I have failed BANKRUPTCY !!!

So a while back I decided to try to get a friend out of debt detailed here. LINK


My friend Ali was is in deep debt to the tune of $50,000 , It was actually $80,000 as there was another $30,000 credit line his father took out for him as well which he did not tell me about. Even worse his house is appraised for lower than the mortgage amount owed ($10,000-25,000)

Shortly after that post my friend Ali kind of fell off the map, he did not return my calls or emails until just this past week. He lives across the other side of Canada and I had no way of getting a hold of him.

He called me last week to tell me the bad news. He was in the hospital for over a month. He was battling severe depression and was also diagnosed with a severe bi-polar condition. I don't know many of the details leading up to it as he is not wanting to delve in to details on the matter.

So within the couple of months things kind of fell apart for him. Most of the renters moved out of his home, he has not gone back to work and started losing the customers on his landscaping job. He has fallen behind on his mortgage. His credit cards and accounts are maxed out so he can not afford to live so he has moved back home to his parents. He was on the verge of bankruptcy then and now he is there.

He said the pressure of everything had come down on him. The stress of his debt. The stress with dealing with tenants and home repairs plus the stress with his business where customers were taking advantage of him and not paying their bills with some accounts in arrears from last year.

Perhaps I pushed him too hard for a debt plan and that was the tipping point since he was pretty much one paycheck away from bankruptcy. I feel somewhat responsible for his breaking point but the house of cards was bound to fall if he did not get help. I feel I have failed in getting him back on his feet. I will use this experience as a learning point on how to handle these types of situations in the future. Perhaps smaller steps would of been the better course of action than a complete overhaul. Sometimes I am out of touch with others feelings and I base decisions on how I would handle stress and the situation.

I just want Ali to be happy and live a secure and less stressful life.

The only advice I have for him now.

Is to work a regular 9-5 job. Hopefully its one he can enjoy while he goes through 1-2 years of bankruptcy. He can live at his parents till he is back on his feet and then rent a cheap room or place. Then when he wants to start something on his own he could do something to supplement his income but still keep his day job. I feel he needs a secure year round paycheck and not get ahead of himself again. He really wants to start his own business but I really don't think he is mentally capable of doing that right now.

Basically it boils down to whats the point of anything if you are not happy. I just want my good friend Ali who will do anything for a friend of his to be happy. I want him to find a secure job he enjoys that is stress free, find a woman and start a family. All things he desperately needs.



In other news

The market is taking a beating lol. Things not looking good for a green month. Will have my dividend report in a day or two and will also have an ETF report for grandma Olga. I will try and be more active blogging this month as well.