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Member
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Registered: ‎05-27-2015
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I finally pulled the trigger and Filed Ch.7

After years and years of struggling with bad credit and go deeper into debt, I finally decided at age 44 to file Ch.7.  I'll admit I was nervous about doing it and have been trying to dig myself out of debt for the past 10 years and just have been putting myself in more.  One of the main reasons that I decided to do this is that I'm going to be a father in April and I want to make sure that I can give my daughter the best life that I can so with that in mind I would appreicate any and  all of the help that you all could provide me with.  I apprecaite you taking the time to read this and look forward to being an active member of the community.

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Posts: 1,498
Registered: ‎08-12-2012

Re: I finally pulled the trigger and Filed Ch.7


Biskit wrote:

After years and years of struggling with bad credit and go deeper into debt, I finally decided at age 44 to file Ch.7.  I'll admit I was nervous about doing it and have been trying to dig myself out of debt for the past 10 years and just have been putting myself in more.  One of the main reasons that I decided to do this is that I'm going to be a father in April and I want to make sure that I can give my daughter the best life that I can so with that in mind I would appreicate any and  all of the help that you all could provide me with.  I apprecaite you taking the time to read this and look forward to being an active member of the community.


Glad you finally decided to file. The biggest mistake I see people make, other than getting so deep in debt, is waiting too long to file. Once your debt load gets too high you are often getting deeper and deeper in debt just to pay the interest on all that debt, and never making any progress on the principal. This is akin to kicking the can down the road, and the end result will still be bankruptcy. Take heart in the fact that the bankruptcy process is not as bad as most people imagine it to be, and it often is the only way to ever get your credit repaired. I have actually had to file both a ch.13, which actually paid all creditors, and a chapter 7 that was due to my bad marriage. Please note what my credit scores are now...you have finally entered a tunnel that has some light at the other end.




TU fico08=820 8/25/17
EX fico08=812 9/05/17
EQ fico08=817 8/25/17
Garden since 4/5/2017
Member
Posts: 6
Registered: ‎05-27-2015
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Re: I finally pulled the trigger and Filed Ch.7

Thanks you for the encouragment.  I know its going to be a long road but I truly believe a better road then the one i've been traveling.  If you don't mind me asking when did you file Ch. 7 and what were your scores at the time.  My scores are currently sitting at EQ: 518, Trans: 523, and EX: 530 however my BK has not been discharged yet so I not sure what they will go town to at that point.

Valued Contributor
Posts: 1,498
Registered: ‎08-12-2012
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Re: I finally pulled the trigger and Filed Ch.7


Biskit wrote:

Thanks you for the encouragment.  I know its going to be a long road but I truly believe a better road then the one i've been traveling.  If you don't mind me asking when did you file Ch. 7 and what were your scores at the time.  My scores are currently sitting at EQ: 518, Trans: 523, and EX: 530 however my BK has not been discharged yet so I not sure what they will go town to at that point.


I filed the ch.7 in 1996 and have no idea what my score was from then until 2010. I just continued to make my house payment the entire time, and did not apply for any credit until 2010, and thought it would be denied due to the BK. I actually did not even realise it had been 14 year since I had filed...my score was then 801, and has been around 800 ever since only dropping when I applied for more credit cards which I always PIF, and they make me money. My credit habits are now very good, as are my finances.




TU fico08=820 8/25/17
EX fico08=812 9/05/17
EQ fico08=817 8/25/17
Garden since 4/5/2017
Regular Contributor
Posts: 211
Registered: ‎05-12-2007
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Re: I finally pulled the trigger and Filed Ch.7

Congrats on making the decision to move your life forward in a positive way especially with a new baby on the way. That's great! Good luck throughout your process. 

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Member
Posts: 6
Registered: ‎07-03-2008
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Re: I finally pulled the trigger and Filed Ch.7

It is not an easy choice; but sometmes the fresh start is needed.  I filed in Feb 2016 and discharged in July 2016.  I burned quite a few credit cards, an auto loan, and a mortgage in the process and I was worried about just how much my credit would be damaged.  Prior to filing I was in the low 600s (don't recall exactly) due to high usage of all credit cards.  Right after discharge I was in 580s range and I was really worried.  Now, just a year after filing, I am back in the 650s (663, 650, 663 to be exact).  

 

I did get an auto loan just weeks after discharge and I am paying high interest as a result.  I have a few credit cards (one secured, two with annual fees which I'll be canceling before they come up again) and I just opened an account with PenFed.  Overall, it hasn't been as bad as I thought it may be but I am certainly not done yet. 

 

Good luck.

Filed BK February 2016, discharged June 2016 | March 2017 - EQ 659, TU 654, EX 663 | Goal - All above 700


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