How Bankruptcy Saved My Life – by Dewey Kearney
Posted by Dewey Kearney on May 9, 2010
In 1989 my family owned two businesses in Southern California and had high hopes of achieving the American dream. Then things started to go south due to the bad economy and falling housing market (sound familiar?) and we found ourselves in bankruptcy. It was the best thing I ever did.
About one year before we decided to close our businesses I started having heart problems that we thought were heart attacks. I felt like a fist had squeezed my heart and wouldn’t let me breathe. At one point paramedics took me to the hospital and I was told to start carrying nitroglycerin tablets on me.
I didn’t tell the doctors what was really going on in my life. That I was not sleeping at night and stressed all day about whether we would have enough money to keep going, cover business expenses and buy food. That was the real cause of my heart problems. These were not heart attacks, but stress attacks. A private cardiologist finally recognized the symptoms and recommended we close our businesses.
Once I decided that bankruptcy was the right way to go and met with the attorney I began to relax and the stress attacks began happening less and less until they finally went away.
Going out of business was a traumatic experience. But I was determined to start over and I did. It wasn’t easy but with hard work I succeeded. But it would never had happened if I had continued to hang onto to a dying situation attempting to keep ahead of the debt collectors.
A few years later we desperately needed a newer car. My credit had improved, I had been able to get a credit card and by using it wisely had improved my credit score. I went to a car dealer and like you – expected to be turned down for the loan but was surprised when I was approved. I got the financing and at a decent rate too.
Things are a lot different now. There are so many people hurt by this current economic meltdown that bad-credit auto loans are much easier to get than in 1992. Major banks still don’t want to give you a conventional auto loan, but there are specialty lenders that offer bad credit auto loans at affordable rates. The secret is using one of these instead of letting a dealership try to get you a loan through the other guys.
If my story sounds like what you’re going through right now, sleepless nights, stressful days, over your head in debt that never seems to budge, then fill out this form and let a bankruptcy attorney in your area give you a free consultation. You’ve got nothing to lose, and everything to gain.
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