topic Re: Burn List in Bankruptcy

Burn List

Anonymous — Sat, 10 Oct 2020 19:06:23 GMT

I don't know if there is a sticky for this , but the wife and I are a couple of months out of a Chapter 7 discharge and rebuilding credit. So far I've got a secured Merrick ($200) and a Fingerhut ($1000). It's a start. The wife has a $500 secured USBANK and a $500 Fingerhut.

Anyway - I thought I would share my BK Burn list for those that think there is no life after BK.

Here you go!

AMEX/DSNB $ 1.8k
BOA 10.2k
BARCLAYS 4.3k
CAP1 5.3k
CAP1 2.2k
CAP1 1.7k
CAP1 1.5k
CBNA 2.7k
CBNA .8k
CITICARDS CBNA 5.2k
CITICARDS CBNA 2.8k
DFS/WEBBANK .3k
DISCOVER .7k
FNB OMAHA 1.3k
FNB OMAHA .8k
JPMCB 4.0k
JPMCB 3.9k
JPMCB 1.5k
JPMCB 1.4k
MERRICK 5.0k
NFCU 28.9k
NFCU 19.6k
NFCU 18.2k
NFCU 18.2k
NFCU 15.1k
NFCU 14.9k
NFCU 3.8k
CBNA/SHELL .6k
SHOP YOUR WAY .8k
CBNA/SUNOCO .7k
CBNA/SUNOCO .4k
SYNCB/LITTMANS .6k
SYNCB/OLD NAVY 4.6k
SYNCB/PAYPAL MC 5.3k
SYNCB/PAYPAL MC 2.0k
SYNCB/SAMS CLUB 5.3k
SYNCB/SAMS CLUB .6k
SYNCB SAMS CLUB DC 2.9k
SYNCB SAMS CLUB DC 2.1k
SYNCB/SWEETWATER 4.6k
SYNCB/WALMART DC 6.1k
USAA 21.4k
USAA 11.6k
USAA 7.0k
USAA 5.0k
USAA 4.8k
USAA 4.0k
USAA 3.0k
USAA 2.5k
USAA 4.8k
KIA MOTOR FIN 29.9k

Whew ! That was longer than I thought it would be. Can anyone top it? This was a joint BK with @Anonymous

Re: Burn List

Anonymous — Sat, 10 Oct 2020 19:43:05 GMT

Note: We did give the car back after making payments on it for a year, and it was in near-new condition. A $17K car with a loan against it of nearly $30K, roughly speaking. Anyway, it was funny how blase they were about coming to pick it up. We took it in; they said "Drive that back home, we don't want it on the lot, someone will call you" and it sat there collecting leaves and snow for months before someone from Kia arranged to come and get it. We already had the new car (our present one) for a good long time until they came to get the Kia.

Re: Burn List

kittycreditmeow — Sat, 10 Oct 2020 20:01:49 GMT

I'm more interested in where you are now with your credit. I was discharged about a year ago. I had a hefty list of debt but you topped me there. Lol!

Re: Burn List

CreditCuriosity — Sat, 10 Oct 2020 20:21:41 GMT

Quite a list you got there. Stinks you burnt nfcu unless you ever plan on paying them back lost a great lender

Re: Burn List

jmos — Sat, 10 Oct 2020 20:43:45 GMT

Nope. Can't top that list. Wish you the best with your rebuild!!

Re: Burn List

CH-7-Mission-Accomplished — Sat, 10 Oct 2020 20:56:13 GMT

@Anonymous wrote:
I don't know if there is a sticky for this , but the wife and I are a couple of months out of a Chapter 7 discharge and rebuilding credit. So far I've got a secured Merrick ($200) and a Fingerhut ($1000). It's a start. The wife has a $500 secured USBANK and a $500 Fingerhut.
Anyway - I thought I would share my BK Burn list for those that think there is no life after BK.
Here you go!
AMEX/DSNB $ 1.8k
BOA 10.2k
BARCLAYS 4.3k
CAP1 5.3k
CAP1 2.2k
CAP1 1.7k
CAP1 1.5k
CBNA 2.7k
CBNA .8k
CITICARDS CBNA 5.2k
CITICARDS CBNA 2.8k
DFS/WEBBANK .3k
DISCOVER .7k
FNB OMAHA 1.3k
FNB OMAHA .8k
JPMCB 4.0k
JPMCB 3.9k
JPMCB 1.5k
JPMCB 1.4k
MERRICK 5.0k
NFCU 28.9k
NFCU 19.6k
NFCU 18.2k
NFCU 18.2k
NFCU 15.1k
NFCU 14.9k
NFCU 3.8k
CBNA/SHELL .6k
SHOP YOUR WAY .8k
CBNA/SUNOCO .7k
CBNA/SUNOCO .4k
SYNCB/LITTMANS .6k
SYNCB/OLD NAVY 4.6k
SYNCB/PAYPAL MC 5.3k
SYNCB/PAYPAL MC 2.0k
SYNCB/SAMS CLUB 5.3k
SYNCB/SAMS CLUB .6k
SYNCB SAMS CLUB DC 2.9k
SYNCB SAMS CLUB DC 2.1k
SYNCB/SWEETWATER 4.6k
SYNCB/WALMART DC 6.1k
USAA 21.4k
USAA 11.6k
USAA 7.0k
USAA 5.0k
USAA 4.8k
USAA 4.0k
USAA 3.0k
USAA 2.5k
USAA 4.8k
KIA MOTOR FIN 29.9k

Whew ! That was longer than I thought it would be. Can anyone top it? This was a joint BK with @Anonymous

That is amazing. Why did you have multiple cards with the same lender(s)? I do understand that this is for both you and your spouse. As someone else said, Navy is a real shame and they were your highest balances so unless you pay them back you can't get back in. The same with USAA. Capital One will let you back in soon. Forget about Chase until the BK is off your record. Ditto with Citibank.

You are off to a good start. I would let those two new accounts age a few months before trying for something better.

Re: Burn List

Anonymous — Sat, 10 Oct 2020 21:31:41 GMT

"Why did you have multiple cards with the same lender(s)? "

Well the short answer was - because we could. The offers kept coming. As long as you keep paying and keep your balances in line - the offers keep coming. They keep giving you a bigger shovel to dig a deeper hole. At some point the hole gets so deep that you can't see daylight anymore. Thank goodness for bankruptcy protection , because there was no way to climb out of that hole.

So things are looking bright now. We've got expenses we can handle and a few cards we can manage and an affordable car payment. The future looks good.

Re: Burn List

jmw1 — Wed, 14 Oct 2020 18:59:35 GMT

I might be able to top you on this. 50+ creditors for me at $350k in a ch13. I'm too lazy to add up your unsecured debt.

Don't feel too bad for me. The unsecured creditors are still getting nothing so it's a backdoor chapter 7.

We live on cash now. Got several credit cards after filing, but don't use them except for tiny charges. Both cars are paid off. We won't finance purchases anymore other than a home. The credit is there to open the door for a mortgage refinance.

Re: Burn List

Anonymous — Wed, 14 Oct 2020 19:23:02 GMT

How much of that $350K did you have to pay? I'm 100% plan chapter 13 paying off 100% of my unsecured debt. It kinda sucks and I wish I would have qualified for a chapter 7 or backdoor chapter 7 as you called it.

When you say you got credit cards after filing - before discharge or after discharge?

Re: Burn List

jmw1 — Wed, 14 Oct 2020 23:08:27 GMT

@Anonymous wrote:
How much of that $350K did you have to pay? I'm 100% plan chapter 13 paying off 100% of my unsecured debt. It kinda sucks and I wish I would have qualified for a chapter 7 or backdoor chapter 7 as you called it.

When you say you got credit cards after filing - before discharge or after discharge?

I'm in the middle of the 13. Barring a lottery win or the nonexistent inheirtance from a rich relative I don't know about, credit cards getting nothing.

It started out as a 1% dividend, but additional legal fees sucked that up so they're getting nothing.

Credit cards after filing but before discharge. You can get a mortgage 1 year after filing CH13BK with no 30+day lates as well. The trustee doesn't want folks to incur debt, but there's nothing wrong with opening credit lines while incurring $10 in debt on those lines to get them to report.

Re: Burn List

Anonymous — Thu, 15 Oct 2020 17:43:13 GMT

@jmw1 wrote:
I might be able to top you on this. 50+ creditors for me at $350k in a ch13. I'm too lazy to add up your unsecured debt.

This is my husband's thread but it seems he just wanted to brag and doesn't have time to come back and answer very often. So I'll answer: Yes, I think you topped us on this, jmw1! Our total debt tally was over $300,000, but this includes a student loan I still have and the car loan, and we did give the car back (I described that earlier in this thread.) So the car was the only secured item... not counting that or the student loan, which was listed but of course not dischargeable... I think the discharged amount was 300,000 or just under it. Our lawyer said we were in the top 10 for size of bankruptcies he's ever done, and he's not a youngster (been doing this a long time, and his firm specializes in BK only.)

Side note for my husband, who started this thread: He just got the Target red card. So our new list as we only started rebuilding a few months ago goes like this:

He has: Merrick secured $200, Fingerhut $1000, Target Red Card $500

I have: USBank secured $500, Fingerhut $500

I am eyeing up Zales jewelers (Comenity, which I learned about by reading this forum.) I wonder what my chances are. I don't know any real scores... I'd like to get them but the fee here seems kind of steep. Starting at $20 each and every month, just to see scores and reports? I'm guessing scores are in the low 600s.

Re: Burn List

jmw1 — Thu, 15 Oct 2020 20:05:13 GMT

@Anonymous

Good to see Target Red card takes BK people. That's a useful card unlike jewelry store cards. I'm extremely debt averse now so I prefer useful stores. (Using common sense, you cannot incur debt in a 13 because every extra dollar is supposed to go into your plan instead of post-petition debt payments)

Try the prequal website for Dell Preferred Account. You might be pleased with what they prequal because the actual offer might be the same or bigger.

Comenity prequals big and often disappoints when you move from prequal to actual application. Like prequal $5k and give you just $300.

Re: Burn List

Anonymous — Fri, 25 Jun 2021 03:36:23 GMT

Which card did you get after filing ch13. i am on an active chapter 3 and got 3 cards

Re: Burn List

sccredit — Thu, 01 Jul 2021 18:50:17 GMT

I'm not even sure I will remember eveything. Mine was a solo BK7 because everything was business related. Yes, even sunk the personal credit cards and LOC's into the business.

PenFed CC $5k

PenFed PLOC $20k

Logix CC $15k

Logix RV loan $25k

NFCU CC $25k

NFCU Navcheck $15k

NFCU Auto Loan $40k

DCU $10k

Amex Biz $26k

Cap One Biz $16k

Cap One Biz $10k

Chase Ink $11k

Citi $25k

Barclays Biz $25k

Discover $14k

BofA Biz $11k

Ford Credit PG $40k

Lexus FS PG $35k

US Bank Biz Auto PG $38k

Volvo Financial PG $700k

Biz Credit Line PG $3.5 million

Equipment Finance Company PG $2.2 million

This doesn't include multiple lawsuits from vendors, employees or our employee union that were well into the 7 figures.

Re: Burn List

Tomew2000 — Thu, 01 Jul 2021 19:27:52 GMT

That's some list! Just curious. How did your MOC go? Any flak from the trustee?

Re: Burn List

sccredit — Thu, 01 Jul 2021 19:44:26 GMT

Nah, there was some discussion about assets to be distributed (creditors return was like .00001%). Attorney for labor union showed up had a bunch of questions insinuating hidden assets but that went nowhere because there were no hidden assets as I truly put every last penny into the business. Discharge came a couple months after the 341. Expecting Trustee's Final Report in the next couple weeks. Will be nice to have the case completely closed out.

Re: Burn List

Tomew2000 — Thu, 01 Jul 2021 19:57:59 GMT

That's good to hear. Glad it went smoothly for you!

Re: Burn List

Anonymous — Fri, 02 Jul 2021 11:56:50 GMT

I've got a fairly long list as well. About $500K in unsecured debt was included in a chapter 13. Which is also a "backdoor 7." I had a really high earning job with a company and the debt wasn't an issue. Then I decided I could do better starting my own company. Sadly, I didn't. Couldn't handle the debt, but with my income and my wife's income we still passed the means test and couldn't file 7. So it's a 1% Chp 13, and just like the other poster, that got sucked up in legal fees. All of the unsecured gets $0. The part that sucks about this is I can't really "payoff" of the bankruptcy. It's 5 years and that's that. I don't care how much my future salaries are, I'll never rack up that kind of debt again.

Re: Burn List

Tomew2000 — Fri, 02 Jul 2021 12:27:48 GMT

I'm not familiar with the 1% Ch 13. How does that work?

I'm in asimilar position. I've done well for years, struck out on my own, had up and down results and wracked up debt of $150 K. Now my business is about to lose its main client and I won't be able to service the debt. Also turning 68, so time plays against me

Re: Burn List

jmw1 — Fri, 02 Jul 2021 18:21:26 GMT

@Tomew2000 wrote:
I'm not familiar with the 1% Ch 13. How does that work?
I'm in asimilar position. I've done well for years, struck out on my own, had up and down results and wracked up debt of $150 K. Now my business is about to lose its main client and I won't be able to service the debt. Also turning 68, so time plays against me

Chapter 13 is a giant math problem.

First, you identify the secured property you want to keep and priority creditors (mortgage, car loan, back taxes, secured loan arrears, domestic support, legal fees, trustee fees). Add that up and reduce your monthly disposable income by the amount of secured/priority monthly payments.

You are paying your disposable income to your unsecured creditors based upon the budget limits the trustee will allow. Disposable income is also reduced by the secured/priority payments. You still take the means test and that sets one minimum you have to pay. The means test doesn't allow for certain expenses and makes sure you pay as much as possible despite your schedule I&J. Then there is the schedule I&J income and expenses going forward. Finally there is the amount of non-exempt property you are buying back from the unsecured creditors. The highest of all these numbers will be the amount you need to pay to unsecured creditors. If you manage to get this to near zero, you have a backdoor 7. If your plan payment is a negative number, your plan will be subject to dismissal due to being infeasible. The trustee will challenge high expenses for reasonableness and request receipts for proof that you've been incurring these expenses for months prior to filing BK. Usually you fund the higher expenses by ceasing payment to all of your unsecured creditors.