Sometimes you have a big upset in your life, and you have to evaluate whether you are going to start from scratch, throwing out everything that you are bringing with you, and beginning from the beginning.
My problem is that I have real estate in which I’m upside down, so I can’t sell them or walk away without entering the world of bankruptcy or foreclosure. That means, I wouldn’t get to start over for over a decade, and I’d be living under the burden of these millstones for far longer than if I can manage to keep up with them and hold onto them for 3-4 more years, at least until breakeven, when I can dispose of the properties and free myself from the debt portion of them.
Debt is a prison.
I am indentured for quite a few years to come in order to pay off my debts and be able to move freely about the earth.
When do you decide that the 10-year banishment of bankruptcy and foreclosure is better than the millstone of debt?
