“I Wish More Folks would Think Like this then just maybe I could help many more Clients”
This is one of those cases of, “When bad things happen to good people”. Unfortunately there was so much damage done to their credit scores that I just can’t help them today.
I have given them a bunch of coaching to assist them to get their credit scores up. Once we have accomplished where we need to be, then I can get them a new mortgage.
There are more challenges when clients are in bankruptcy or going in that direction:
A combination of things led up to our current financial situation. Number one being, I lost my teaching job because of school downsizing. This cut out $50,000 of annual income. Secondly, John's salary was reduced by $30,000 and annual bonuses that we relied on were no longer being given by his company. Our family income took approximately a $100,000 annual loss. As a result, we struggled to make timely payments to various creditors. We entered into Chapter 13 Bankruptcy as a last resort and our home was not part of any agreement as we continue to make our mortgage payments. We also make our car payment too and various household expenses like cable, electricity, etc. Chapter 13 has allowed us to payback our creditors at a reduced rate, which was important to us because we have always prided ourselves on being financially responsible. This arrangement allows us to at least pay back the majority of our debt instead of a Chapter 7, where we would just walk away from our debt - that is against our core beliefs.
Image courtesy of StuartMiles/Freedigialphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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