topic Re: I filed CH 7, but I don’t recommend it. in Bankruptcy

I filed CH 7, but I don’t recommend it.

Rocco718 — Mon, 14 Jul 2025 00:50:52 GMT

I hired a lawyer but for CH 7 you really don’t need one.(Though it’s a ton of paper work)
In NYC I paid almost $3,000 because I had well 100k+ in debt. (Note: The lawyer needs full payment BEFORE they file the paperwork with the court.)
When I went in to see the lawyer I was relieved to find out my car (2015 Mercedes ML350) would be exempt. However I still left the office felling like a complete loser.
Before you sign the petition you must complete a mandatory online course.
After they filed the petition I was able to get the date of the 341 meeting from PACER.

This is the point where my anxiety started to build, because the meeting was 6 wks away.

My credit…basically destroyed. Maybe temporarily , but destroyed nonetheless.

My 341 meeting was last week. It was via Zoom. It lasted about 3 - 5 min. My answers were literally yes sir, no sir. That’s it.

Because I burned all the major banks I was forced to establish New relationships with the likes of TD Bank, Alliant CU, PNC Bank etc.

My DC is 8 wks away but I do feel releived already.

Re: I filed CH 7, but I don’t recommend it.

Horseshoez — Mon, 14 Jul 2025 01:54:12 GMT

@Rocco718 wrote:
I hired a lawyer but for CH 7 you really don’t need one.(Though it’s a ton of paper work)
In NYC I paid almost $3,000 because I had well 100k+ in debt. (Note: The lawyer needs full payment BEFORE they file the paperwork with the court.)
When I went in to see the lawyer I was relieved to find out my car (2015 Mercedes ML350) would be exempt. However I still left the office felling like a complete loser.
Before you sign the petition you must complete a mandatory online course.
After they filed the petition I was able to get the date of the 341 meeting from PACER.
This is the point where my anxiety started to build, because the meeting was 6 wks away.
My credit…basically destroyed. Maybe temporarily , but destroyed nonetheless.
My 341 meeting was last week. It was via Zoom. It lasted about 3 - 5 min. My answers were literally yes sir, no sir. That’s it.
Because I burned all the major banks I was forced to establish New relationships with the likes of TD Bank, Alliant CU, PNC Bank etc.
My DC is 8 wks away but I do feel releived already.

So why don't you recommend filing a Chapter 7?

Re: I filed CH 7, but I don’t recommend it.

Jnbmom — Mon, 14 Jul 2025 03:25:23 GMT

Hiring a lawyer isn't a bad thing, yes some can file themselves , but not all people can do that .

The likes of TD bank and PNC? They are not bad banks .

Re: I filed CH 7, but I don’t recommend it.

Guyatthebeach — Mon, 14 Jul 2025 03:50:50 GMT

@Rocco718,

Good luck with your rebuild! I personally always recommend using a lawyer for bankruptcy. My lawyer actually had to send cease and desist letters to a credit union and make sure the trustee didn't allow them to file a claim after they missed the 341 meeting and the filling period.

With regards to PNC, they are an excellent bank to have with rebuilding. I used them as well as a local credit union fir my rebuild. PNC is an extremely conservative bank with an odd secured card. I got there secured card the day I'm my bankruptcy was discharged. I closed it after 6 months when I was getting approved for unsecured credit cards. Two years after my discharge I was able to an unsecured Visa. Now after 13 years post bankruptcy, I have 2 Visa cards with total credit lines at $64k and 2 paid in full car loans. I really liked using their Virtual Wallet to track everything in one place during my rebuild. Their preapprovals are solid from my point of view.

Guyatthebeach

Re: I filed CH 7, but I don’t recommend it.

Rocco718 — Mon, 14 Jul 2025 10:31:16 GMT

@Horseshoez wrote:
So why don't you recommend filing a Chapter 7?

There are many ways to pay off your debt with time and discipline. Unfortunately for me I simply lack the discipline.

I recommend financial literacy. Learn how use credit and debt as a tool to increase your wealth and avoid the prison of BK CH 7.

Re: I filed CH 7, but I don’t recommend it.

Rocco718 — Mon, 14 Jul 2025 10:33:47 GMT

@Jnbmom wrote:
Hiring a lawyer isn't a bad thing, yes some can file themselves , but not all people can do that .

The likes of TD bank and PNC? They are not bad banks .

That's good to know.

Re: I filed CH 7, but I don’t recommend it.

Rocco718 — Mon, 14 Jul 2025 10:38:35 GMT

@Guyatthebeach wrote:
@Rocco718,

Good luck with your rebuild! I personally always recommend using a lawyer for bankruptcy. My lawyer actually had to send cease and desist letters to a credit union and make sure the trustee didn't allow them to file a claim after they missed the 341 meeting and the filling period.

With regards to PNC, they are an excellent bank to have with rebuilding. I used them as well as a local credit union fir my rebuild. PNC is an extremely conservative bank with an odd secured card. I got there secured card the day I'm my bankruptcy was discharged. I closed it after 6 months when I was getting approved for unsecured credit cards. Two years after my discharge I was able to an unsecured Visa. Now after 13 years post bankruptcy, I have 2 Visa cards with total credit lines at $64k and 2 paid in full car loans. I really liked using their Virtual Wallet to track everything in one place during my rebuild. Their preapprovals are solid from my point of view.

Guyatthebeach

You made some good points. Thanks

Re: I filed CH 7, but I don’t recommend it.

coldfusion — Mon, 14 Jul 2025 12:03:49 GMT

@Jnbmom wrote:
Hiring a lawyer isn't a bad thing, yes some can file themselves , but not all people can do that .

The likes of TD bank and PNC? They are not bad banks .

They're each a top 10 bank in the US by assets managed, TD's parent TD Bankcorp is almost as large as Goldman Sachs.

Re: I filed CH 7, but I don’t recommend it.

Horseshoez — Mon, 14 Jul 2025 12:20:28 GMT

I agree with the comments above regarding TD and PNC; even though I was a long standing BofA customer with both checking and savings for me and several of my family members, after my discharge they refused to give me so much as a secured credit card. I closed all of our accounts, walked across the street (literally) and opened new accounts for us at TD; now, over 5-years later, I wish I'd made the move to TD many years before.

@Rocco718 wrote:
@Horseshoez wrote:
So why don't you recommend filing a Chapter 7?
There are many ways to pay off your debt with time and discipline. Unfortunately for me I simply lack the discipline.
I recommend financial literacy. Learn how use credit and debt as a tool to increase your wealth and avoid the prison of BK CH 7.

I suppose that is one way to look at things, but at a certain point, even time and discipline will not be enough, and a Chapter 7 or Chapter 13 will be the only realistic answer. If you browse through the multitude of posts from folks who've filed for bankruptcy, the single most common comment/sentiment you'll see is, "I wish I did it sooner."

So, from my perspective, for folks deep in a financial hole, I strongly recommend filing.

Re: I filed CH 7, but I don’t recommend it.

Xyta — Tue, 15 Jul 2025 15:52:06 GMT

I could be wrong and stand very willing to be corrected but OP feels like AI.

Re: I filed CH 7, but I don’t recommend it.

Rocco718 — Tue, 15 Jul 2025 18:58:56 GMT

@Xyta wrote:
I could be wrong and stand very willing to be corrected but OP feels like AI.

Really? Oh how I wish.