Randy and Danette Jones of Nowata recently shared their personal story of having to file Chapter 7 bankruptcy. Mr. and Mrs. Jones are among a growing number of Oklahoma families filing for bankruptcy during the current economic recession.
The Joneses have lived frugally over their 32 year marriage. They have been careful to stay out of credit card debt. For medical treatment, they have sought treatment from their local Indian health clinic. They even paid off the mortgage on their mobile home which they had moved into when they were newlyweds.
Then several years ago they decided to do make some renovations to their home of three decades. So they took out an adjustable rate mortgage on their home to pay for both the renovations and to pay off their car loans. Shortly thereafter, things begin to go downhill.
First came an adjustment in the interest rate on their adjustable rate mortgage which caused their house payment to dramatically increase. Next came skyrocketing fuel prices which caused Mr. Jones’ income as a self-employed trucker to plunge. He took on handyman jobs on the side, but the family’s only steady source of income now was from Mrs. Jones’ job as a school secretary.
The Jones’ struggled for nearly two years doing everything possible to make ends meet. However, it became harder and harder with each passing month just to pay their house payment and other necessary living expenses. And the stress and emotional turmoil began to take a toll on the couple.
Finally, they realized that the only way out was to sell their home. And they would have succeeded if only their buyer had not backed out of the purchase. Once that happened, the only remaining option was to surrender their home and file bankruptcy.
After their bankruptcy was finished, Mr. and Mrs. Jones started hearing from friends and acquaintances who shared their own stories of having filed bankruptcy. Unknown to the Joneses at the time, bankruptcy is becoming more and more common. Most people don’t know it but they have many family member, friends, co-workers and acquaintances who have filed bankruptcy.
Today, the Joneses are rebuilding their credit. Surprisingly to them, credit card companies began sending them pre-approved offers of credit soon after their bankruptcy was finished. However, Mr. and Mrs. Jones haven’t signed up for any credit cards as they are serious about staying out of debt. As Mr. Jones said, “We live on only what we can pay for. If I can’t pay cash, we don’t need it that bad.”
Read the entire Jones’ story here.
If you are struggling with debt problems and would like to know more about how bankruptcy may be able to help you, contact me today by phone or email to schedule a FREE initial consultation. I would count it a privilege to be able to visit with you in a relaxed and confidential environment where I’ll answer all of your questions in plain English and give you the straight scoop on the pros and cons of bankruptcy as related to your specific situation.
Source: Tulsa World.
