Hi All, I just thought I would share my "story" of my BK experience.
I filed Ch 13 in Aug 04 due to some bad decisions by myself. When I filed, I was constantly getting collection letters, calls, and the threats of being sued. Not to mention that I could not get a loan to save my life. This adds tons of pressure and worry that people dont need in life.
Like a lot of people that file, I thought that this was the end of the road and I would never be a good credit risk again. I was so wrong! BK is a new start, albeit not necessarily a clean start(Public Record stays on for 7 years for CH13, and 10 years for CH7), but a clean start anyways.
In my case I was represented "Pro Se". Bonus points to anyone who knows what that is!
I would highly recommend not to go that route. Always find a competent lawyer to represent you and advise you of all of the ins and outs of the process. I thought my case was pretty cut and dry, so I opted to go Pro Se. I ad a few moments of sheer terror when I would get a notice from the clerks office or a letter from the trustee's office. About 3 months into my case, the trustee had filed to dismiss my case. My repayment plan was no longer viable based on the proof of claims from creditors. I had 30 days to respond then had to attend the hearing and present my side of the story. After many long nights on the internet researching of what I should do, I came to the conclusion that I had to write and file a responsive pleading to the court and file an amended plan. I then showed up to the hearing and patiently waited my turn in the long line of people that were in court that day. When my case was called, I stepped up to the microphone and between the trustee, judge, and myself we came to the conclusion that the amended plan was fine and the trustee withdrew his motion to dismiss. Again, I cannot stress enough to have a lawyer.
Immediately after this happened, I tried a few places in hopes of retaining a lawyer to handle any more issues that I may have. No one would take the case once it was filed. So, on I went. No more problems to date. Whew!!!
Cut to September 2007:
I have just completed all of my payment plan (got the letter to stop wage reduction last week) and I run home everyday to hoping to see if I have gotten the discharge papers yet!! Maybe next week, but the fact that I know I am complete is a big relief in itself.
So about 3 months ago, I came across myfico. What a great place this is!!! After several nights of reading and learning I had devised a plan to get me on the right track. I then cautiously started asking some questions and was astounded at the responses that I received. I now feel that it wont be long and time will heal all wounds.
Ok, sorry for the long post, I will wrap it up with these thoughts.
1.) It is not the end of your financial life, but hopefully when you go through and experience like this you become more educated about the importance of managing your affairs.
2.) There is not a quick fix, there is a right way to go about rebuilding and recovering from a BK. Read all you can at myfico as well as other forums, articles, books. Pretty quick you can separate the bad advice from the good.
3.) Ask questions and advice from people that have been in your "shoes". Everyone has a unique experience to share.
Thanks for Reading,
D
FICO's as of 9/13. TU - 584, EX - 661, and EQ - 641