Anyone with anything positive/reassuring about bankruptcy? Any experience, thoughts, comments, etc?
Just looking to get some idea of what to expect. I am going tomorrow to meet with my lawyer about going through the motions. I have always heard such bad things, but recently, I have heard some positives about it. I have everything I need really and as far as I can tell, there is nothing that they would take to sell. I don’t have much of value outside of a car, but I know that they let you keep what you need to get to work, etc. Anyway, just some overall POV’s and what have you. Thanks you, I could use some helpful words.
(I live in TX if it helps with local laws, etc)
*****thank
Thanks for all of the comments and experiences so far. Keep them coming please. You guys made my day!
August 24th, 2009 at 6:42 pm
My friend claimed bankruptcy and immediately after it was official, she got all kinds of mail dealing with car loans and personal loans. This is because they know that you can’t file again for like 7 years, so you’re stuck with the debt if you default. I would say this is reassuring!
August 26th, 2009 at 8:13 am
I filed bankruptcy years ago, and wish i would have done it sooner. It was the best thing I ever did. Now I know the laws have changed but you start getting car loans and credit card applications in the mail right way. They know you can’t file again for 7 years so your not a risk…granted the interest rates suck but its better than I could have gotten before my bankruptcy. Also if you work on your credit score by getting a credit card and paying it off on time you credit score will go up and in a couple years if you get your score high enough you can buy a house with the same interest rate as anyone else. You don’t want to use a credit union though, when you bank, for loans ect, most do not report to credit agencies, and banks do, thats what you need to work on your credit score….Good Luck…. you’ll be fine…better off!
August 27th, 2009 at 5:19 am
I declared chapter 7 in 2005 right before the laws changed and were made tougher so I don’t know how it is now…
When we filed we had our cars voluntarily repoed (my parents assisted us by financing two decent cars at a rate that was less than half what we were paying before with the two cars we relinquised). So I strongly recomend you evaluate if the car you are going to keep is in you budget once you file.
I agree that it was the best thing we could have done give the mess we were in. We went thru a year of credit counseling and it barely made a dent. On the flip side…it stays on your credit report for 10 years. We didn’t think much about that because we figured we would be in the same house with the same jobs as we were in at the time. Lo and behold 2 years later my husband was transfered across the country for his job and we had to try to find an apartment (because we cannot get a mortgage due to the bankruptcy) with this albatros around our necks (we eventually did find a nice place, but we had to pay an outrageous deposit).
Another thing is yes, you can get credit again becaue they know you can’t file again, but usually the interest rates are bad and they are usually very low credit limits (my card is $300 and hubbys is $500). The problem with this is what if you want to rent a car on vacation (if you use your debit card they do a credit check) or rent a hotel room…it is inconvient.
Just remember if you are going to do this use it as the fresh start it is. When you do get new credit use it responsibly.
Good luck!!!
August 29th, 2009 at 1:18 am
It feels like the weight of the world is off of your shoulders. No more phone calls, no more worrying about whether or not to answer your phone, no more threatening phone calls or mailings. Been there, done that, got the T-shirt – Just hope I wont have to deal with it again. Definatley go to a credit counselor of some sort or someone that can teach you how to budget you finances so this wont happen again. That was the best thing I did for myself after. Bad things happen to good people.