topic Re: Declared ch7 Bankruptcy. Doing okay though. in Bankruptcy

Declared ch7 Bankruptcy. Doing okay though.

Azza — Sat, 24 May 2025 01:54:35 GMT

Well, I made some super poor life choices a few years ago and got hit with a divorce. I was unemployed at the time and was pursuing school. Stuff has been hard, but got through it with the help of my loving family and am on my way out.

In late late December I got hit with a summons from a creditor. I folded immediately and declared bankruptcy. It sucked; I was really trying to pay everything off after I got my job but living on credit cards was the biggest mistake of my life. I was more than just living on them though, I was attempting to thrive on them.

Failure.

Anyway. I managed to pay American Express off before declaring ch7. I also do my banking through them because I burned my credit union

So I've just had my MOC on Wednesday. Tick tock. 58 days left until discharge.

Amex has been super kind to me and closed my BCE (prior to filing , actually) and allowed me to keep my BCP and Gold card. Limits were reduced to $1000 and $3200 respectively once they got wind of the bankruptcy. I reaffirmed my car, got a reduced payment (like $327 or something instead of of $504) and am happy with that.

Lots of bill management right now. No spending on credit. I have the cash to pay it off but I'm keeping a low profile with Amex, so they don't get trigger happy or something.

Happy I get to keep those accounts. I'm managing! I just got a new job in robotics, actually, 50% travel! Heading to DC in July I think, then down to Irvine, CA after that. AMAZING benefits: $0 medical/dental/vision out of paycheck, $1500 deductible, crazy low deductibles, and even $5000 down payment assistance on a new house. (Which I discovered applies to me if I haven't owned a home in 3 years!)

So, things are looking up. I'm hopeful.

627 EQ, 600 TU, 573 EX today. Just signed up for monitoring. Back in April when I filed, my credit score jumped 100 points. (whoaaa weird, the 27 and the 73! Weird!)

Should I continue to lay low? Or can I start AZEO with my two cards to build up a bit again? I'll change my signature ASAP so it can reflect my situation. Honestly I'm grateful for the gold card once my discharge fires off; I'll be able to use my gold card for restaurants, get points, then pay it right off on the spot with my per diem.

Man, things are gonna be great. I was scared of declaring but with the right frame of mind, it feels awesome to be able to have a fresh start. I don't want to get in that situation ever again. Originally I wanted to do chapter 13 and pay the creditors off, but when the attorney assistant said "You have $140k in debt, you're filing chapter 7, fresh start" I just rolled with it.

Thanks for the tips guys!

Re: Declared ch7 Bankruptcy. Doing okay though.

indiolatino61 — Sat, 24 May 2025 02:55:12 GMT

@Azza wrote:
Well, I made some super poor life choices a few years ago and got hit with a divorce. I was unemployed at the time and was pursuing school. Stuff has been hard, but got through it with the help of my loving family and am on my way out.

In late late December I got hit with a summons from a creditor. I folded immediately and declared bankruptcy. It sucked; I was really trying to pay everything off after I got my job but living on credit cards was the biggest mistake of my life. I was more than just living on them though, I was attempting to thrive on them.

Failure.

Anyway. I managed to pay American Express off before declaring ch7. I also do my banking through them because I burned my credit union

So I've just had my MOC on Wednesday. Tick tock. 58 days left until discharge.

Amex has been super kind to me and closed my BCE (prior to filing , actually) and allowed me to keep my BCP and Gold card. Limits were reduced to $1000 and $3200 respectively once they got wind of the bankruptcy. I reaffirmed my car, got a reduced payment (like $327 or something instead of of $504) and am happy with that.

Lots of bill management right now. No spending on credit. I have the cash to pay it off but I'm keeping a low profile with Amex, so they don't get trigger happy or something.

Happy I get to keep those accounts. I'm managing! I just got a new job in robotics, actually, 50% travel! Heading to DC in July I think, then down to Irvine, CA after that. AMAZING benefits: $0 medical/dental/vision out of paycheck, $1500 deductible, crazy low deductibles, and even $5000 down payment assistance on a new house. (Which I discovered applies to me if I haven't owned a home in 3 years!)

So, things are looking up. I'm hopeful.

627 EQ, 600 TU, 573 EX today. Just signed up for monitoring. Back in April when I filed, my credit score jumped 100 points. (whoaaa weird, the 27 and the 73! Weird!)

Should I continue to lay low? Or can I start AZEO with my two cards to build up a bit again? I'll change my signature ASAP so it can reflect my situation. Honestly I'm grateful for the gold card once my discharge fires off; I'll be able to use my gold card for restaurants, get points, then pay it right off on the spot with my per diem.

Man, things are gonna be great. I was scared of declaring but with the right frame of mind, it feels awesome to be able to have a fresh start. I don't want to get in that situation ever again. Originally I wanted to do chapter 13 and pay the creditors off, but when the attorney assistant said "You have $140k in debt, you're filing chapter 7, fresh start" I just rolled with it.

Thanks for the tips guys!

It's never too early after BK filing/discharge to start good rebuilding habits. Don't feel as if you "folded" too soon. Too many people put off filing and regret it.

Re: Declared ch7 Bankruptcy. Doing okay though.

JoeRockhead — Sat, 24 May 2025 11:32:33 GMT

@Azza wrote:
Well, I made some super poor life choices a few years ago and got hit with a divorce. I was unemployed at the time and was pursuing school. Stuff has been hard, but got through it with the help of my loving family and am on my way out.

In late late December I got hit with a summons from a creditor. I folded immediately and declared bankruptcy. It sucked; I was really trying to pay everything off after I got my job but living on credit cards was the biggest mistake of my life. I was more than just living on them though, I was attempting to thrive on them.

Failure.

Anyway. I managed to pay American Express off before declaring ch7. I also do my banking through them because I burned my credit union

So I've just had my MOC on Wednesday. Tick tock. 58 days left until discharge.

Amex has been super kind to me and closed my BCE (prior to filing , actually) and allowed me to keep my BCP and Gold card. Limits were reduced to $1000 and $3200 respectively once they got wind of the bankruptcy. I reaffirmed my car, got a reduced payment (like $327 or something instead of of $504) and am happy with that.

Lots of bill management right now. No spending on credit. I have the cash to pay it off but I'm keeping a low profile with Amex, so they don't get trigger happy or something.

Happy I get to keep those accounts. I'm managing! I just got a new job in robotics, actually, 50% travel! Heading to DC in July I think, then down to Irvine, CA after that. AMAZING benefits: $0 medical/dental/vision out of paycheck, $1500 deductible, crazy low deductibles, and even $5000 down payment assistance on a new house. (Which I discovered applies to me if I haven't owned a home in 3 years!)

So, things are looking up. I'm hopeful.

627 EQ, 600 TU, 573 EX today. Just signed up for monitoring. Back in April when I filed, my credit score jumped 100 points. (whoaaa weird, the 27 and the 73! Weird!)

Should I continue to lay low? Or can I start AZEO with my two cards to build up a bit again? I'll change my signature ASAP so it can reflect my situation. Honestly I'm grateful for the gold card once my discharge fires off; I'll be able to use my gold card for restaurants, get points, then pay it right off on the spot with my per diem.

Man, things are gonna be great. I was scared of declaring but with the right frame of mind, it feels awesome to be able to have a fresh start. I don't want to get in that situation ever again. Originally I wanted to do chapter 13 and pay the creditors off, but when the attorney assistant said "You have $140k in debt, you're filing chapter 7, fresh start" I just rolled with it.

Thanks for the tips guys!

Once lenders receive notification of the BK filing they almost always close down accounts, so there's very high likelihood that Amex closes your remaining accounts in the near future. If you didn't burn them, they'll generally let you back in 61 months after your filing date.

You should absolutely lay low. Using your remaining credit cards could be viewed as incurring debt without the intention to repay, which could be seen as fraud, possibly risking your discharge. I'd strongly recommend you don't use any of your remaining credit cards, or seek any other type of credit until after your discharge. At that point you can look into starting to rebuild your credit.

Re: Declared ch7 Bankruptcy. Doing okay though.

Azza — Sun, 25 May 2025 05:56:31 GMT

Got it. I did not burn Amex, so right now I am cautiously optimistic.

I just paid my annual fees, too, heh.

Re: Declared ch7 Bankruptcy. Doing okay though.

goodkredit — Mon, 09 Jun 2025 17:44:44 GMT

Man, I wish I didn't discharge AMEX in my case. I was just so stressed out with everything and said forget it. Now, my spouse has the platinum card and I can't even be added as an AU. I travel more than my spouse and could really use the Centurion Lounge benefit. You live and you learn. Congrats on your fresh start!