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BIL is broke!

October 20th, 2010 at 07:48 pm

My dh went to visit his father in florida last week. He came home with some unusual news. BIL is now broke! (That would be his younger brother)
BIL started a very sucessful business about 30 years ago. He made great money and had about 12 employees.

He and his wife built a new house on the lake. They bought vacant lots on the lake. His wife and oldest daughter went into their hobby with a passion, horses! They acquired 6 of them, along with all the trailers used to haul them to horse shows and the heavy trucks required to pull the trailers. They bought vehicle after vehicle and went on costly vacations constantly.

Now, that things have slowed down in the economy, his work has slowed down too. He has no employees. He admitted to his father that they are broke, have 3 car payments and are $50,000 in credit card debt.

Not that we have ever counted on getting anything from my FIL when he passes on, but dh was surprised to find that he has been written out of the will and everything will go to the broke son, because "he needs it". I am sure that has hurt his feelings and I feel so sorry for him.

I saved $9 today using my bi lo bonus card today and of course, they will be added to the $20 challenge.

Prev. total $14,578.00
today 9.00
new total $14,587.00

Posted in $20 Challenge | 14 Comments »

14 Responses to “BIL is broke!”

  1. creditcardfree Says:
    October 20th, 2010 at 08:09 pm 1287605383
    1287605383

    Money really can ruin relationships. That is terrible that FIL feels it is his duty help grown son with his mistakes. I feel sorry for your DH too.

  2. Joan.of.the.Arch Says:
    October 20th, 2010 at 08:10 pm 1287605418
    1287605418

    Do I recall that this brother also did not have his share of the money some years ago to put a roof on a house the brothers jointly own? And their dad lives in it? If so, his being "broke" may have been brewing since before the recession.

  3. ThriftoRama Says:
    October 20th, 2010 at 08:14 pm 1287605666
    1287605666

    Uh, needs it because he can't manage money? That isn't fair, or prudent on your FIL's part.

  4. ceejay74 Says:
    October 20th, 2010 at 08:26 pm 1287606392
    1287606392

    Well, at least your DH will know it's not because he wasn't loved, but because his father (however misguided) was trying to help out one of his sons.

    Reminds me of that prodigal son Bible story, which always struck me as really unfair.

  5. MonkeyMama Says:
    October 20th, 2010 at 08:50 pm 1287607852
    1287607852

    Not surprising (the broke part), from what you have said about BIL before. (The lavish spending!)

    That is terrible. Give the money to the person who can't manage it - that makes a lot of sense.

    I kind of roll my eyes at the lengths our parents go to, to appear fair at times (sending us a check because a sibling needed money - just makes me feel bad). BUT, I suppose it beats this kind of treatment. *sigh*

  6. Ima saver Says:
    October 20th, 2010 at 09:02 pm 1287608554
    1287608554

    Yes Joan of Arch, you are correct. BIL wanted dh to co sign a loan to get the money to fix the roof. We had our share of the money and did not need a loan. I am sure he did go ahead and take out a loan for more than was needed.

  7. aevans1206 Says:
    October 20th, 2010 at 11:06 pm 1287616018
    1287616018

    I think that is completely out of bounds. How awful!

  8. Single Guy Says:
    October 21st, 2010 at 03:12 am 1287630721
    1287630721

    If what you say is true, if that was my father and he went and decided to give everything to another only because of their bad decisions, that would probably be the last I talked to him. Wow, that is just absurd on the father's part.

  9. retire@50 Says:
    October 21st, 2010 at 03:27 am 1287631643
    1287631643

    It's not that you didn't get the money, it's the unfairness of rewarding poor decisions vs good decisions. Sounds like our government.

  10. baselle Says:
    October 21st, 2010 at 05:04 am 1287637499
    1287637499

    That's the most expected "unusual" thing I heard today. I'm so sorry that your FIL decided to throw all his good money after bad. The thing that will get me is that either the BIL will waste those dollars also and it won't matter, or worse the BIL's business will suddenly turn "great" again and he will crow about his business "prowess". Either way it would take a lot of effort for me not to dunk and hold BILs head in a body of liquid for several minutes.

    Through all of this, remember: DH's real treasure is you.

  11. dmontngrey Says:
    October 21st, 2010 at 04:28 pm 1287678509
    1287678509

    Yes, sad is correct. Wow.

  12. frugaltexan75 Says:
    October 22nd, 2010 at 01:22 am 1287710526
    1287710526

    Whether you and your DH "need" that money or not, it is really sad that your DH has been completely written out of the will. Hopefully there are some meaningful mementos, etc., that will be left to him.

  13. Ima saver Says:
    October 25th, 2010 at 08:09 pm 1288037379
    1288037379

    I think if his father wanted him to have anything, he would have given it to him while he was there this time.

  14. Aleta Says:
    October 29th, 2010 at 03:05 pm 1288364758
    1288364758

    Ive seen this happen time and time again. The parents are in survival mode and they'll give the family farm away to the first one who helps them. It happened in my family and also to one who didn't deserve it and had made bad decisions. Now the person ended up with a house paid in full and will continually point out people who are being stupid by losing their homes. I just have to shut up. Everyone's right. Your husband is the FIL's treasure in that family.

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