topic Re: Help Planning BK 7 Recovery in Bankruptcy

Help Planning BK 7 Recovery

Anonymous — Sat, 22 Dec 2018 07:02:43 GMT

Sorry for the long post😬

MyFico community helped me so much when I started building my credit years ago (I had 0 credit at the time). At the peak of my building, my credit score was around 740ish and I had numerous cc with high starting limits. 2 NFCU CC (each $22k), NFCU LOC $15k, Chase Sapphire Preferred $15k, Chase Freedom $9.9k, 2 AMEX ($10k & $9k), BoA $10k, 2 USAA (each $5k), Cap 1 QS $5k, Cap 1 Venture $8k, Barclay's $8k, Macy's Amex $10k, Discover $2k. And then, BOOM! Life happened😔. In addition, I ended up having to pay out of pocket for undergrad and grad school. 😣
Total Credit Card Debt: Appx +/- $125k

As of December 10, I submitted paperwork to my BK attorney for Ch 7. Unfortunately, I burned all of the creditors listed. I have no idea where to start. I have been reading this forum and have already bookmarked 700 in 24 months. Any other advice based on my situation?

Should I open a bank account with Penfed now, after filing, after MOC, or after discharge? I'm in Virginia. Any thoughts on Langley Federal Credit Union? Though not intentional, I'm so mad at myself for screwing over these creditors and especially NFCU. They were so good to me😔 I know for certain I will be waiting until I'm Dc'd before applying for any credit cards.

Thank you All!

Re: Help Planning BK 7 Recovery

FireMedic1 — Fri, 21 Dec 2018 19:46:46 GMT

I feel for ya. Life threw some hard balls at ya. I dont know how the CU's work with BK's. I'll just say you'll feel a whole lot better after its done and its off your back. Get through the first step of BK and wait after DC a couple months until you make choices on what cards to get. I repeat it a lot. Your score may go up after everything is reported as IIB. Even small bumps upwards can be a help for approval after wards. Check your reports afterwards and make sure everyone followed the BK laws. Then the rebuild can begin. Report back and there ton of people like us that can help lead you in the right direction when the time comes to start applying. Let the first door close then open the new fresh start door. Good Luck!

Re: Help Planning BK 7 Recovery

Anonymous — Thu, 17 Jan 2019 23:52:44 GMT

Update: Officially filed Ch 7 today. I am currently a walking bag of mixed emotions about this whole thing. However, my attorney informed me that I was making the "best" decision considering my case. I originally thought my total debt was around 125K. Turned out to be 178K! (Still trying to figure that one out). Anyhow, my attorney said he doesn't see why my credit score wouldn't "shoot up" after this ordeal considering I have no collections of the sort. I do have a few lates though and I know those will "cost" me score wise. I'm awaiting a 341 meeting date. (I've been having nightmares about this meeting since Oct. '18! LOL) Will update later.

Re: Help Planning BK 7 Recovery

FireMedic1 — Fri, 18 Jan 2019 01:00:21 GMT

Everybody goes thru the same emotions. Its filed and the process begins. Once the 341 is over and then here comes the DC. Then a new fresh start will begin. The debts are now officialy gone. You no longer owe anybody anything. Pressure relief from all the calls and letters stop. Freedom in a way. Your legally debt free now. No more how am I going to pay this or who should I pay first stuff. The 341 is easy. Takes longer to get a Egg McMuffin at Mickey D's than the meeting. Then the rebuild begins. Below is for rebuilders. If I could do it. Anyone can. And I'm only 3.4 yrs out. As the song went. Dont worry, be happy!

Re: Help Planning BK 7 Recovery

Anonymous — Sat, 19 Jan 2019 17:24:37 GMT

Update!
Registered for Pacer. Found this.

Filed 1/17/19 in Virginia Eastern District
341 Meeting: 2/12/19
Deadline for Objecting To Discharge: 4/15/19

Re: Help Planning BK 7 Recovery

Anonymous — Tue, 12 Feb 2019 21:28:21 GMT

Update!
So today was my 341 meeting. Only took about 2 and a half minutes max. No creditors were there. I did have one credit card charge for $1450 that I thought USAA would show up for but they didn't. The charge was 91 days before I filed. I wanted to view other cases before I went but I was called first. Very quick. I was extremely nervous about going first especially since another woman there got an attitude with the trustee while we were checking-in. We were providing our SS cards and DL's to the trustee's assistant before cases were called. The trustee asked the lady in front of me to basically " cut the small talk" with the assistant so the rest of us could check-in and the cases could begin. The lady went berserk and the trustee went to find her lawyer. So yeah, I was not thrilled about going first. However, all went well.

One thing that has me uneasy is that I filed a Pro Se AP for student loans. (I had a lawyer for Ch 7 case.) First, the trustee asked who helped me prepare my complaint and I said no one. Then, she stated that I prepared a perfect adversary proceeding complaint. Again, I informed her that no one helped me and that I did a ton of research. She said she was sure the judge would want to know as well. Although, she smiled while stating that, I don't know how to feel. She wished me well and sent me on my way. Should I be nervous or take it as a compliment?

Re: Help Planning BK 7 Recovery

FireMedic1 — Tue, 12 Feb 2019 21:37:45 GMT

If there were any problems. The trustee would have addressed them there. Told you to make corrections And have you come back. But he/she said nothing and off you went. Cross your fingers. Seems like its toast now.

Re: Help Planning BK 7 Recovery

Anonymous — Wed, 13 Feb 2019 17:00:10 GMT

I think so too! Trustee's Report of No Distribution posted in Pacer this morning. Now, the waiting game....

Re: Help Planning BK 7 Recovery

FireMedic1 — Wed, 13 Feb 2019 18:49:34 GMT

Awesome! DC is right around the corner in 90 days or so. Then let the rebuild begin after you wait at least 60 days to make sure all accounts say 0 balance and IIB on your reports. Then its rebuild time. Stop by and ask many question once its all done before appying. We can save you some HP's and lead you in the right direction. W/O this forum I wouldn't have gone 9-0 Never declined. Have a glass of vino and relax. Its over now!

Re: Help Planning BK 7 Recovery

Anonymous — Tue, 12 Mar 2019 00:25:51 GMT

I did my BK 7 last year some time and I as well burned Navy Fed and many more. I have Langley Fed now and I absolutely love them. I started off after getting my discharge with a secured card and the credit rebuilder loan. (I also had a company working on removing stuff off my credit) Just last week I was able to get a auto loan through them and I was just approved today to upgrade My secured card to a visa select SCL5k my current Ex:648

Re: Help Planning BK 7 Recovery

Anonymous — Tue, 12 Mar 2019 02:43:47 GMT

Thank you so much for responding! I'd been reading this forum for info on Langley Federal Credit Union but didn't find alot. I was wondering if they were BK friendly in regards to credit rebuilding. My credit scores are all over the place right now so I know that I won't be applying for any CC until post discharge and when everything is reporting accurately. I wanted to open a checking & savings account with them but I wasn't sure if I should do that now or after discharge.

Re: Help Planning BK 7 Recovery

Anonymous — Wed, 24 Apr 2019 01:50:05 GMT

Discharged last night (4/22)! This was 7 days from the last date for objections to discharge (4/15)! I feel like I've been holding my breath since making the decision to file last year in October. However, I do feel relieved now that it's over. (Well, sorta over. Time to begin credit rebuild journey!) Now, I'm just awaiting case closure. In the meantime, I was wondering how long does it take for the CRA's to be notified and indicate BK Discharge on credit reports. Should I start cleaning my credit reports now or wait until discharge papers are in my hand?

Re: Help Planning BK 7 Recovery

FireMedic1 — Wed, 24 Apr 2019 08:19:48 GMT

It can take from 30 to 60 days until everything is updated. You can check on CK that everyone has placed IIB and 0 balance. Once the coast is clear. Then start the rebuild. Some not all get a score bump due to being out of debt. You may see your scores rise a tad. Many cant wait to get that first card. Hold off if you can because you may get a higher SL and a lower APR. Good Luck!

Re: Help Planning BK 7 Recovery

Anonymous — Wed, 24 Apr 2019 13:10:39 GMT

Thanks FireMedic! Will do!

I just received my discharge papers this morning around 3am via BNC Email. (I signed up when I first filed to receive all documentation via email with the Bankruptcy Court) The last thing I'd want is my neighbors knowing I filed Bankruptcy due to misdelivered mail😆
*Just received an alert from Experian. Shows BK Discharge!*

Re: Help Planning BK 7 Recovery

Anonymous — Sun, 28 Apr 2019 19:40:14 GMT

Just to gauge how everything is going with the credit bureaus regarding updates since my discharge on 4/22, I checked Credit Karma. I filed January 17 and on that date, my TU score was 438 and EQ was 479. My scores fluctuated so much during the first month after filing that at one point, EQ score was a whopping 383!!!! YES, 383! I didn't even know my score could get that low 😆! I had zero and still have no collections on any of my credit reports. As of today, my TU is 689 and EQ is 678 via Credit Karma. I know these are only FAKO scores. Capital One credit wise score is listed as 689 so I'm assuming it's similar to CK scoring? USAA Experian FICO 8 score is 673. Since it has only been 6 days since discharge, I will give everything time to update with the CRAs. Then, I will obtain my reports and FICO scores. It would be really, reeeaaaally nice if my actual FICO scores are around the same as these FAKO scores once the dust settles. (I was going to post screenshots but I have no idea how to add them.)

In the meantime, should I be doing anything else?

Thanks everyone!

Re: Help Planning BK 7 Recovery

Anonymous — Fri, 07 Jun 2019 01:48:51 GMT

Approved for first card post Bankruptcy. No inquiries until now. Ollo pulled TU. $600 CL. Wish starting limit was higher but I'm not rushing to apply for anything either. On CK it stated "Pre-approved! 90% chance of being approved". Will use it to pay phone bill and PIF each month. I do have a question though. I am an Authorized User on a few of my boyfriend's credit cards with very high limits. Do I still need to get 3 cards to maximize my FICO scores?
Thanks guys!

Re: Help Planning BK 7 Recovery

Anonymous — Fri, 07 Jun 2019 17:10:45 GMT

@LolaJ07 - Congratulations. Have your scores updated since your last post? Do you have a loan on showing on your credit report? How many cards did your boyfriend add you on? AZEO - (3) 3 cards and a loan, from my understading. It's the best way to "boost" your score.

Better days are ahead. I can't wait to file!

Re: Help Planning BK 7 Recovery

Anonymous — Sat, 08 Jun 2019 00:08:37 GMT

Thanks @justme79 Yes, my scores updated! I finally got my Fico 8 Scores today: EXP 664 EQ 657 TU 662. Honestly, I am surprised they are that high but not complaining. I am on 3 of my bf's card USAA, AMEX, and Penfed (total CL around 60k). I do have 2 student loans reporting with no lates. Still no love from Cap1 preapproval site. As I imagine since I burned them it will be awhile. Filing was the best decision I made. I had so many sleepless nights tossing and turning. I can finally rest easy and rebuild!

Re: Help Planning BK 7 Recovery

Anonymous — Sat, 08 Jun 2019 00:40:46 GMT

@LolaJ07 - you’re less than 60 days from your discharge date and you’re doing amazing. I can only pray that my rebuild is like yours. Please continue to keep us updated with your progress. I’m going to do AZEO along with 700 in 24 months. I’m also going to be added as an AU on a couple of my fathers credit cards. The best is yet to come!

Re: Help Planning BK 7 Recovery

Anonymous — Tue, 29 Oct 2019 18:50:35 GMT

@LolaJ07 - How's your rebuild going?