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A couple in Ohio were hit hard by unemployment when the husband was let go from his job in the construction industry, and the job that his wife had at a grocery store was only part time. Foreclosure was looming for the home that they had spent the last decade in, and they finally decided that the only thing that they could do was to let it happen. They moved out, watched as the home was taken and auctioned off, and started living in a tiny, three-room apartment with a family of four. During this time, they also filed for bankruptcy.

After declaring bankruptcy, a new stage in their life opened up before them. It began when the husband had a chance to take a new job in Florida. He decided to go for it, and they moved out of their Ohio apartment and into another one in the Sunshine State. The wife was able to get a new job as well, this time in a management position, and the husband moved up the ranks in his own company.

As things began to improve, the couple thought about buying another house. However, without maintenance costs, insurance, and things of this nature, they were actually managing to save up a lot of their money to retire. They also liked the new freedom they had to live anywhere, especially if they wanted to retire and go somewhere else.

Ultimately, they decided that buying another home just did not make enough sense for them. They continued to save their money and live in the apartment, and they are very happy with their decision. It was not what they’d planned for themselves, but it worked.

Those facing foreclosure and mounting debt should always know what rights they have to file for bankruptcy, and they should consider their legal options and the ramifications of those options. In cases like this, it can sometimes have an incredibly positive impact.

Source: Viral Global News, “From Owning a House to Renting, Why It Worked,” Frank Bouc, July 13, 2014