topic Re: Filing Ch.7 and scared I'll never have credit again in Bankruptcy

Filing Ch.7 and scared I'll never have credit again

Anonymous — Tue, 17 Jan 2017 18:39:19 GMT

Hi Everyone,

Im 24 and was given ALOT of credit when I started to apply for cards at 18. Now I have so much debt, I can't keep up and have decided to file for CH.7. I have a lawyer and everything is ready to file next week. All my debt is from credit cards and one personal loan.

CC-108,000 and Personal Loan is 6,000. I learned my lesson and honestly I never want to feel like I do now, it's terrible not ot have credit. It's so stressful to have so much debt at my age, but I guess it's better to learn my lesson now then later. I just want a card with a small limit to use and pay off every month. My biggest debt is from my citi aa card for $48,000 last year they put me on a hardship program but the monthly payments were $867 and I couldnt afford that, they have since sent that to collections and they offered to settle for $28000 but I dont have that type of money. My second largest card is my Saks store card for $32,000 they are with cap1 and I TERRIFIED I wont get approved later on for a card with cap1. Do you think I'll get denied becuase I burned them in a store card? Am I doing the right thing? Will I have credit in the future? Will I be able to buy a house and get a mortage in a few years?

Re: Filing Ch.7 and scared I'll never have credit again

Takasniper — Tue, 17 Jan 2017 23:06:52 GMT

I'm not going to go into all the details, but I was in the same boat you are. Now 3 and half year later I have a little under 100k worth of credit lines. I know your worried, but it'll get better once your file. Also, my interest rate on my car loan is at 2.5%

Re: Filing Ch.7 and scared I'll never have credit again

Anonymous — Tue, 17 Jan 2017 23:34:45 GMT

Hey There

Don't be so hard on yourself, things happen all the time.
I am in the same boat as you now, I wish I had that amount of credit, glad I didn't, because I would have been right along with you in terms of amounts....

Once you file you will start chipping away at fear and feel better... You will most importantly know better!

This forum is filled with so many people who have walked the same path that you will and have tons of information to help.

You will be okay! And you will get another credit card and a house with an FHA mortgage in about 2 years...

Best of luck!

Re: Filing Ch.7 and scared I'll never have credit again

wa3more — Tue, 17 Jan 2017 23:51:29 GMT

good to learn now when you are young, you will be ok,

hang in there.

Re: Filing Ch.7 and scared I'll never have credit again

Scupra — Thu, 19 Jan 2017 19:02:51 GMT

Just take a look around at some of our signatures or our rebuild threads.. There IS life after BK.