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Super Contributor
Posts: 8,173
Registered: ‎03-25-2007
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I hope....

....that I never need help from this particular form.
 
But it is a great idea!!
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Moderator Emeritus
Posts: 16,373
Registered: ‎03-12-2007
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Re: I hope....

 
 
 


MidnightVoice wrote:
....that I never need help from this particular form.
 
But it is a great idea!!



Me too! Fabulous idea!
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1
Valued Contributor
Posts: 2,374
Registered: ‎03-15-2007
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Re: I hope....

Yes...the option to file BK is like the option to use nuclear weapons. You really, really hope you never have to turn those keys...but on the other hand, the option is vital to your financial security.
- - - -
in a credit-scoring postnuclear Stone Age...
Moderator Emeritus
Posts: 5,436
Registered: ‎03-10-2007
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Re: I hope....

I would never reccommend it but it someone had to (like I did) I would hope they would come to this forum and ask questions and do it sooner rather than later.  Most people are the most damaged trying to repay or pay bills that they have no hope of overcoming.
Valued Contributor
Posts: 1,126
Registered: ‎08-29-2007
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Re: I hope....

I almost made the biggest mistake of my life after my divorce.  I was only $8,000 in debt, and I had a car payment.  However, I was an emotional wreck and got behind on my payments.  I contacted a BK lawyer just to talk, and he almost convinced me to declare BK with only $8,000 in debt and a good paying job! 
 
The reason I almost made the mistake was because I did not have a place like this to turn when I needed to know the facts.  Thank you for putting this area up in the forum.  It will help a lot of people.

Starting Score: 583 EQ, 612 EX, 569 TU
Current Score: 658 EQ, 648 EX, 618 TU
Goal Score: 720 EQ, 720 EX, 720 TU


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Established Contributor
Posts: 660
Registered: ‎09-11-2007
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Re: I hope....

[ Edited ]
Brammy - if you are in the position I was in, I think you WOULD recommend it.   People who say "never ever" really don't understand what bk really involves.
 
It does NOT mean financial death, it does NOT mean life is over.  You CAN and DO recover.  It is just like major surgery.  It is necessary for long term health, and your recovery is alot based on how hard you are willing to work at it, and how soon  you are ready to commit to the recovery.
 
Edited!


Message Edited by fused on 09-28-2007 07:23 AM
Moderator Emeritus
Posts: 16,373
Registered: ‎03-12-2007
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Re: I hope....



Boscoe wrote:
Brammy - if you are in the position I was in, I think you WOULD recommend it.   People who say "never ever" really don't understand what bk really involves.
 
It does NOT mean financial death, it does NOT mean life is over.  You CAN and DO recover.  It is just like major surgery.  It is necessary for long term health, and your recovery is alot based on how hard you are willing to work at it, and how soon  you are ready to commit to the recovery.
 
Edited!


Message Edited by fused on 09-28-2007 07:23 AM

Hi Boscoe:

Please be advised I have edited your post. MyFICO forums frowns upon those who post links or web site addresses to other credit repair sites.

Please feel free to post a revised message – we value your contributions!

Thanks for your help in keeping the FICO Forums a friendly, productive environment for all members.

 

----

Fused


Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1
Moderator Emeritus
Posts: 5,436
Registered: ‎03-10-2007
0

Re: I hope....

[ Edited ]


Boscoe wrote:
Brammy - if you are in the position I was in, I think you WOULD recommend it.   People who say "never ever" really don't understand what bk really involves.
 
It does NOT mean financial death, it does NOT mean life is over.  You CAN and DO recover.  It is just like major surgery.  It is necessary for long term health, and your recovery is alot based on how hard you are willing to work at it, and how soon  you are ready to commit to the recovery.
 
Edited!


Message Edited by fused on 09-28-2007 07:23 AM

 
Boscoe, Just curious did you read my entire post or just the first sentence?  As I said and will say again, I would never reccommend bankruptcy but if you have to I would reccommend getting all the knowledge you can first.  There are times when you have to llike I did and it seems we were in close to the same position.
 
Any regular readers on this board will probably be able to tell you that I have filed BK and have reccommended it in situations when it seemed the only way out but NOT before educating yourself or contacting an attorney.
 
I don't reccommend that peoplewait until an impossible debt turns into possible litigation either.
 
Brammy Said: "
I would never reccommend it but it someone had to (like I did) I would hope they would come to this forum and ask questions and do it sooner rather than later.  Most people are the most damaged trying to repay or pay bills that they have no hope of overcoming.
 
 
Nor does it mean financial death.  My FICOS are proof of that an I think I'm shorting myself 20 points across the board.


Message Edited by Brammy on 09-28-2007 04:49 PM
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
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Re: I hope....

I daresay one could find people who declare BK but who should not have declared BK.
 
From Liz Warren's "Two Income Trap", a great many economists and studies indicate there are a great many people who should declare BK yet don't. Many BK lawyers report that clients come to them to file only after struggling for several YEARS when the person should have filed several YEARS before.
 
The problem with BK is that it isn't used enough.
 
Least you fear the insolvency of banks, the collapse of the stock market, another worldwide depression, and 25% unemployment, let me sooth your aching mind. Only about 1/3 of bad debt that OCs charge off to P&L is from BK. 2/3 of bad debt they charge off is because they just get tired of trying to collect because the person doesn't have anything to give the OC--and perhaps the debtor outta really file BK.
 
Valued Contributor
Posts: 1,986
Registered: ‎08-17-2007
0

Re: I hope....

lawyers can be snakes in grass. watch them!!! I filed chapter7 pro se and it cost me 200.00 plus some stamps.  that was 8 years ago.  It is a long hard road without paying exorbitant legal fees on top of everything else.  They do not tell you about the emergency filing which stops everything cold while you can regroup and maybe not file afterall.  Do research if you are planning bk.
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