Just filed BK 13/feel terrible

[Anonymous]

We just filed last week and feel we will never see hope again.  For the next 5 years our credit is at a stand still.  We will not be able to obtain credit for at least another 5 years-how do people do it??  It is not so much not being able to have a CC, but the fact that our credit is so bad...It makes me feel like a loser, I'm sad about it.  Five years is a long time!!!

[Anonymous]

Been there and know exactly how your feeling, hang in there you'll get thru it...

[Anonymous]

Know that you are not alone and that you are starting over to be better than before now that you have found this forum to inform you along the way.

[Anonymous]

Nikey,

Been there too, so I really do know how you feel.  It is a terrible, demoralizing feeling that you have right now, but it does get better.  You have taken the first step to regain control of your financial house and sooner than you think, things will improve.  Keep your head up and stay positive. Just take baby steps for now and let time pass...it really does heal all wounds. 

[Anonymous]

I understand how you feel and your not alone.  We filed ch 13 in 2004.  We had about $70,000 in credit card debt.  We just could no longer manage to pay everyone every month without just switching things around.  It is a terrible feeling, but it will get better.  We just got discharged last month.  We were actually offered cc while in bk.  My husbands credit has recovered better than mine, but I know it will get better.  Don't give up and let it get you down to much.  Your not alone, there are a lot of us out there with you going through the same thing.  Good Luck.

[determined_1]

It definitely hurts your pride, but as everyone stated time will make a big difference.  After I filed Ch7, I did not want ANY credit, but I learned the hard way that some credit after bankruptcy is better than none.  There are cc's that you can get, secured and nonsecured.  You're facing higher interest rates and possible higher annual fees (just do the research) but again, some credit after bankruptcy is better than none.  Also, with a 13 since you are still paying the creditors, after 5 years your score may be much better than you think it will be. 

Just hang in there and move forward one step at a time AND don't loose your focus (better credit). This forum is a great tool to help with that.

[Anonymous]

Nikey, you're shorting yourself. Who said it had to be five years? Sure, it'll take that long if you make the minimum monthly payments. But if you will sit down and think this through, your mind will open up to all sorts of possibilities. Extra income. Another job. A better job with more income. Sell everything you don't truly need and keep only family heirlooms that touch your heart everyday. Stuff is just that: stuff. Find cash everywhere you can. Aluminum, copper, steel, etc... take it all to a salvage yard. Go crazy saving your spare change. You can do this and be finished EARLY. Much earlier than 5 years. And when you're done, start by rebuilding your credit AND changing your credit habits. We're all responsible for where we are financially, good and/or not so good. Go get em, and don't string this out for 5 long years. Let us know how you're coming along.

[Pants]

I did it a long time ago. around 1990. I was young, stupid, and took the wrong advice. I was 21 years old, and only 12 grand in credit card debt.  I think the Attorney was money hungry.

I felt awful and still do. But, it is just a chapter in your life and eventually things will get better.

I don't know your situation or why you filed. If it was medical bills, divorce, high credit card debt or all of the above. But hang in there!!!

I wouldn't say your credit will be at a "stand still" for five years. You probably can still get credit cards, cars, and homes. It just won't be at a "good" rate. One thing you want to be careful about is don't let it happen again. In the next few years once your credit slowly improves, you will slowly be able to get credit cards. If you aren't careful you will get one credit card here, one credit card there, and eventually you will have a dozen cards with balances.I done it..  I maxed out my credit lines AGAIN last year. Dozen credit cards, two homes, two new cars. Luckily my wife and I have good jobs to fix our situation..  I have to live on a shoestring budget right now to pay everything back in the next few years.. LOL.. I guess I was still young and stupid.

I hope when I am out of this mess, I can help others. Credit Cards and money managment is never really something you learn in school. If your parents have bad money managment skills, chances are you will too.

My advice right now is read the message forums. Get ideas, come up with a budget or a plan to prevent this from happening again. You can look at the bankruptcy as "Debtor's Prison". Look at it as a fresh start, and a learning experience.

 Don't let society fool you. In most 3rd world countries there are no credit cards or credit. In this country you probably need a credit card to rent a motel room, rent a car, buy airline tickets.. But for the most part credit cards are not needed. If you have a budget or plan in place you shouldn't need a credit card for  most emergencies. I say that loosely because I had a few friends who lost homes in Hurricane Katrina. They REALLY needed the credit card to get temporary housing, motel stays, and clothing till FEMA money kicked in.

[Anonymous]

Credithawk...

Our lawyer told us if we paid it off early we would have to pay all of our creditors in full...Is that not true??

Thanks!

[Anonymous]

Don't know about that, Nikey. That doesn't sound right. Your creditors want you to pay a smaller, settled balance over 5 years, but they won't allow you to pay that same smaller, settled balance earlier? I think I'd have your attorney show you that in writing and if he does, I think I'd get a second opinion from another attorney. It just sounds wrong. All wrong.