10-23-2013 06:15 AM
Words cannot express how excited and relieved I am about this. The last day for objections to my discharge was yesterday 10/22 which was 60 days after my meeting of creditors. I logged in to Pacer and it says that I was granted and discharge and my case is closed!!!! I was even able to print out my discharge papers.
This has been a long and anxiety filled journey since I first filed chapter 13 in may and converted to chapter 13 in 7. Now its time for the rebuilding to begin!!!!!
10-23-2013 09:12 AM
Good for you. I am struggling with the decison to file. I am scared I will never get credit again but my credit is already so bad I don'tthink I can get out of this hole. Good luck with rebuilding hopefully I can decide sooner or later to just do it.
10-23-2013 10:54 AM
10-23-2013 11:28 AM
Thanks! It feels good to have that monkey off my back. I was so surprised that it discharged at exactly 60 days. My attorney and members on this site said it would take a little longer.
I was scared I would never be able to get credit again too. It is a tough decision and it definitely is not for everyone. However, I was able to get an auto loan while my bankruptcy was still open through 722 redemption. After I filed, I also disputed everything on my credit report so that it would reflect that the accounts were IIB(included in bankruptcy). In one month alone, my credit score has gone up over 20 points. It is still bad but at least it is progress.
I plan on getting a credit builder loan next month and maybe a secured card too. Then I hope to just watch my credit score continue to rise!
10-23-2013 11:45 AM
It was not an easy decision for us either. But with 2 cars about to be repo'd and two kids under the age of 2. It was our only option. Unfortunately we didnt have the best lawyer and at one point we should have been able to convert to a 7 because I wasnt working and we met the criteria but he didnt want to do it. maybe he would have lost money, who knows. All that I know is that we are done next month! and I hope we never have to go through that again, but if we do, I most certainly would file again to make sure my families immediate needs are taken care of. It isnt the end of the world and in most cases a relief and a fresh start.
Congrats on the discharge! our lawyer told us 30 days, but we are in Nebraska and it seems to move pretty quickly here. so fingers crossed!
what is 722 redemption?
10-23-2013 11:58 AM
I completely understand your decision. Good luck to you!
722 redemption is a program that I found via this site where as long as you have filed chapter 7 bankruptcy you can apply for an auto loan. It doesn’t have to be discharged just filed. I was completely out of a car and was catching a ride to and from work and this was the only place that would help me. I called and they approved me over the phone within about 2 business days and told me what my maximum payment could be. Then, I was referred to a dealer that was out of state. The dealer contacted me and ask me what I was looking for and I told him what I wanted my payment to be. He had one car that fit my requirements and it was a good car. So we completed all of the paperwork via email/fax and my car was delivered to my front door from Ohio. The finance company ended up being Prestige Financial. I had already applied with them but was denied but they approved me via this program. The interest rate is high but if you keep insurance and pay on time, every 3 months they will decrease the interest rate by .5% every three months. I heard a lot of bad things about Prestige but honestly I haven’t had one problem. My payment is automatic so I haven’t heard from them since I got the car. As long as you pay on time, they are not a problem.
10-23-2013 10:04 PM
10-24-2013 04:09 AM
Thanks for the information. I didnt think to just go with the secured card versus the credit builder loan.
I have a question....What exactly should my credit report say?
I started working on them as soon as I filed so most of the accounts have already been updated to a zero balance. Some say IIB, some just have the zero balance but dont say IIB. Is it the zero balance that is important or the IIB?
Any information would be helpful....
10-24-2013 07:25 AM
Congrats on the discharge! Awesome you have an installment loan right out the gates. Skip the personal loan and go with a credit card, your car loan will be good mixture. You'll get credit in no time! Feels great!!!
Word of caution. Please verify that the auto loan company will in fact report to the three agencies. Many subprime lenders that finance borrowers coming out of bankruptcy do not report. I know this from personal experience.
10-24-2013 07:28 AM
Yes it is already been reported to all the CRA's but thanks for the information.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.