It’s a new beginning!

Well, at least those were the words my soon to ex-wife said with a huge smile on her face when we met the bankruptcy attorney.  For some reason, I just didn’t share the same elation as she did/does.  We are in the process of filing bankruptcy and then divorce.  My hope is I get my life under my control in the next few months, and slowly rebuild my financial life one painful credit score point at a time.  Over the next months & years, I will track my progress – things that work, things that don’t, in the hopes of helping other folks, and not just schmucks.

So, you ask why do I call myself a recovering schmuck?  My situation could have been prevented.  Period.  But when two stubborn people can’t agree on a budget, spending, and goals, all hell breaks loose.  In short, I gave up figuring it was better to not rock the boat.  That bit me in the ass.  Hard.  And not in a good way.  🙂  

Next, throw in the a divorce, and the burden gets worse.  Our house has lost a third of its value, and our former positive equity is now negative.  Throw in child support that equal to the marriage, and I can’t afford to keep the house nor keep my soon-to-be ex-wife in it.  Our realtor is not optimistic that it will sell for any reasonable amount any time soon. 

With all of that, we have decided to file for bankruptcy and let the house go into foreclosure.  And by bankruptcy, we were approved for Chapter 7.  It was not my proudest moment.  10years this will follow me on my credit report.  It’s the gift that keeps on giving.  But, according to my spouse – it’s a new beginning!  Yay.

So now here I am at the beginning of the end – a marriage & a decent credit score.  5 months ago, I had a credit score near 800.  As of today, it stands at 680 (and falling).  On the plus side, my soon to be ex-wife’s is in the mid-500’s.  She has taken a bigger hit than me (so far). 

All I know is it will be an interesting ride.  Yay.