I'm depressed...we have to sell DVC

[momof2inPA]

Originally posted by Desperado
I presume the liberals here are the one's telling you how you should spend your money

No, actually I just said that I was sorry for Robin and wished her family well. I don't think this personal thread is the proper place to discuss politics.

 

[Kimickey]

Robin,

I am in no position to judge anyone about their life.

I pray things will work out. I believe things will work out for you and DH, you just wait and see. Have patients my friend and filter out the negative that may come your way. Continue to pray (if you do) that is where all of your answers are

Kim

 

[crazyme5kids]

One rule of thumb I try to live by Desperado: never presume anything.

I wish they would bring back the debate boards. I'm tired of this Republicans verse the democrates verse the liberals stuff. No post is safe LOL!

 

[lapinluv]

Robin - Good luck with everything. I'm sorry you and your family are going through this. Hopefully, you will have peace of mind once your bankruptcy is discharged and that you make it through next few years okay. Since both of you will file, it will affect both of your credit scores, making it difficult to get cars, credit cards or anything else, even insurance. Personally, I think that's "punishment" enough.

In our situation, only DH had to file when his business went under. So, everything after that was in my name, which killed my credit (my debt to income ratio was too high). It's been 5 years and he's now able to be a co-signer on our mortgage and cars, but we still get killed in the interest rate.

As for cheaper alternatives to vacation - how about HIFS? We stayed there two years ago off peak, using the Entertainment book code and spend like $50 a night. Breakfast was included and kids under 12 ate free. Then, we got AAA discounted park tickets. It was only a few nights, but it was a ton of fun and not that expensive. The rest of the trip we spent at a Universal hotel because DH's company was having a conference there. So, we lucked out.

Hope things turn around for you soon and you get to go on a vacation that will take your mind off things. Once the bankruptcy is done, it's done. Don't look back, just look forward. Talk to a finance person about setting up emergency funds or other vehicles that would protect you from a similar situation.

Lots of hugs!

 

[dzneelvr]

Hey--don't sell the All Stars short. We always stay at ASmo and truly enjoy the $$ we save on lodging so that we can spend it in other ways. When we were down to one income, we thought about giving up WDW for a year, but deemed it critical to keeping our family in routine and making sure the kids didn't feel panic about the employment situation.

Chin up. Yours is not the first family in this situation. I too lost a job in 2002 and was off work for 5 months. It's all in the attitude. Get positive, take time for yourself and your family....volunteer...anything to get and retain a positive self-image. Employers want to see upbeat candidates.

Best of luck to your DH and your family. You've got to be strong and point out the wonderful things you DO have....this will be a phase of your life unless you allow it to become your life. Most of all--communicate with family and friends. Talk about how you are feeling and make sure your kids can ask you questions.

 

[Kitty 34]

 

[Mskanga]

Robin , first of all I hope that things turn around and work out for you soon.
Second, all those people who think that bankruptcy only happens to those living beyind their means, racking up credit cards and think that they will never have to file for bankruptcy, think again because it happens to a lot of people and for many different reasons out of their control. Yes I know people who lived beyond their means, but I also know people who did absolutely nothing wrong , they just went through a rough time and had to file.

 

[snarfer1]

Robin, best of luck to you and yours. Take your vacation (P.O. does sleep 5 - very tight, been there, done that!) and take care of yourself and family.

From your posts it is clear that you made a valient attempt to save a business, and in that attempt have been FORCED into bankrupcy. Your example is the American Dream. Yes you have been sidetracked, but from the 'character' of your posts, I know you will not/have not been stopped, only sidetracked.

Yes many people take advantage of hard working individuals, by abusing bankrupcy laws, public assistance programs, charities, etc., but many others do not. I can not justify the attacks on you, but perhaps other peoples abuses, or lack of copmassion/understanding of the flammers is the reason.

Take heart in the fact that 95% of the replies support you! And yes we come from both sides of the political aisle!

100% behind Robin!

-Tony

 

[Credit Man]

Robin, I am so sorry taht you are going through this. I remember we were considering our DVC purchase at the same time as you. I followed your threads closely. Hope things turn around real soon.

 

[disykat]

I just have to join in the fun I really haven't seen the "flaming" here that people keep refering too. While I have certainly seen differing opinions, flaming usually means name calling, etc.

I really think that everyone is sympathetic to her plight. However it is hard to be sympathetic when someone is talking about bankruptcy and a vacation that many of consider to be a huge luxury (ie we can't afford to do it!) in the same sentence. Most of the people that commented had no idea about the business, etc. just what was written in the first post.

I have truly enjoyed my 3 trips to WDW. I don't know if I'll ever be able to go again - it costs a lot of money. I love to vacation, but find it hard to believe that some people think it is a necessity. While escaping to WDW sounds like a wonderful break, some people here make it sound like it should be a tax deductable medical expense.

People have different opinions - that's what makes the DIS fun. You will probably see the same set of people objecting to ANY post that says "I have no money but I'm going anyway." (There are lots of them! Remember the "I'm spending my student loans on WDW" thread?) I don't think they are flaming the OP - just having drastically differing viewpoints.

 

[arminnie]

Originally posted by erinz
I'm not sure folks are understanding how bankruptcy works.

When you file bankruptcy, and I'm sure everyone agrees that there are many situations that warrant it, you hand over just about everything you have. The trustee will make sure that you are left with enough to live on. But any assets....gone.

Let's give 'em some slack, it's a horrible thing to go through.

I agree with you here. When I lived in Houston in the early 80s I saw the oil bust hurt a lot of very good people. It truly was a depression and the entire city was hit hard not just people who worked in the oil industry.

There were a lot of people who owned small businesses that lost everything and some of them had to file for bankruptcy also. Here's the tiny bit that I have learned - each state's laws are different and I'm sure laws have changed in the past decades.

Some states (Texas) allow you to keep your home (but you still owe the mortgage) - that's under the homestead provision. Some states allow you to keep an IRA or retirement funds. Most states allow you to keep a certain amount of equity in a car - not a lot but you could keep an older non-luxury car.

It would be rare for the home furnishings and clothes to be confiscated. The bankruptcy court is looking for tangible assets that can be sold to pay off creditors - they do not want to hold a garage sale of your used jeans and tshirts. DVC yes, your Mickey tshirts no.

But the one thing that is common is that once the Chapter 11 bankruptcy has been duly executed the income that you earn from that point on is yours. I believe it's Chapter 7 when you pay off some portion over time but that cannot be used if the debt is over a certain amount and is not generaly used for business bankruptcy.

Very few people file bankruptcy unless it is absolutely the last resort. Sure there are a few, but don't taint all of them with the misdeeds of a few.

Robin I know this is an incredibly traumatic thing for you and your family to go through, and I wish you strength to get through this. If it helps I've seen other families go through and 20 years later they have recovered nicely.

 

[Toby'sFriend]

Chapter 13 is paid off over time. I believe the unsecured debt limit is around $250,000. Payoff time of the liabilities is usually around 5 years. I've seen several individuals pay off incredible amounts of money that they have committed to under Chapter 13 repayment plans. Chapter 7 is a straightforward bankruptcy where certain assets like a house, car, and retirement funds may be protected and the slate is wiped clean from that point.

I believe Chapter 11 is primarily concerned with businesses who are established in a manner to seperate business assets from personal assets. That wouldn't really apply here because the loan was personally guaranteed by both spouses.

I don't think it is really fair to the OP to openly debate what type should be filed so that is about all I'll say.

 

[snoopy]

My brother and his wife are on their 2nd bankruptcy and appear to be going down the road of a third (all without a care in the world!), so its difficult to respond to this thread without bias. However, I remember Robin's post leading up to their decision to file, and I really have to say my heart goes out to her. What a tough spot to be in.

As far as the vacation, consider staying offsite. We've won skyauctions for villas like Vistana, Orange Lake Country Club and Cypress Point Grand Villas and have stayed there for less than we would pay at the All Stars. With a family, the extra space is invaluable, not to mention the full kitchen that saves money on some of the meals. Take a look at the Orlando board if you need more information.

Best of luck to you Robin.

 

[MUFFYCAT]

Robin, I hope everything works out okay soon. My thoughts are with you.


We don't know everything about their situation so how can people judge them? We don't know their spending habits. Maybe a vacation is where they spend their money. I think that's better than having new furniture, clothes and cars. I'm having nicer memories of our WDW vacations than our minivan. THe children are only going to be with us until college, so our vacations no matter what the cost are our priorty.

A trip to WDW next year may lift your spirits. You go and have a great time. It doesn't matter what anybody else thinks!

 

[Rock'n Robin]

When I reread the original post, as an English teacher I see I made a big mistake in that last sentence. When I said "What a nightmare", I mean the bankruptcy process--not having to stay at the All-stars or PO! The way I wrote it sounds like the worst thing about this is to stay at a value resort!
As of today nothing is booked at all. I called DVC and cancelled our tentative booking for July. I don't know if we'll be able to do Disney next summer, offsite or not, but I always use our trips as something to look forward to when things seem to be going south. I've also seen bankrupt families go back to free-spending ways, and I can see where it upsets people, but this experience has taught me to be more frugal than ever (i.e. most of our savings has been spent over the last few months to make ends meet, and now our washer seems to have expired. Hello, laundromat!).
Any way we get back to Disney, in 2005 or later, I'm sure I'll appreciate it a lot more, if that's possible!
And I also, again, appreciate my buds here on the DIS.
Robin M.

 

[WeirdEyes]

Robin, I haven't been anywhere close to your situation, but I'm sure it is very stressful. I just wanted to tell you good luck and I hope everything turns around for you and your DH soon.

 

[2MuchOhana]

Robin,

Sending you a big !

My heart goes out to you! I hope and pray that things will truly get better for you soon! You made a very difficult decision based on what was best for you and your family! It is not my place or anyone else's to judge you!

Keep on dreaming about your next trip to WDW; and before you know it you will be there again! May the hope of a new trip and the promise of tomorrow get you through the tough times! You know WDW will be waiting for you when you can return!

Best of luck and good wishes to you and your family!

Jodi

 

[DisneyMomx7]

Wishing you only the best. Hope things turn around for you soon.