An anonymous commenter posted a good food for thought question to me last night, regarding my post yesterday where I said that I was letting DH spend up to $1500 for the gun components to put together a rifle he has been wanting to have and also learn how to assemble.
Do people in general, who have gone through bankruptcy, need to then spend the rest of their life and money paying back what was discharged?
I guess this would be my response to Anonymous:
If we are supposed to go back and pay then I'm not sure what the point
of going through filing and being discharged in bankruptcy was. My
understanding and view is that it is a fresh start in life. Did we want
DH to get sick and the economy crash at the same time and lose his
business and half our income? Nope. But I also know that the 2 finance
companies were able to recoup quite a bit of the money by selling the
equipment they repossessed. Both companies repossessed equipment that
even though 4-7 years old, was in like new condition, due to how my DH
cares for "stuff" and they did get top dollar for them.
smoke, drink, go out or take vacations. We stay home and hang out with our two dogs and try to keep our 26 year old manufactured home from falling apart. I'm sorry that our purchase of
"stuff" offends you, but in my finances it is a good investment of my
money. $1500 for something that will be worth $2500-$3000 once DH puts
some time into it. That's a much better return on my money than what
it's getting sitting in savings or than I've gotten on my 401k. It's
something we will own and have equity in...and spending $1500 a year for
an asset and DH to have some hobby fun is ok in my book.
Between my 2 bonus's I grossed $8250 and spending 18% of that money on an asset that will be worth more than we spent and hold it's value isn't too dumb of decision. A dumb decision would have been to go blow $1500 on clothes and tv's and a vacation, where we would have had nothing for the money. We are staying out of debt and paying cash for our purchases (other than the few things I have charged to no interest promotions, in order to try and rebuild our credit ratings) and hopefully by the time I have to retire we will be able to support ourselves and not be a burden on society.