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Just took my first step!!!

Established Member

Just took my first step!!!

So I've been reading these forums for awhile now and just finally was able to file my BK7(had to save up money to file). As a new father and soon to be husband, I really needed to get my financials in order and bk was the only way. I'm just nervous about what I should be expecting from here on out, my lawyer told me there's really nothing left other than the 341 meeting(very nervous about that, and idk why) and then waiting for discharge. After that he says is when the real work starts with cleaning everything up and rebuilding. I'm just curious is all the nervousness is normal and what to expect going forward. Currently scores range from 505-602 and I'm hoping to be able to start building right after discharge.

Message 1 of 7
6 REPLIES
Valued Contributor

Re: Just took my first step!!!

Nervous, sick, scared is all very normal.  I know I felt that way.  You do know you have to take the two classes, right?


Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
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Message 2 of 7
Established Member

Re: Just took my first step!!!

Ya, I know, I did my couseling before I could file and after the 341 but before discharge I have to take the other class...Hopefully it goes off without a hitch.

Message 3 of 7
Contributor

Re: Just took my first step!!!

I was physically ill about filing, a true nervous wreck. I felt great shame and embarrassment. I'm still  embarrassed (though not as much), but I don't think I feel the shame anymore. I paid my bills on time before I filed and sacrificed everything to pay my bills. I finally accepted I could not pay off  my high credit card debt because I was unemployed and drawing unemployment. I filed Chapter 7 in Feb. 2011, and two years later I know I did the right thing. I wasn't sure of that at the time. I was terrified I was ruining my life and agonized endlessly about filing. I didn't ruin my life by filing and I relieved enormous stress, and it was the right financial decision for me. I had long-term unemployment and lived off my credit cards after graduating from a graduate program, believing I'd get a job, pay them off and protect my good credit.  At some point, I had to accept that I didn't have a job and that paying the minimum would never get me out of debt and was making my financial situation worse.

 

Today I checkd my FICO Equifax score. It's 693. I have 65K in student loan debt I've never been late on and $22 on a credit card. I also have a mortgage I've never been late on, but my mortgage shows 0 because it was included in BK. Before BK, I had the student loan debt plus $32K in credit card debt.

 

I wish now I had filed BK sooner. I'm at peace. I failed, but it doesn't mean lasting failure. I hope you find peace too. You haven't ruined your life, but rather you're getting a fresh start to get and keep your finances in order. I wish you the best.

Message 4 of 7
New Member

Re: Just took my first step!!!

Nervousness, anxiety, fear, embarrassment, doubt are all normal. I stressed for months just trying to make the decision to file. My attorney reassured me that once it was all over I would wish I had done it sooner, and he was right. The 341 meeting scared me the most and it was over in a few minutes. Try not to stress too much about the process. 

 

Good luck. 

Message 5 of 7
Established Member

Re: Just took my first step!!!

Well, I had my 341 meeting yesterday...it was a lot of anxiety for really nothing, it was quick, easy and lasted less than 5 minutes. However, those 5 min appear like they are making all the difference in the world at this point, feels like a huge weight has been lifted off of my chest.  I'm just curious now since they say my cases will automatically discharge in 60 days, when should I check my CR and start the clean up?

Message 6 of 7
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Community Leader
Senior Contributor

Re: Just took my first step!!!


freerunningmn wrote:

Well, I had my 341 meeting yesterday...it was a lot of anxiety for really nothing, it was quick, easy and lasted less than 5 minutes. However, those 5 min appear like they are making all the difference in the world at this point, feels like a huge weight has been lifted off of my chest.  I'm just curious now since they say my cases will automatically discharge in 60 days, when should I check my CR and start the clean up?


I think that's how it was for most of us! Take a sec to relax now. I would get credit karma, as its free and will let you know pretty quickly. Sign up for a pacer account and you can watch the BK in real time! It says they bill but I doubt you will ever get the the min charges for billing Smiley Happy Congrats 

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
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