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So I just filed with my lawyer and he had it petitioned same day. My exp report shows that there is a bankruptcy 7 Filed, and accounts are starting to report balances and reporting included in bankrupcty.
I had the following accounts: Disc It (from secured) 2k limit, Capital One Secured ($500 limit $99 deposit) and Walmart (300 limit), Milestone and Indigo (300 each), and les schwab tire account. My autoloan of 9k was not reaffirmed in BK(main reason why I'm going through bankrupcty)
I didn't have a balance on the Les Schwab account so I will retain that in the bankruptcy hopefully.
My question is, Since I bank with Discover (its my main checking account), will I be able to get another discover card even though I burned them on 2k? I have been with discover since 2018. (I was deliquent by about 2 months with discover).
Another question: My goal is to get a home, since I am declaring bankruptcy what is the best route to home ownership (I understand this is something that will take time to accomplish.
I wouldn't get your hopes up on keeping the tire account. Even with a zero balance once you file and the creditor is notified they usually close the account anyway to avoid any losses on their end.
Please tell me you didn't file BK over less than $5k in debt? Why would being declined for a car loan require you to file BK?
Your best route to home ownership is to learn some serious money management. With those accounts all being less than 2 years old and now filing BK my educated opinion is that you are looking at 5 years minimum before home ownership becomes a reality. If I were you I would be banking somewhere other than Discover for checking because if by some miracle they do extend credit again and you are barred from BK then they have the right of set off to seize your banking accounts if you default again.
@kr43002 wrote:So I just filed with my lawyer and he had it petitioned same day. My exp report shows that there is a bankruptcy 7 Filed, and accounts are starting to report balances and reporting included in bankrupcty.
I had the following accounts: Disc It (from secured) 2k limit, Capital One Secured ($500 limit $99 deposit) and Walmart (300 limit), Milestone and Indigo (300 each), and les schwab tire account. My autoloan of 9k was rejected (main reason why I'm going through bankrupcty)
I didn't have a balance on the Les Schwab account so I will retain that in the bankruptcy hopefully. Dont count on it. Regardless if its a zero balance, most lenders close the accounts. It would nice if youre able to retain it, you'll know soon enough.
My question is, Since I bank with Discover (its my main checking account), will I be able to get another discover card even though I burned them on 2k? I have been with discover since 2018. (I was deliquent by about 2 months with discover). Some day in the future, more like 1-4 years from discharge. Discover is hard to get "back" after a BK. If you hadnt burned them, 1-2 years, since you burned them 1-4 years. Just depends....you might be able to get a secured card with them 1 year post DC.
Another question: My goal is to get a home, since I am declaring bankruptcy what is the best route to home ownership (I understand this is something that will take time to accomplish. For now, Save money, and rebuild your credit. I wouldnt even think about a home mortgage for at least a year.
I am going through bankrupcty because of a car I financed last year. I wasn't declined, sorry wrong termonlogy, I am not re-affirming the debt. I know sounds stupid, but the car I bought for 6k, with 4k out of pocket repairs, 2k in loan extentions the car now has a 3k repair needed to get it to go into gear. I lost my 70k/a job and now make about 20k... I had more than just the credit cards, ATT account, $400 medical. My anticipated DC is around 16k.
I am not to worried about Discover seizing my bank accounts as my savings is a different bank entirely. thats just where I recieve my Direct Deposit and all my autopays are sent through. I don't know if Les Schwab would close the account post DC because its a local store account, and they are known for being very forgiving, espicially when you have put 5 sets of tires on vehicles with that account in a year. (Through my company).
@kr43002 When it comes to closing or not closing an account when a consumer files BK, it's not as much about being "forgiving" because of the amount of business you've given them, etc. and MUCH more about the legality of collection going forward. In most states, by simply filing (as long as discharge is granted) it means that ANY contract you're under prior to that petition being filed is now VOID which means any creditor who chooses to leave your account open can't hold you to the agreement, etc. There's much more that goes into it than what I just said on surface level, but the general consensus is don't count on any accounts "surviving" BK.
Best of luck going forward!
That puts more of an explanation on it. Yea my attorney didn't really explain the process to well, Thanks for the clarification.