02-08-2017 04:46 AM
Thank you for replying!
If you don't mind me asking, how soon after the 341 did they require the collateral items back? I'm worried I won't have enough cash on hand to try to redeem the items I do want to keep, so I want to plan accordingly.
I go from freaking out inside to wanting to do it TODAY. I do plan on filing near the end of the month, the attorney has all my paperwork ready, just waiting on me to pay him.
I'm looking forward to when I can be post BK like so many of you!
If it weren't for this secured stuff I'd feel so much better!
02-08-2017 12:02 PM
I like all the advice you have gotten. I just wanted to say hang in there and BK does provide a fresh start! Keep reading stuff on these boards, they are really helpful in rebuilding. I also recommend YNAB (ynab.com) to help mange your money post BK. Both of those have been very instrumental for my rebuilding post BK.
02-08-2017 04:35 PM
02-09-2017 02:37 PM
Thank you so much! You ALL have made me much more comfortable about filing.
I'm anxious to get it started but need to have ALL of the $1650 my lawyer requires. Woo. So my projected date to give that to him is 2/24 OR 2/27 at the latest.
I am still super trepadacious about the secured home property and how those three secured loan places may want the stuff. But, I'll cross that bridge when I come to it.
I have to say, the positiviy on this forum is absolutely inspiring. I can't thank all of you, every single poster, enough. I've read back through the posts all the way back to one year ago, haha. SO MANY success stories! I hope to be one of them, too.
02-11-2017 08:03 PM
Well if this is any help my wife and I filled 1/17/2017 (1/27 I sarted disputing our reports to make sure evrything was updated like it should be) and the day of filling I had a Discover Secured card, Walmart, Old Navy, Helzberg, Fingerhut, First Premier, Capital One QuicksilverOne, Capital One Secured, Indigo, Credit One, Lane Bryant, Nebraska Furniture Mart, and Fingerhut. I had 1 collection on my report and 1 repo from 2011 and she had around 10 all medical she also had 1 public record. My wife has First Premier, Fingerhut, and Credit One and she is AU on most of my cards. I have my car loan with Westlake Financial and she has her car loan thru Exeter. (We reaffiremed both loa.ns never late on them either) 1/17/2017 petition filled, 1/18 Petition filled and showed on credit reports, 1/20 Capital One automatically closed my accounts because of the petition of ch7 BK ( I was never late had the accounts for almost 2yrs) Same with Old Navy and Walmart, 1/24 First Premier was closed but it was IIB due to the fact of an old account i had from 2010, My fingerhut account had a small balance but last week I recieved a letter stating the safeline protection covered my balance so now it is zero balance. My wife had a zero balance on her fingerhut account and recieved the same letter it stated that her account was closed. We made our car payments 2/10 just had to call the company and talk to there bankruptcy department to make payments since they blocked our online access until after discharge. Our 341 meeting is 2/21
as of 2/11 I still have my Discover, Nebraska, Helzberg, Credit One, Indigo, and Lane Bryant ( I did confirm with my lawyer and he said all the letters were sent out and the accounts that survived will not be in the bk and you are responsible for them, which is fine because i have low balances on them except lane bryant and helzberg which is zero) and everyday i get a alert of a update on the credit reports. She still has First Premier and Credit One. My Credit report is showing alot of the accounts that were IIB have been deleted and my score has risen quite a bit since the date of filling. Same with the wifes
last week Exeter showed up on the wifes credit report as closed just on Equifax but the other to CR show still open and current but I'm assuming thats because of the bankruptcy even though the loan was reaffirmed but when she calls Exeter they find her account no problem. Mine is still reporting but that may change not sure yet
02-15-2017 11:44 AM - edited 02-15-2017 11:47 AM
02-15-2017 11:49 AM
Welcome to MyFICO!
I will answer what I can and leave the rest for others.
IMO it is far better to close all of your zero balance credit cards prior to filing. The reason is this: when you close them they are closed with the history you have now and with a zero balance and no Bk notation on the tradeline (TL). If you let the attorney do it by adding each card to the petition, the tradeline will read IIB and zero balance. The difference between the two is one is a positive TL and the other is a derogatory TL. Positive TL's stay on your credit report for up to 10 years and the negative Bk'ed TL's drop off after 7 years. IMO it is far better to take the benefit of all of those zero balance TL's and let them report for as long as possible.
Just a point of discussion, you don't HAVE to include open credit cards with a $0 balance in your petition. The petition only lists debts and assets. $0 is neither. There are only two possible "gotcha's" that might come up... One, once you file, you aren't supposed to take on any more debt, which means you can't USE those cards until the BK is discharged. Two, the credit card company MIGHT (probably will) close your account anyway the next time they do a SP review of your credit report and see a BK filing.
There's really no downside (unless you don't have self control to not get in trouble with credit again) to leaving a $0 account open. Legally, if you don't include it in your petition and its still closed by the credit grantor, they CANNOT list the reason code as IIB. I personally know somebody that this happened to and they successfully disputed and got that notation removed. That same person also has a card that made it through all the proceedings with a $0 and was never closed. I doubt it helped with scoring, but it was nice that they had an open line of credit they could use for emergencies.
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