I know of 3 family's.
One a woman in mid twenty's, married with no kids and it makes me grind my teeth just to think of how she got away with it.
She and Hubby bought at the top of the boom, a 2 bedroom home, one bath, no garage home+ 7 acres for $260,000. This girl made about $35,000 a year and hubby the same. She had inherited $30,000 and used it for down payment.
She and Hubby also bought a camper for $18,000 and a new truck to pull it.
Soon after they spent that money her car died and she bought a new one.
They began shuffling money about paying one bill off with a credit card then having to pay the credit card off with another. This was not going to work, so they went to her mother and borrowed $10,000 to pay off just one credit card.
Her mother came to the rescue seeing where this was leading and had a relative who worked just with bankruptcies begin to tell them the ropes.
First they transferred the camper and truck to her parents to pay back the loan , the parents would continue to pay for both and insure she got to use them whenever she wanted. All her Jewelry was sold to family members but she kept and wore it herself.
After 6 months the only thing they owned in their name were their cars and the house itself.
Now the bills were down to just the mortgage on the home and utilities and taxes, the car payments, insurance on home and autos. Hubby lost his job and took a huge drop in pay.
Needless to say, no more dinning out, clubbing, buying expensive clothing, no fun in their lives.
That nasty word Divorce came up and they both turned to the family lawyer.
Somehow they managed to get a divorce and claim bankrupts and parted ways. They lost the house, but they kept their autos, she still has her truck and camper, jewelry and fur coats.
Another family borrowed money from a relative to buy a double wide home in a park. They did not know or failed to read the contracts that stated that a double wide had to have up to date home owners insurance or the bank could call in the loan. They lost everything by not paying $200.00 a year.
Idiots, that's about $16.00 bucks a week and they spent 4 times that much on beer and cigarettes.
Things do happen to good people,they never forsee the future or plan for the impossible.
