topic Re: Anyone seen this link from Yahoo in Bankruptcy

Anyone seen this link from Yahoo

StevenMDG — Thu, 01 Nov 2012 20:39:50 GMT

So looking through Yahoo news today and see this video

http://news.yahoo.com/bankruptcy-basics-and-what-you-need-to-know-1031125961.html

She basically says bankruptcy will ruin you.... For someone who just filed this past Tuesday due to medical bills, I am now thinking I will never bounce back and if I do it will be with outrageous interest rates...Wanted to get your thoughts.

Re: Anyone seen this link from Yahoo

somnipotent — Thu, 01 Nov 2012 21:05:49 GMT

Take it with a grain of salt. BK wipes your slate clean of your past debt. You literally start from scratch, just as someone who has never had debt before. That BK is a scar but over time it will fade. First things first is to open up a secured line of credit to start the rebuilding process. The sooner the better so you can start the AAoA clock. From there make sure you pay on time, every time. As time goes on, you'll be able to gain access to rebuilder cards like Capital One. Stay away from Fee Reapers like Credit One and First Primier. You'll get small limits, but that's ok. Keep an eye on your credit scores, subscribe to Score Watch or something like that, use Credit Karma to keep an eye on your accounts. Do your due diligence. It's not hopeless. We have your back too.

Re: Anyone seen this link from Yahoo

llecs — Thu, 01 Nov 2012 21:08:20 GMT

You'll bounce back; it'll just take time.

Re: Anyone seen this link from Yahoo

grassfeeder — Thu, 01 Nov 2012 21:52:29 GMT

There are plenty of success stories on these forums for you to see that we do make our way back. I was just discharged yesterday and will begin working my way back. The great thing about these forums is that we're all in the same boat and we're all here to lend a helping hand or just be an annonymous sounding board.

Re: Anyone seen this link from Yahoo

aussiesareforever — Thu, 01 Nov 2012 23:56:58 GMT

You will be fine. I am almost five years post discharge and I'm still making good progress in my credit repair journey. Be patient, self controlled and pay your bills on time. You'll be fine!

Re: Anyone seen this link from Yahoo

chasmith — Fri, 02 Nov 2012 11:13:47 GMT

Three years post discharge I have more than enough credit at reasonable rates for today's markets, a new house and a new car with scores getting near 700. Take the fresh start and things will get better.

Re: Anyone seen this link from Yahoo

StevenMDG — Fri, 02 Nov 2012 13:25:49 GMT

WOW, Thank God for this forum, you guys are amaziing and give me some faith and hope moving forward. As I am in my middle 30's with a small child and did not want to have to hardships years down the road. Medical bills killed me and even had the government coming after to me since I went to an Army hopsital after my trauma. They were going to garnish my wages so Chapter 7 is what i filed this week.

I am curent on my house and car and I am reaffirming them. Also I have credit that has $0 balance so I am hoping they do no close those accounts. With that said and listening to what you guys have to say, looks like as long as I stay responsible and move forward with a good outlook. I am so very happy to have found this page and hope many other people in my situation come across it to aid them and give them some confidence in their decisisons.

Thanks again

Re: Anyone seen this link from Yahoo

StevenMDG — Fri, 02 Nov 2012 13:36:22 GMT

Question for you Omaplatypus...I see you cards listed. If I have any of these cards in my BK filing does that basically mean that these companies will not extend me credit m oving forward after discharge???/

Re: Anyone seen this link from Yahoo

grassfeeder — Fri, 02 Nov 2012 16:52:23 GMT

do NOT reaffirm your mortgage, but do your car if you want to keep it. You can still keep paying your mortgage as directed but do NOT reaffirm it. Any bankruptcy attorney worth a damn will advice you of the same.

Re: Anyone seen this link from Yahoo

indecison — Fri, 02 Nov 2012 18:25:02 GMT

I have to agree with others you will bounce back. I am 3 1/2 years post BK 7 discharge and have bounced back. I just recently closed on a house at 3.375% so it can be done. You have to be patient and work at.

grassfeeder wrote:
do NOT reaffirm your mortgage, but do your car if you want to keep it. You can still keep paying your mortgage as directed but do NOT reaffirm it. Any bankruptcy attorney worth a damn will advice you of the same.

Can I ask why you say this? I reaffirmed the house we owned and it caused no issues. I guess if you are upside down on the house it makes sense but if you are not why not reaffirm? Just curious about your thoughts on this.

Re: Anyone seen this link from Yahoo

grassfeeder — Fri, 02 Nov 2012 19:36:17 GMT

These two links should shed some light:

http://www.bankruptcylawnetwork.com/why-you-shouldnt-reaffirm-a-mortgage-in-bankruptcy/

http://www.bankruptcylawnetwork.com/can-chapter-7-debtor-who-did-not-reffirm-mortgage-walk-away-without-penalty-after-discharge/

Re: Anyone seen this link from Yahoo

indecison — Fri, 02 Nov 2012 19:54:58 GMT

Interesting. Thanks for the info.

Re: Anyone seen this link from Yahoo

StevenMDG — Tue, 06 Nov 2012 15:55:45 GMT

I see both sides, but If I am current on my house have a good rate and plan on keeping it why wouldn't I reaffirm keep the posiive credit, keep making the payments then in a the years to come sell??

Re: Anyone seen this link from Yahoo

grassfeeder — Tue, 06 Nov 2012 19:31:09 GMT

StevenMDG wrote:
I see both sides, but If I am current on my house have a good rate and plan on keeping it why wouldn't I reaffirm keep the posiive credit, keep making the payments then in a the years to come sell??

honestly, I see way more upside to NOT reaffirming. There are other ways you can get positive credit to help rebuild other than reaffirming the mortgage. Not only that, but you can also sell in the years to come. Your name is still on the deed so you'll need to sell either way to release that. Not reaffirming is just eliminating you of future liabilities of the property. You have almost nothing to gain and everything to lose by reaffirming.

Re: Anyone seen this link from Yahoo

StevenMDG — Fri, 09 Nov 2012 22:03:50 GMT

I think you are right I have decided not to reaffirm the car and still deciding what I want to do with the house....... trustee meeting on the 29th of Nov. Cannot wait till this is all behind me the stress is eating away at my insides...