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About to File - What to do before?

New Member

About to File - What to do before?

So it looks like I will have to file Chapter 13 to save my home.  I was working on a modification but I found out I had a lien on my home for 4k that I couldn't pay in the time I was given.  I thought there would be a chance for another option but the new rep I was assigned to says there are no other options except a full reinstatement (I owe close to 15K) or having the house go to sheriff sale.  So, I will file the chapter 13.  

I wanted to get some advice on what I should do before that.  I just got a new secured card and I've been disputing items with some success.   It sucks that I have to file the chapter 13 now since my score is improving, but since I have to, I will.  Should I try to get another secured card before I file?  I want to begin the rebuilding process as soon as possible after the bankruptcy.  Will my score go down to 300 or lower?  I only plan to add the mortgage arrears into the bankruptcy, but will my secured cards be closed or affected somehow?  

Any other advice would be greatly appreciated.  Thanks.

Starting Score: April 2018 591 EQ, 572 TU, EX 587
Frequent Contributor

Re: About to File - What to do before?

Do not obtain cards before filing. They will just be closed on you.

If you are able to pay off your secured card and close it yourself, do so. This keeps you in good standing with the lender for after you file BK. This may matter less in a 13 when you are paying (most of) the debts back over 3-5 years. Talk to your atty. I am not sure if there is even a possible chance of keeping the card open with trustee approval. With a 13 you may be able to gain approval for a secured card after some time into the 13 anyway. Trustee always has to give ok.

Best of luck.
Ch7 discharged 10/2017. Pre-file FICOs high 400s.
04/2018 EX 644; EQ 670; TU 648
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