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I beat Lehman Brothers to bankruptcy court by five days last September.  My path to BK began in 1994, when I triumphantly paid off $15,000 in credit card debt I had accumulated during the dry spells in my career as a freelance Hollywood assistant sound editor. 

Did I learn my lesson and resolve to stringently budget myself and never live off my credit cards again?

No.

I went through an ongoing cycle of hot work years followed by cold ones.  My plan (if I even had one) was to dip into my credit to get by in the cold years and pay it down in the hot ones.  My last weekly salary was $1900 a week.  If I worked eight or so months a year for three or four years straight, I could bring my debt under control.

My debt began to grow as the cold years multiplied (1996, 1997, 2002, 2005, 2007, 2008) and I went back to using credit cards to pay my rent, basic expenses, and other credit card bills.

I confess.  I did it.  There were way too many beers, breakfasts, dinners and glasses of wine in restaurants where you pay up for the privilege of sitting in a chair two blocks from the beach.  There were plane tickets to visit family and friends and charges for concert tickets, weekend kayak trips, books, CDs and whatever else my impulses led me to buy. Read the rest of this entry »