recommend HE be the one that lets them know about the impending bankruptcy. Because it'll look like he's be open and honest w/ them and not trying to hide info from the Navy.

**bumplett** · 07-11-2007, 02:51 PM

wow Joy - I'm sorry to hear that!

**annymoll** · 07-11-2007, 04:23 PM

Originally Posted by jennybethg

I highly recommend HE be the one that lets them know about the impending bankruptcy. Because it'll look like he's be open and honest w/ them and not trying to hide info from the Navy.

They seem to have ways to find things out. I would so agree.