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OT - Bankruptcy Advice

Don't listen to these guys. Save all u can in cash. Live off of ccs. And file bankruptcy. Your credit is shot already. You can prob live in your condo at least another year before you get the boot. The equity you have is not really there once you factor in closing costs etc...

Unless you get a job soon...

1. Get a roommate and have them pay you in cash (someone u trust)
2. Stop paying everything except for utilities
3. Use ccs whenever possible
4. dont pay your mortgage
5. Keep cash to move into an apartment where you find your next job.
6. File bankruptcy


Don't tell anyone I told you to do this. This does not constitute legal advice.
 
As a chemist, I wish I had great advice for you but unfortunately our opportunities don't overlap often (except teaching). Depending on how long you can hold out, Electric Boat is supposed to be adding a lot of jobs over the next year (800 or so?) although I don't know if that includes chem engineers. Same thing goes for United Technologies at the East Hartford location where they just recently announced a larger investment, but again, not sure what type of jobs that includes. As someone who has been laid off twice during his career, I can definitely empathize. I had to work with a contractor company one year while I was looking for something permanent, and I wonder if that might be another option for you as well...
 
Sorry to hear about your situation and I hope something good works out for you soon. The job market here in Texas is very strong and the cost of living is less than most areas in CT.

It sounds like you've already searched job openings here but just in case you missed this website, I thought I'd include the URL. Chemical Engineering Jobs in Texas | EngineerJobs.com. It lists 385 chemical engineering related job openings as of today. I'm sure most won't fit your profile or career goals, but there have to be a some in there that do.

If I could offer you a couple pieces of advice beyond what's already been offered here, it's to spend the extra time necessary to customize your resume/job application to each of the companies' job postings once you've narrowed down the list, and then follow up on any you think you're best qualified for and are truly interested in. I've found it's confidence and persistence that often set the winners apart, especially early in your career. I wish you the best of luck with your search.
 
buddy said:
A college graduate, chemical engineer has to declare bankruptcy? Something is terribly wrong here, and it will not solve your underlying problem. Sorry.
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Agree. Too much spending and too little planning/saving for the future? Live for today and don't worry about tomorrow? I want it now?
 
UConnDan97 said:
As a chemist, I wish I had great advice for you but unfortunately our opportunities don't overlap often (except teaching). Depending on how long you can hold out, Electric Boat is supposed to be adding a lot of jobs over the next year (800 or so?) although I don't know if that includes chem engineers. Same thing goes for United Technologies at the East Hartford location where they just recently announced a larger investment, but again, not sure what type of jobs that includes. As someone who has been laid off twice during his career, I can definitely empathize. I had to work with a contractor company one year while I was looking for something permanent, and I wonder if that might be another option for you as well...
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I know one the VPs at Electric Boat. I'm told he can get me a job once the positions are officially created and posted. Unfortunately, they seem to be dragging their feet a little with it. I've been grilling my friends at Sikorsky too to pester their HR managers. Also, have a couple friends with parents at P&W so I've been pushing them to get me in too. But like I said I've been applying nation wide. I haven't been putting my eggs into three small baskets
 
DoctorWho85 said:
I know one the VPs at Electric Boat. I'm told he can get me a job once the positions are officially created and posted. Unfortunately, they seem to be dragging their feet a little with it. I've been grilling my friends at Sikorsky too to pester their HR managers. Also, have a couple friends with parents at P&W so I've been pushing them to get me in too. But like I said I've been applying nation wide. I haven't been putting my eggs into three small baskets
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Well, I was just hoping that the three baskets had some extra eggs for you. Sounds like the hens are making you wait on them, though. :mad:

It would be great to keep you and other smart talented folks in CT as long as we can. At least two of the three companies that we're talking about are making large investments in the state at a time when it's desperately needed, and hopefully others will follow. I'm rooting for an early end to their feet dragging for you...
 
.-.
DoctorWho85 said:
The mortgage company isn't the problem here. It's my HOA who has been completely unwilling to work with me since I lost my job in August. They have given me a lot of attitude and no movement or help in anyway even though I've been perfectly upfront with them and communicated with them every step of the way.
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Beginning bankruptcy proceedings soon would be your best move. This will keep the HOA at bay for a while (I imagine they're being unreasonable about back fees) along with the credit card companies (utility companies should be willing to work with you regardless, as long as you are upfront with them early). Keep in mind for that starting proceedings does not mean you have to complete them regardless. If the job with EB comes through, your attorney should be able to propose a plan for your creditors that will avoid bankruptcy.
 
FfldCntyFan said:
Beginning bankruptcy proceedings soon would be your best move. This will keep the HOA at bay for a while (I imagine they're being unreasonable about back fees) along with the credit card companies (utility companies should be willing to work with you regardless, as long as you are upfront with them early). Keep in mind for that starting proceedings does not mean you have to complete them regardless. If the job with EB comes through, your attorney should be able to propose a plan for your creditors that will avoid bankruptcy.
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My condo is in foreclosure, but I've had my car repossessed and owe money to all the utilities companies, on top of tmobile, several credit cards (maxed out to keep the lights on while I was only work 25 hours per week at Costco) and both local and federal taxes from filing this year and cars and whatnot. Even if a job comes tomorrow, I'll still need at least Chapter 13 to consolidate everything into one payment so I can get back on my feet.
 
Go to a headhunter and investigate contract work via a contracting firm. Good way to get your foot in the door.
 
What are your monthly expenses? I know it's not your field of choice but a full-time job at Costco is hard to come by. Costco is annually on the best companies to work for lists and offers amazing benefits. Based on the value of your condo you mentioned I'm curious to see where your cash flow problem is.
 
DoctorWho85 said:
My condo is in foreclosure, but I've had my car repossessed and owe money to all the utilities companies, on top of tmobile, several credit cards (maxed out to keep the lights on while I was only work 25 hours per week at Costco) and both local and federal taxes from filing this year and cars and whatnot. Even if a job comes tomorrow, I'll still need at least Chapter 13 to consolidate everything into one payment so I can get back on my feet.
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Good luck going forward. Hope things work out for you.
 
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If you know that you need to go Chapter 13, you should do it now.

That will get you a good amount of time to breathe and look forward.

As someone who advises HOAs on a frequent basis, I can tell you that Chapter 13 keep them at bay. You will likely have to pay the monthly charges going forward while the past debt is dealt with in bankruptcy. If you don't, they can take action.

If that's not possible, you may want to consider some sort of negotiated exit with the real estate. The downside - that is traumatic. The upside, you would not longer be tied to one place.

Everything seems worse now because it is all ahead of you. But once you start taking action on the problem, you'll start to put part of it behind you every day and the time when you will not have to worry about any of this gets that much closer.

Good luck. I do not live in Connecticut, but I hope someone here can point you towards someone who can help - it sounds like you're going it alone and you don't have to.
 
I assume that there is no help here from family to be had? You got Kids? Wife? If you are single, shut everything off in teh condo and go get on somebody's couch for a while and contact a real estate agent to put the condo on the market. With a chemical engineering degree, you are not unemployable, but you got to be willing to get the hell out of CT and go where jobs are.

I advise strongly against filing bankruptcy. It will fix things for now, but you'll have zero credit ability after, but if you fight through this now, get an engineering job, you'll be able to bump up your credit card limits and possibly qualify for a short term loan or something to consolidate the debt your carrying now.

There are enough lawyers that futz around this website all day, hopefully somebody will help you out with the debt collectors and steer you in the right direction.

If you file bankruptcy, your ability to qualify for decent credit, auto loans, another home loan, etc. etc. will be very difficult after.
 
Fishy said:
If you know that you need to go Chapter 13, you should do it now.

That will get you a good amount of time to breathe and look forward.

As someone who advises HOAs on a frequent basis, I can tell you that Chapter 13 keep them at bay. You will likely have to pay the monthly charges going forward while the past debt is dealt with in bankruptcy. If you don't, they can take action.

If that's not possible, you may want to consider some sort of negotiated exit with the real estate. The downside - that is traumatic. The upside, you would not longer be tied to one place.

Everything seems worse now because it is all ahead of you. But once you start taking action on the problem, you'll start to put part of it behind you every day and the time when you will not have to worry about any of this gets that much closer.

Good luck. I do not live in Connecticut, but I hope someone here can point you towards someone who can help - it sounds like you're going it alone and you don't have to.
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I have places to go outside of CT, but between student loans, medical expenses I'm still paying off from three surgeries and odds and ends bills (car insurance, phone, etc...) it's tough to be able to get the money to make the move.

I've talked to a couple lawyers and with the money I make now Chapter 7 is the only way to go to get back on my feet. I don't want want to lose my home. I love it here and Chapter 7 will allow me to eliminate a lot of the debt that's holding me down.

Chapter 13 will only be an option if I get into another engineering position before the bankruptcy goes through. It'll allow me to prove to the court that I have the money to pay my bills now, but I'd need the help to catch up on everything that's causing me to file bankruptcy.

I'd love to move to VT or VA, but until I get a job or my finances back to being under control then I'm stuck here. Unfortunately, I have no friends that I can. let just couch it on. They're all married with kids 3 and under, so they don't exactly want 31 year old man sleeping on their couches.
 
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