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Member
StevenMDG
Posts: 15
Registered: ‎05-14-2012
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Anyone seen this link from Yahoo

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.

Frequent Contributor
somnipotent
Posts: 367
Registered: ‎06-02-2008
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Re: Anyone seen this link from Yahoo

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.


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llecs
Posts: 32,880
Registered: ‎08-04-2007
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Re: Anyone seen this link from Yahoo

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

Frequent Contributor
grassfeeder
Posts: 341
Registered: ‎03-01-2012
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Re: Anyone seen this link from Yahoo

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.

5/12- EQ FICO - 508 / TU FICO - 490 / EX FAKO - 550 Ch. 7 BK - 7/12 (discharge 10/12)
6/14 - EQ FICO 674 / 4/14 - TU FICO - 636 / EX FICO - 654

NFCU cashRewards $10,000 - NFCU Flagship Visa $8,000 - First Tech C.U. Cash Rewards $5,000 - Barclays Apple Card $2,000 - JCrew $4650
In the garden starting 3/1/14 till ???
Established Contributor
aussiesareforever
Posts: 740
Registered: ‎10-04-2010
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Re: Anyone seen this link from Yahoo

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!

BK in 2008, after making very stupid financial decisions.

Barclay's Apple Financing Card ($6400) --- Capital One Quicksilver ($10,000)---GEMB CareCredit ($5700) --- AUFCU ($10000)--- Walmart ($5000)

FICO Scores: TU 735 EQ 709 EX 740 (Feb 2013, all pulled by lender)

Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010
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Re: Anyone seen this link from Yahoo

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.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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Member
StevenMDG
Posts: 15
Registered: ‎05-14-2012
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Re: Anyone seen this link from Yahoo

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

Member
StevenMDG
Posts: 15
Registered: ‎05-14-2012
0

Re: Anyone seen this link from Yahoo

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???/

Frequent Contributor
grassfeeder
Posts: 341
Registered: ‎03-01-2012
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Re: Anyone seen this link from Yahoo

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.

5/12- EQ FICO - 508 / TU FICO - 490 / EX FAKO - 550 Ch. 7 BK - 7/12 (discharge 10/12)
6/14 - EQ FICO 674 / 4/14 - TU FICO - 636 / EX FICO - 654

NFCU cashRewards $10,000 - NFCU Flagship Visa $8,000 - First Tech C.U. Cash Rewards $5,000 - Barclays Apple Card $2,000 - JCrew $4650
In the garden starting 3/1/14 till ???
Regular Contributor
indecison
Posts: 226
Registered: ‎05-24-2012
0

Re: Anyone seen this link from Yahoo

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.


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