I see that we are heading into intresting times with y2k only 192 days to go. I'm 60,000 in debt with no job or any income and only enough in checking account to last 3 months. I tried to file bankruptcy but my place is worth 100,000 so no chance of that. I don't want to sell because I have 12 acres in the woods along the river with a big creek and 2,400 feet of river frontage, my firewood is cut and stacked I have a hand pump for water and a 6 month supply of food for 10 people, even though my family thinks y2k is a joke, I know they will be coming here when the SHTF. My back is gone so finding a job that I can handle is gone too. What to do besides stress??? Any investors out there? This would make a nice campground if y2k is a 1.

-- Rooster Cogburn (Igetitnow@wow.com), June 22, 1999

Answers

I would sell part of the land to pay off my debt. What about timber? Timber is selling at a premium now.

-- Carol (glea4@usa.net), June 22, 1999.

I DON'T TRUST YOU.

Are you not the same "Rooster Cogburn" that just a week ago 'got it'? If so then how can you explain the '6 months food'?

I think you want people to send you money in the hopes that they can come and 'camp out' and share your supplies.

My next question is this.... What were you planning on doing befor you learned about Y2k? If you have no job, no health, little money, $60,000 in debt......Y2k or not you need to make a living.

I think you are a fake.

-- bulldog (sniffin@around.com), June 22, 1999.

You don't trust me. You don't have too. But if you need proof I can do that, the 6 months of food is half of what I have left in my checking and I have allready made several trips to Aldis in the last few days.And no I don't expect anyone to send me money. I would glady put up the deed to this place to an investor, then my cash would probley last 1 year. I was lost in what I was going to do before y2k and even lost more now. I still do have credit, but its very stresfull digging my hole deeper than it allready is. Or I start selling stuff, my truck is paid for 95 chevy = 8,000 , Old backhoe = 5,000, ect . but waiting on selling the things I need to use.

-- Rooster Cogburn (Igetitnow@wow.com), June 22, 1999.

The first thing to do is to stop stressing, insofar as that is possible. If I were you, I'd go to a quiet place and face the fear: scream, shake, cry or beat your breast until enough of the fear has worked itself out that it is possible to be calm again. With some calm you can think more clearly.

Some possible tactics to consider: consolidating your debt by refinancing your mortgage at the lowest interest rate and the longest possible terms you can get. Since you've already considered bankruptcy, you might want to consider taking most of your equity out of the property (yup, increasing your debt). This has the effect of transferring a larger amount of the risk to the lender, and increases your liquidity - and therefore increases your opportunities. If you do have to walk away from the property, at least you wouldn't be walking away from a large equity, too.

You still have to make a living somehow. Among your assets, you will still have the *use* of your land for as long as you continue to make payments. And you still have your brains. I would make an inventory of all my living expenses and pare them ruthlessly. I would also consider entering a partnership (in some sort of enterprise) with someone who has a strong back. You supply capital and brains. Your partner supplies other valuable assets that you can't supply yourself.

It is a risk, for sure. I think in your position the intelligent acceptance of risk is the first step to finding your way out. I am sure you will come up with even better solutions than any I have suggested here.

Good luck.

-- Brian McLaughlin (brianm@ims.com), June 22, 1999.

Rooster Dont panic, Many of us have been in similar situations when health problems are taxing and the bills are overwelming. Take a deep breath and say Im O.K and I will turn My problems over to the lord. Ask God to show you how to deal with it. Than write 10 possible remedies for your situation Most logical to the extreme. When the going gets tough, the tough get creative. Lack of Money is not a money problem it's a lack of well managed idea problem. Dont look at what you dont have or dont look at what you have lost, look at what you do have left. God always leaves enough around us to fix our problems, We just have to open our eyes and look for resources were we are. Some examples of how you can earn some money to knock down your debt and have extra cash going into the y2k. Here are some Ideas You live on ten acres of wooded property. Hire some kids to cut down a bunch of trees to sell for fire wood. Create sonme Intelectual property to sell on the Internet, learn to broker real estate paper, Sell a small chunck of your land 4 acres to a y2k survival group for quick development cost 60 K and pay off 50 % of property and hold cash for many months of payments and y2k supplies. dont worry about paying it all off. If y2k tanks the economy It will be years before they sort out the mess. Just put your family in a good position to survive. Choose your buyers of your property carefully if you go that route. I wish you the best God bless.

-- y2k aware mike (y2k aware mike @ conservation . com), June 22, 1999.

Brian -

Good answer if he had a job - but most lenders will not lend to someone who is out of work.

Rooster - have you looked into your state's medical/disability retirement program or what ever kind of medical retirement your previous job had to see if you qualify? Maybe then you could get the equity out of your place because you would have an income. Some states have re-training programs for people who can no longer do their jobs because of physical restraints. I have a friend who did this in Washington state. They paid him and income and for his retraining (he was a steel worker and now is a draftsman).

Otherwise, can you shortplat your land into 2 parcels and sell off half of it? I would use the money to get thru the next six months and see where Y2K leaves us. You may or may not have to have money to survive after that and in the mean time, you can be looking at retraining or retirement possibilities. At least it would give you some breathing room.

Either way, good luck and God bless.

-- Valkyrie (anon@please. net), June 22, 1999.

Be thankful that you only owe 60,000. think of all the people that owe hundreds of thousands. Don't sell your land. Do anything possible to keep it. If you do't own the ground you stand on, you are in big trouble.

You have a back hoe, make it work for you. Talk to your creditors and work with them.

-- Linda A. (adahi@muhlon.com), June 22, 1999.

Rooster, I'm interested in more information about your land.Like, where is it located. It sounds very unusual to have 2400 feet of river frontage, not to mention a creek, all on only twelve acres. Are you sure you've got the numbers right?

2400 feet of river frontage, where i live would be worth at least a mil. Maybe you could get someone in your family to buy a share of your property.

-- malcolm drake (jumpoff@echoweb.net), June 22, 1999.

Rooster Cogburn:

Hey guy, relax, no problem, only idiots here. Everything you might have read that was negative about Y2K were all lies made by self- promoting types trying to separate you from your hard-earned savings.

So chill out, have another double on-the-rocks and go back to sleep...you were absolutely right the 1st time. Feel better?

-- Charles R. (chuck_roast@trans.net), June 22, 1999.

Rooster,

Although it's late in the season already, Have you thought about leasing part of your farmland to growers (tobacco, soybean, Winter wheat, etc.) who will pay you to grow their crop on your land?

Maybe a source of income. But either refinance your debt, and pay it down as much as you can.

Best of luck.

-- INVAR (gundark@sw.net), June 22, 1999.

I don't understand. Had to go through bankruptcy awhile back and property owned is worth much more. Went through Chapter l3 and repayment is based on expenses and income. Can be very small amount. Bankruptcy is stressful but it is relief when over. Ours was as a result of expensive lawsuit. (We won) Attorney's are expensive!??? Have a friend who also had to go through it and her Attorney's fees were put on credit card and then added to bankruptcy. Can be done. Find a good bankruptcy Attorney and ask questions. Don't sell property. Home is home wherever it is. Homestead property to keep it safe from creditors. Our Attorney had us do this before we started bankruptcy. Now that our credit is zero we have better control of what income (social security) we have. Life gets more simple and that's not a bad thing. Good luck

-- Been there, done that (Yl999@webtv.net), June 22, 1999.

Thank you very much for your replys. I'll figure something out:) This is home for me, I plan on staying here till I die. Been here 16 years now but life just got tougher.

malcolm drake if you intrested in seeing some pics of this paradise let me know = great4me@aol.com

Good luck and god bless to all you people.

-- Rooster Cogburn (Igetitnow@wow.com), June 22, 1999.

Check a bk Attorney. I think you can file Chapter 7 on the 60k and Chapter 13 to protect your property.

-- Mike Lang (webflier@erols.com), June 22, 1999.

Rooster im praying for you turn it over to the Lord he will show u what to do

-- tony lineberry (tlinebee@aol.com), June 22, 1999.