With only $50,000 in assets and between $10 and $15 million in debt, Greenvale Homes has filed for bankruptcy according to the DNJ. I feel sorry for the creditors,
Major unsecured creditors include 84 Lumber Co. in Murfreesboro, which is owed $76,521, and HH Gregg in Indianapolis, which is owed $20,533. Local creditors include Smyrna Ready Mix in Murfreesboro, Thomas & Sons Electric in La Vergne and Wall to Wall Floor Covering in La Vergne.
Overextending yourself is not just a problem for average people like us, but for big corporations too. Have you overextended yourself? What can you do to get out from under debt?
- STOP SPENDING money on things you don’t need. You do need to pay for your utilities, rent or mortgage, food, and a vehicle (and keeping it running with fuel, insurance). You do NOT need all the new shoes and clothes, carry out meals, and movie nights.
- Take on a “cash only” mentality. If you can’t pay for it with cash, don’t buy it.
- Get a second job and start paying off those credit cards… it’s no fun but important to get evened out and eventually ahead again. There’s no work, you say? Mow lawns, babysit, go through your stuff and sell on eBay or Craigslist.
- Clip coupons and use them. A friend of mine actually spends about $20 p/week on groceries for a family of three because she finds the double coupon deals and uses them. While her magic touch probably won’t work for everyone, a savings of $10 a week by using coupons adds up to $520 p/year.
I’m not a financial planner and you can easily consult one, but by being conscious and realistic about what you spend is a good first step. Good luck… hopefully we won’t see you alongside Greenvale in bankruptcy court.