Bankruptcy Discharged 08/21/2012

[nicholasc77]

Hello Everyone, This will be my first post here. I would love all your comments and replys. So on June 14 2012 I filed personal bankruptcy in the Eastern District of New York. Everything was overwheling and my business at the time was faling he is the information in the bankruptcy:

Mortgages: First Mortgage : 1,765,231.12 

                     Second Mortgage:245,987.23     

                     Home Equity Loan: 61,563.74

Credit Cards/Personal Loans

Amex 23,658.14

Amex 9,568.65

Bank of America 17,896.19 

Bloomingdales/DSNB 11,263.85 Wife 

Bloomingdales/DSNB 14,596.45 Me

Capital One 10,563.04

Capital One 5,496.87

Chase 31,569.12

Chase 12,368.67

Chase 24,165.32

Citi Cards 16,584.96 

THD/CBNA 27,895.23

Discover 3,596.42

GECRB/ Lord & Taylor 6,598.73

GECRB/ P.C. Richards & Son 9,785.61

GECRB/Lowes 12,695.74

HSBC/ Saks Fifth Avenue 18,456.28

HSBC/ Neiman Marcus 13,596.24

TD Bank - Touraneu Watch 9,854.19

Tiffany & Co 35,698.74 

Nordstrom FSB 7,459.86

Wells Fargo - Breast Implants 11,859.63

Car Loans/ Leases

2011 Mercedes-Benz E550 4MATIC Sedan - Leased : Surrended 

2011 Cadillac Escalade SUV Luxury AWD - Financed : Surrended Balance: $51,263.91

2012 Mercedes Benz C250 Coupe - Leased: Retained (Daughters Car)

Self - Employed : Check Cashing: Annual Income 2011 $483,560.00

I had to surrender personal assets such as wedding bands, rolex watch, furniture, piano, sub zero refrigator, wolf range, hunting rifles, cash, tiffany diamond, womens wearing apperal and much more. 

My Credit Scores now TU: 477 EX: 515 EQ 493 

Credit Cards: Capital One Visa : $2,000 , Credit One Visa $1,500

My question is how can i rebuild credit and obtain a car loan in future? I know this was long but guys I really need ur help. 

Thanks So Much 

Brad 

[Shogun]

First off...  Wow!  O.k.  Now that's out of the way.  Have things improved where you won't be in the same situation?  This is going to take you awhile due to the large amounts.  But whether it's $100 or $100,000 we have all been there.  First off you need to make sure you keep current with what you have.  Second it's gonna take some time for the scars to heal so be patient.  

[nicholasc77]

Thank You very much for replying. 

Yes, My situation has gotten much much better. Like I said i currently have 2 credit cards with ultization at 30% or under. I mean you might think wow 4 million in debt but actually i used to be smart with my money. I own a 8 check cashing businesses and now after the bk i have one car lease (my daughter) $399.00 and a mortgage and ultites that's it plus my father leased me a BMW 750i xDrive for the wife ($1,112.31)

Thank You so Much

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@Shogun wrote:

First off...  Wow!  O.k.  Now that's out of the way.  Have things improved where you won't be in the same situation?  This is going to take you awhile due to the large amounts.  But whether it's $100 or $100,000 we have all been there.  First off you need to make sure you keep current with what you have.  Second it's gonna take some time for the scars to heal so be patient.  

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[Shogun]

No difference than a bank or company filing for 400 million in debt.  Actually with your income, I'm sure it's in the higher bracket, you will be able to get a new car loan.  It might not be at the best interest, and you might not go for all the bells and whistles at once but shouldn't be a problem.  I had problems with my credit earlier too, Decent income, around 150k, and poor credit.  Could still buy any mid range vehicle, just cost me more.  BTW... cleaned my CR up and bought a new house and my loan officer took my car loans from around 15% to 2.9%.  Makes a pretty good difference.

[compassion101]

Assuming you still have good income, I wouldn't worry too much about car loan other than you will have a higher interest rate. If you make the effort, points come back fast. I did it 8 years ago but didn't realize how much I coulda done to rebuild my credit faster.

Is check-cashing a good business still? Related businesses? I'm looking to get into a new business in the future and prefer it to be something in the world surrounding money.

[nicholasc77]

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@compassion101 wrote:

Assuming you still have good income, I wouldn't worry too much about car loan other than you will have a higher interest rate. If you make the effort, points come back fast. I did it 8 years ago but didn't realize how much I coulda done to rebuild my credit faster.

Is check-cashing a good business still? Related businesses? I'm looking to get into a new business in the future and prefer it to be something in the world surrounding money.

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Great business my father owned and then gave it to me and we have 8 locations in lower incomes areas and we also have atms, western union, commerical checks, payroll services our total revenue is 1.5 million with is 500,000 to me ,500,000 to my father, 500 to my brother 

this business lots a cash flow and it's very to work in a surrounding like this I would perfer to you to strat something like this Good Luck!!

[compassion101]

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@nicholasc77 wrote:

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@compassion101 wrote:

Assuming you still have good income, I wouldn't worry too much about car loan other than you will have a higher interest rate. If you make the effort, points come back fast. I did it 8 years ago but didn't realize how much I coulda done to rebuild my credit faster.

Is check-cashing a good business still? Related businesses? I'm looking to get into a new business in the future and prefer it to be something in the world surrounding money.

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Great business my father owned and then gave it to me and we have 8 locations in lower incomes areas and we also have atms, western union, commerical checks, payroll services our total revenue is 1.5 million with is 500,000 to me ,500,000 to my father, 500 to my brother 

this business lots a cash flow and it's very to work in a surrounding like this I would perfer to you to strat something like this Good Luck!!

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Awesome, perhaps I can pick your brain in the coming months about it.