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In a Galaxy not so far away, my credit is awesome, and now im back to reality. Bankrupcty it is :(

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Alexj931
New Contributor

Re: Rebuilding versus Chap 7???? Help Por Favor!


@Anonymous wrote:

Weigh the pros and cons. Do the math.

 

Trying to pay off your debt is always the preferred option. However, it's not always possible and that's what BK laws are there for.

 

When my husband and I filed, we had even lower amounts of debt. But our income had dropped significantly and basic math said it would take us over 15 years to pay it off if we never had another job loss, never had an emergency, and didn't try to save anything.

We filed.


Thank you very much !!! I will have to do alot of thinking this weekend. I really appreciate it did you fnd it hard disputing the incorrect information after your discharge?

Current Score: 587/568/576
Goal Score in 3 months= 620
Message 11 of 17
Anonymous
Not applicable

Re: Rebuilding versus Chap 7???? Help Por Favor!


@Alexj931 wrote:

@Anonymous wrote:

Weigh the pros and cons. Do the math.

 

Trying to pay off your debt is always the preferred option. However, it's not always possible and that's what BK laws are there for.

 

When my husband and I filed, we had even lower amounts of debt. But our income had dropped significantly and basic math said it would take us over 15 years to pay it off if we never had another job loss, never had an emergency, and didn't try to save anything.

We filed.


Thank you very much !!! I will have to do alot of thinking this weekend. I really appreciate it did you fnd it hard disputing the incorrect information after your discharge?


Just one creditor and only with Equifux. I've given up on that one; it'll fall off in two years.

 

Message 12 of 17
Alexj931
New Contributor

REPO on equibleep & WHich accounts go into IIB status?


@Anonymous wrote:

@Alexj931 wrote:

@Anonymous wrote:

Weigh the pros and cons. Do the math.

 

Trying to pay off your debt is always the preferred option. However, it's not always possible and that's what BK laws are there for.

 

When my husband and I filed, we had even lower amounts of debt. But our income had dropped significantly and basic math said it would take us over 15 years to pay it off if we never had another job loss, never had an emergency, and didn't try to save anything.

We filed.


Thank you very much !!! I will have to do alot of thinking this weekend. I really appreciate it did you fnd it hard disputing the incorrect information after your discharge?


Just one creditor and only with Equifux. I've given up on that one; it'll fall off in two years.

 


 

I have a Repo on my equbleep that happened 2 years ago, it only shows on equibleep and not the other 2 , why is that? ANother question i have is what accounts can be included in my bk? Charge Offs, judgments, lates? and do i leave the ones that are going to fall off less than a year or what?

 

 

Thanks for all your help

 

 

ALEX

 

 

Current Score: 587/568/576
Goal Score in 3 months= 620
Message 13 of 17
Anonymous
Not applicable

Re: REPO on equibleep & WHich accounts go into IIB status?

Chapter


@Alexj931 wrote:

 


 

I have a Repo on my equbleep that happened 2 years ago, it only shows on equibleep and not the other 2 , why is that? ANother question i have is what accounts can be included in my bk? Charge Offs, judgments, lates? and do i leave the ones that are going to fall off less than a year or what?

 

 

Thanks for all your help

 

 

ALEX

 

 


It's possible that the repo was only reported to the one CRA. Nothing requires creditors to report to all three.

Chapter 7 includes everything, including stuff you may have forgotten about. Exceptions can include goverment loans (student or otherwise) and other, I believe federal only, liens... but I could be off base on that. I didn't have any government stuff to include, or except, at all. Question for the lawyer. Smiley Happy

Oh... edit to add: Stuff that's going to fall off in the next year or two will still fall off in the next year or two. BK doesn't change the date first delinquency. You can end up with a clean credit report with nothing but an old BK on it. Indeed... you hope that's the case between 7.5 and 10 years post BK.

Message 14 of 17
Alexj931
New Contributor

Re: REPO on equibleep & WHich accounts go into IIB status?


@Anonymous wrote:

Chapter


@Alexj931 wrote:

 


 

I have a Repo on my equbleep that happened 2 years ago, it only shows on equibleep and not the other 2 , why is that? ANother question i have is what accounts can be included in my bk? Charge Offs, judgments, lates? and do i leave the ones that are going to fall off less than a year or what?

 

 

Thanks for all your help

 

 

ALEX

 

 


It's possible that the repo was only reported to the one CRA. Nothing requires creditors to report to all three.

Chapter 7 includes everything, including stuff you may have forgotten about. Exceptions can include goverment loans (student or otherwise) and other, I believe federal only, liens... but I could be off base on that. I didn't have any government stuff to include, or except, at all. Question for the lawyer. Smiley Happy

Oh... edit to add: Stuff that's going to fall off in the next year or two will still fall off in the next year or two. BK doesn't change the date first delinquency. You can end up with a clean credit report with nothing but an old BK on it. Indeed... you hope that's the case between 7.5 and 10 years post BK.


Thank you very much , i have some more meetings with my Lawyer before pulling the plug !! Apreciate everyone ! AND KUDOS TO YOU ALL Have a great holiday!!!

THANKS

Current Score: 587/568/576
Goal Score in 3 months= 620
Message 15 of 17
Anonymous
Not applicable

Re: REPO on equibleep & WHich accounts go into IIB status?

Why have they not repoed the motorcycle ?

Message 16 of 17
Alexj931
New Contributor

Re: REPO on equibleep & WHich accounts go into IIB status?

they stated they didnt want the bike any more there was a time where the bike was up for repo by the original creditor which was HSBC then i paid them what i owed they took it "repo" status then i lost my job went all the way back to that status again but they never came and grabbed it, when i called HSBC they told me the account was sold to another CA, when i called them they sold it to another CA, now no one wants the bike. Sucks

Current Score: 587/568/576
Goal Score in 3 months= 620
Message 17 of 17
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