Chapter 13 Bankruptcy dismissed now need help.....

[Lvlover26]

In April 2014, I voluntarily dismissed my Chapter 13 bankruptcy since I decided I may be able to save my credit. Well whats left of it anyways. I mainly had personal loans that I took out and also a few credit cards. I am needing to know how do I go about possibly PFD'ing a personal loan. These aren't loans with banks but loans from actual loan compaines. Also has anyone had to deal with PFD'ing loan companies? Who do I talk to manager or corporate of that company? I originally filed Chapter 13 because I already filed a 7 about 5 years before and could not do a chapter 7 again until the whole 7 year limit was up. Now that the time hold is over and I can re-file a chapter 7, I am wondering do you guys think it is worth spending my money on paying off these old loans and CC's as well as sending GW's and PFD's and do you think it will higher my score OR do you think paying money to do a chapter 7 and just starting all over will be a better option? Please help!!! Thanks!

[TRC_WA]

A dismissed BK13 stays on your CR for 10 years. You might have tried to save your credit before you filed?

[Anonymous]

Depending on the amount of debt, and your current income, BK-7 might be a better option. I've seen lots of people here with scores in the 700 range 24 months out from a BK-7 discharge. How much debt are we talking about and how fast could you pay it ALL if you can't negotiate any of it down?

[Anonymous]

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@TRC_WA wrote:
A dismissed BK13 stays on your CR for 10 years. You might have tried to save your credit before you filed?

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Do you mean "Dismissed" or do you mean "Discharged"?

[Lvlover26]

The chapter 13 bankruptcy was dismissed. My lawyer told me that I could voluntarily dismiss it but when I did so, it actually shows up as dismissed due to non payment. I decided to try and pay off most of everything. BUT I am starting to see a chapter 7 being my only option. I am not sure if personal loan places would work with me such as a goodwill letter or PIFD. I have a few credit cards that were in the chapter 13 as well and I could probably pay them off and do the GW letters but I am not sure how much of a credit bump it would be. I am just trying to buy a house and I dont want them to keep seeing bankruptcy after bankruptcy. My very first bankruptcy was in 2005 and that was my chapter 7 which should fall off. BUT, I will still show my chapter 13 on my credit as well as a new chapter 7.

[Anonymous]

The time period to file another Chapter 7 is eight years from the date the prior Chapter 7 was filed, not 7 years.

If and when you are eligible to file another 7,  I personally would do it. With everything going on, your credit will be misserable for a long time to come. Paying off your bad debts is not going to bring your credit right back to life.

[Anonymous]

I was already roasted here for having a Dismissed 13 as proof I couldn't even manage payments in a bankruptcy. I cannot argue. I had a whole lot more going on (like a $117k tax debt) and ended up voluntarily dismissing. I managed to pay every debt I had, even the tax bill. All are removed from my credit except one paid charge off and two dismissed 13s. I've had perfect payment history for the last three years. My scores are still in the 500's and I don't expect to see any real increase for another seven years when the BK'S are all gone. I'll just have to live with it and keep paying cash for everything.

My point is, it is possible to work your butt off and pay these debts without suffering another BK. It's your choice, either way, the dismissed CHPTR 13 seems to be a darker stain than a chapter 7 and you're going to be stuck with it for 10 years on Equifax and 7 years on Experian and Trans Union. A chapter 7 will give you a clean slate to your debts, but I see a long 10 years before seeing any real results on rebuilding.

[gdale6]

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@Lvlover26 wrote:

In April 2014, I voluntarily dismissed my Chapter 13 bankruptcy since I decided I may be able to save my credit. Well whats left of it anyways. I mainly had personal loans that I took out and also a few credit cards. I am needing to know how do I go about possibly PFD'ing a personal loan. These aren't loans with banks but loans from actual loan compaines. Also has anyone had to deal with PFD'ing loan companies? Who do I talk to manager or corporate of that company? I originally filed Chapter 13 because I already filed a 7 about 5 years before and could not do a chapter 7 again until the whole 7 year limit was up. Now that the time hold is over and I can re-file a chapter 7, I am wondering do you guys think it is worth spending my money on paying off these old loans and CC's as well as sending GW's and PFD's and do you think it will higher my score OR do you think paying money to do a chapter 7 and just starting all over will be a better option? Please help!!! Thanks!

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I have read all the comments posted to this point and before one goes off half cocked I would sit down and figure out the DoFD of each account, how long they have to go before they reach CRTP and if the SOL for suing has passed, having this info will dictate the best course of action, you can post the info here and we can review it and make a recommendation but its pretty much impossible to send you off in s direction by what you have posted here.