Yeah, my brother-in-law just started work as an attorney for a bankruptcy firm. One of the more juicy stories he was telling me last week was of the couple, both realtors, who came to see him after they lost their jobs, realized their investment condo was not going to sell, and that they might have to declare bankruptcy.
He asked them why they bought it, knowing their industry? They said it was on a whim, and that they didn’t really want it anyway. This couple had also spent $35K on a Harley, and $75K on a luxury car. Their firm (they were employees) completely shut down 5 months ago, and it took them that long to find jobs, so in the meantime, they accrued 4 months worth of debt. Now they are about to foreclose on their condo.
