Posts: 15
Registered: ‎09-08-2012
Re: Young and in Serious Need of Help

IMHO, one of the biggest reasons one files for BK, besides the obvious one of getting their financial house in order; is to garner some symblance of "peice of mind". For me that was a HUGE relief. I mean words cannot describe how my life literally changed over night when I filed. It was incredible. My only regret is that I didn't do it a year earlier!!!! I put that last sentence in bold because I tried all of the things the 2nd poster suggested to you. I did not want to be "one of those people" who filed for BK. I tried everything in the book and did all of the things that your supposed to do; developed and followed strict budgets, went out and got another job, cut back on all of the extra expenses. Heck I even sold my house via short sale and let the bank repo my truck that I was totally upside down in. Now I'm not going to say that I wasn't 100% to blame for getting myself into the situation in the first place, but I busted my but trying to work my way out of it. At the end of it all, I had convinced myself that I had just ran a marathon and things would get better. Little did I know, I had only ran a 5k. The letters still showed up saying I owed the deficiency of 17k on my truck. The difference between what I owed on my house to what I sold it for was reported as income to the IRS (Almost 80k) and I now owed taxes on it. Oh and all of my credit cards where still there racking up interest to the tune of 30%. And you really want to know the worst part of it all was my student loan debt. I had put them into forebarrance multiple times over the years trying to stay afloat and by the time it was all said and done, I owed an amount equal to what I owed in 2006!!! So I was basically 4 years behind in paying them off. I think it is a HUGE mistake to put any student loan into forebarrance. You can NEVER get rid of it and the interest continues to accrue regardless of your situation. 


This is just one mans opinion here, but if your even seriously considering BK then your probably a perfect candidate for it. Go talk to an attorney. Most of them offer a free consultaition. The fee to file is $300 if your eligable for a Ch 7. Having the weight of that debt off of your mind would then allow you to truly focus on your health and future. Good luck to you my friend.......

Trans FICO = 660 (01/6/2013) Equifax FICO = 654 (01/6/2013) Experian PLUS = 656 (1/6/2013)
Wallet = AMEX Prepaid with $300 every 2 weeks deposited, Cap One (Formerly Orchard Bank) $500 CL in SOCK-DRAWER, Credit One Bank Visa $1000 CL in SOCK_DRAWER, Discover Matrix $300 CL in SOCK_DRAWER, Fingerhut Charge Account $300 CL in SOCK_DRAWER, and Barclaycard MC with $1300 CL
Goal.....To break 750-775 by the end of 2013
DId not reach my 2012 Goal of 700... :-((