Feeling sad today

[margotb822]

So, I just found out my dad is the latest victim of this economic mess. He made the decision to file for bankruptcy :(

His story is like so many others: bought a place in 2007 that he's now upside down on, lost his job five days before the inauguration and hasn't found one since, and he has a preexisting condition so he needs health care. He's 62, so he's too young for medicare, but seems too old to employ.

Man, I feel so bummed. I just wish there was something I could do, especially on a day like today.

[Barack_America]

1. My mother is in a very similar situation.

I'm very sorry.

:hug:

[Curmudgeoness]

2. I feel for your dad. So many people in this boat. nt

[Warpy]

3. My dad hit his corporate expiration date in 1973

at the age of 57 and after a string of awards from the company for being their top man in the field. No higher exec was leaving or dying, so he was out before he developed any health problems that would cost them a few bucks.

1973 was just as the Nixon/Ford/OPEC unemployment was starting to hit hard. He and my mother sold much of what they had, sold their house, and left for an apartment in Florida, preparing to live on investment income, not much at that time.

I'm mentioning this because of that corporate expiration date that always arrives so much sooner than eligibility for Social Security does. It's particularly cruel that they retire us before we are able to get retirement income to live on. It's why I get absolutely furious at anyone who suggests raising the retirement age. Even desk jockeys, capable of 20 years more work, get the axe in their 50s. People who do physical work are often stuck with worn out bodies in their 50s.

The good news for your dad is that he lasted until almost 62, so he can now get his early Social Security, so he can keep a roof over his head and have food to eat. The bad news is that it's unlikely to stretch much farther than that, and I imagine his savings are depleted. Perhaps a part time McJob can eventually be found to help him eke out a better living.

The way working people have been treated in this country since 1969 is nothing short of pure evil. Most of us his age are in the same boat whether or not we're still able to cling to a job.

There is no rhyme or reason or justice to this system, there is only life that we stubbornly cling to.

[Egnever]

4. Bankruptcy can be very liberating

And in todays economy its not very unusual and doesnt carry nearly the social stigma it once did.

Sorry he is having trouble finding work I hope he can find something soon. Having said that you may find your dad happier after the bankruptcy is over it can take a lot of stress away.

Wishing him the best no matter what.

[margotb822]

5. Thanks

I certainly hope so. I know things with his house have definitely been stressing him out, so I do hope that it can work out for him.

[DesertFlower]

6. sorry to hear this.

[Saturday]

7. I'm so sorry to hear this. Hugs to you and your Dad. nt

[Ruby the Liberal]

8. He may surprise you. I know MANY people who have gone through BK

and while it is a humbling experience, it is a freeing one. A relief of the stress and the ties that bound for so long.

I am concerned about his medical situation though. 3 years is a LONG time to go without coverage of any kind. Here is a suggestion from my own situation a few years ago - look into affiliate coverage. This can be accomplished by joining an affiliate group like the local chamber of commerce (I know that can be distasteful, but the coverage is VERY inexpensive compared to the open market and used by many, many sole proprietors and small businesses).

Another thought is the 'self-employed' group route. Look for coverage that specializes in actors or other self-employed contractors. I also had a policy through one of those groups. I had to join SAG, but it was cheaper (and less morally repugnant) than the chamber in the area I lived at the time.

At 62, he is one of our "greatest generation". Hopefully, he can draw on that strength. Those in their 60s+ have a lot more mettle than those of my generation (child of the '60s) and younger.

My best to you and your family as you weather this storm.

[metapunditedgy]

9. I'm sorry for your dad. There's a lot of unfair pressure put on people NOT to declare BK.

The big lenders know it's a statistical deal. They view it as taking it a bet on economic conditions, and the amount of interest they collect will outweigh (by a large margin) what they can't collect.

Unfortunately, while it's "just business" or "economics" for the lenders, the borrowers are pressured to see it as a personal issue. IMO, a lot more people should be encouraged to take a look at the terms of their debt and decide whether it's worth carrying. Your dad has no control over the national housing market or job market.

I hope my sympathy came through in that post. I think it's really unfair that corporations can put so much psychological and "moral" pressure on people while THEY make decisions purely based on how much money they can keep.

[margotb822]

10. You're definitely right

It is hard to look at it through business eyes, but I've been doing some research, so I do feel better about this decision. It just seems so unfair - the people are still losing at this game. Haven't we lost enough??