Bankruptcy

[StevenMDG]

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.

[somnipotent]

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.

[llecs]

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

[grassfeeder]

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.

[aussiesareforever]

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!

[chasmith]

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.

[StevenMDG]

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

[StevenMDG]

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???/

[grassfeeder]

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.

[indecison]

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.

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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.

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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.