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LOTS of questions

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Anonymous
Not applicable

LOTS of questions

I have just started looking into reparing/rebuilding.

 

I am really new to all of this so I have a ton of questions and would love some answers from all of you seasoned BK survivors

 

  1. Post BK we will have 1 Auto loan (husband) and 2 Student Loans (mine) 
  2. I am currently a SAHM, so when we are rebuilding do we apply for all cards jointly?
  3. Should I go about fixing our credit reporst myself or hire a company (ecreditattorney.com, Lexington Law, etc) *Our lawyer doesn't do credit repair
  4. ChexSystems? How do I know if I am in their good graces or their s*** list?
  5. Has anyone used a program like Financial advisor post BK or gone to some kind of financial therapy? We haven't filed yet and I know that counseling is a BK requirement but I am looking for someone to help us with our finances long term. Y'all have really helped with the credit score, credit cards thing. Maybe I will be able to do enough reading to figure most of it out on my own but I want someone to help with retirement, investments, savings, etc. How did you find your person, if you're using one?

These are my questions for now...I am feeling really overwhelmed by the whole process and I am not sure what to do once we get our discharge. I am trying to prepare now so that we will have success right out of the gate. 

 

Our steps are:

  1. File BK 
  2. Start cleaning up CR as soon as BK is filed
  3. Get discharged
  4. Follow BK to 700 for 2 years

I am really nervous and I am just trying to do everything I can so we can recover as quickly and gracefully as possible. Any advice, tips, suggestions would be greatly appreciated.

Message 1 of 4
3 REPLIES 3
Taoron
Frequent Contributor

Re: LOTS of questions


@Anonymous wrote:

I have just started looking into reparing/rebuilding.

 

I am really new to all of this so I have a ton of questions and would love some answers from all of you seasoned BK survivors

 

  1. Post BK we will have 1 Auto loan (husband) and 2 Student Loans (mine) 
  2. I am currently a SAHM, so when we are rebuilding do we apply for all cards jointly?
  3. Should I go about fixing our credit reporst myself or hire a company (ecreditattorney.com, Lexington Law, etc) *Our lawyer doesn't do credit repair
  4. ChexSystems? How do I know if I am in their good graces or their s*** list?
  5. Has anyone used a program like Financial advisor post BK or gone to some kind of financial therapy? We haven't filed yet and I know that counseling is a BK requirement but I am looking for someone to help us with our finances long term. Y'all have really helped with the credit score, credit cards thing. Maybe I will be able to do enough reading to figure most of it out on my own but I want someone to help with retirement, investments, savings, etc. How did you find your person, if you're using one?

These are my questions for now...I am feeling really overwhelmed by the whole process and I am not sure what to do once we get our discharge. I am trying to prepare now so that we will have success right out of the gate. 

 

Our steps are:

  1. File BK 
  2. Start cleaning up CR as soon as BK is filed
  3. Get discharged
  4. Follow BK to 700 for 2 years

I am really nervous and I am just trying to do everything I can so we can recover as quickly and gracefully as possible. Any advice, tips, suggestions would be greatly appreciated.


These are my opinions, they are just mine and don't generally mean you should listen to mine or anyone elses advice.  Smiley Happy

 

1) I take it you are reaffirming your car loan.  If it's a good rate and you've never been late, good idea.  If it's high interest, riddled with late payments.. get rid of it!

2) I don't have any opinion on this, I filed single and do not have a wife so I can't give you any personal experiences based on this.,

3) It's easy to dispute your own credit items.  Pull your credit report, dispute anything not IIB or 0'd out.  Do not hire Lexington, they charge you for something you can easily do yourself, and if you have any questiions, we're able to tell you our experiences and it may or may not work for you, but at least you get to hear how other people deal with it!

4) After discharge, order copy of Chexsystems report for free by going to their website.  Next, fax and mail a certified letter to them, disputing the items on the report (if needed) and include a copy of your discharge letter.  See here:  http://ficoforums.myfico.com/t5/Bankruptcy/ChexSystems-removal-success-via-BK7/td-p/2307409

5) My credit union has some nice financial tools.  I have used what they have and it has helped me make a budget, plan my savings, and keep current with my bills.  They have financial advisors as well.  Some big banks may have similar features like this, like Bank of America or Chase.   (Idk, I can't get back in with those banks.  While your public record of troubled accounts may get wiped, banks never forget. )

 

 

Nice plan for the bankruptcy.   I recommend starting with a secured card from a credit union and *maybe* Credit One if you can stomach the fees for the first year, like that thread says to do.  I did it and just recently cancelled it after 1 year mark. 

 

 

Good luck to you, and welcome to the forums btw!

 



Message 2 of 4
Anonymous
Not applicable

Re: LOTS of questions

Personally, I wouldn't go CreditOne unless you have to. Their fees are onerous. I have had good luck with a Secured card from OpenSky (only a $29 annual fee and NO credit check) and also definitely check the prequalification site for CapitalOne. I was able to get 2 cards from them a few months after mine was discharged.

 

Good luck with your journey!

Message 3 of 4
Taoron
Frequent Contributor

Re: LOTS of questions


@Anonymous wrote:
ChexSystems? How do I know if I am in their good graces or their s*** list?

Below is a letter I sent after I got my copy of the chexsystems report to clear it of negative information.

 

 

<DATE>

ChexSystems, Inc.
7805 Hudson Road, Suite 100
Woodbury, MN 55125
Fax: (602) 659-2197

 

To Whom It May Concern:

 

My bank has informed me that there is negative information reported by <name of financial institution - failed attempt at getting account> included in the file Chexsystems maintains under Consumer ID:  CONSUMER_ID. Upon ordering a copy of the report, I see an entries for various banks I have had in the past. (name of bank accounts on report that are negative.)

 

I filed for bankruptcy chapter 7 on <date>, and had it discharged on <date>.

 

Please validate this information with the attached bankruptcy discharge papers. I am requesting the removal of these items per your policy, please. Would you also please provide me an updated copy of my Chexsystems report showing removal of said items. Thank you!

 

My contact information is as follows:

 

<Name>

 

<Address>

 

Sincerely,

 

<Signature>



Message 4 of 4
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