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Bankruptcy tomorrow

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New Member

Bankruptcy tomorrow

Hello all, new here so please bear with me if there is any answers to my questions around.

Unfortunately, this is my second chapter 7. I told myself when I filed the first one, this was never going to happen again. Well, 9 years later, here I am. I didn’t do anything right the first time after I got my discharge. My goal is to obviously build my credit and hopefully purchase a house. I have been reading many posts on here and I’m intrigued. According to my lawyer, we will be filing tomorrow. Here are a few questions.

1. What is this “garden” that many speak of with rebuilding?
2. What advice do you have for me on which steps to take after I receive my discharge?
3. Should I pull my credit scores now or wait so I can track them?

There are just so many ideas and things people are doing on here to rebuild, my head is spinning.

Thank you in advance
Message 1 of 10
9 REPLIES 9
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New Contributor

Re: Bankruptcy tomorrow

Hey,

 

I'm no expert just a long time reader of these forums. I too am planning on filing chap. 7 around November. To help you out:

1. What is this “garden” that many speak of with rebuilding? Gardening IMO is when youv'e establish a comfortable amount of manageable credit in in order to rebuild your credit. When gardening alot of people do not apply for new credit, continue building good history and monitor their progress.

2. What advice do you have for me on which steps to take after I receive my discharge? Definantly read the BK forums and rebuild forums. Everyones situations are different but theres alot of good info on these boards in reference to cards that may approve out of BK, how to manage your utilization or open lines to get to a certain goal rebuild wise and more. 

How to Chapter 7 discharge to 700 in 24 months is a good start ! 

https://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/m-...

 

3. Should I pull my credit scores now or wait so I can track them? This is kind of a personal preference but its good to monitor your scores throughout from now and going forward if you can. From what I have read when you actually file and things start to change on your reports its best to wait 30-60 days after discharge to make sure all your reports are updated and the accts reporting $0 balance and include in bankruptcy. It is good to monitor throughout your journey though. Thats what I plan to do.

 

Good luck my friend ! Smiley Happy

Message 2 of 10
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New Member

Re: Bankruptcy tomorrow

Thanks for replying BriB24! I’ve been scouring these forums since I found them and have learned a lot. Like I said before, I wish I knew of these before. Thanks for the link and insights for what you have learned as well. Good luck with yours in November!
Message 3 of 10
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Member

Re: Bankruptcy tomorrow

Hi - just wanted to let you know that I'm in the same situation...I had a Ch. 7 in 2010...9 years and 1 month later, here I am. I was reading your post and felt an immediate connection to your story, so I thought I'd reach out in case you want a "BK buddy" on the forums.

 

I too didn't have a clue on how to rebuilt correctly after a Ch. 7. My first one was mostly due to medical bills from a major medical issue, and I didn't really use credit before my first BK, thus I didn't know how to manage it afterwards. I thought I had to get A LOT of things to make my credit look good on paper, so I got and took every card offered to me and overused them. Eventually, I couldn't afford the payments...now I know better. 

 

I'd say, don't beat yourself up too much -  you've lived, you've learned. Now you know better so now you'll do better. I already have a plan on how to rebuild appropriately after this Ch. 7. These forums have helped. I'm monitoring my scores during the filing to DC mostly out of curiousity, it's been interesting to see my scores go up a bit. I'd say, once you file, start squirling away some cash in case you need them for secured loans/cards after DC and also just so you have a small emergency fund. Good luck! We'll get through this together!



Message 4 of 10
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Super Contributor

Re: Bankruptcy tomorrow


@jscott1448 wrote:
Hello all, new here so please bear with me if there is any answers to my questions around.

Unfortunately, this is my second chapter 7. I told myself when I filed the first one, this was never going to happen again. Well, 9 years later, here I am. I didn’t do anything right the first time after I got my discharge. My goal is to obviously build my credit and hopefully purchase a house. I have been reading many posts on here and I’m intrigued. According to my lawyer, we will be filing tomorrow. Here are a few questions.

1. What is this “garden” that many speak of with rebuilding? The Garden is where fellow posters hang out and shoot the wind. The only talk about credit is CLI's. No talk about applying for credit or approvals. https://ficoforums.myfico.com/t5/Personal-Finance/Garden-Club-September-2019/td-p/5728714
2. What advice do you have for me on which steps to take after I receive my discharge? Wait up to 30 days after DC and get your credit reports and make sure everyone has reported IIB and 0 balance. If not contact your lawyer. Then come back here with your scores. Tell us who got burned and the gang can help you on who to apply with. Its not advisable to apply for credit until after DC because your scores will go up a bit then.
3. Should I pull my credit scores now or wait so I can track them? You can pull your 3B reports now from credit check total for $1 and cancel before the trial is up. You can do it again after the DC.

There are just so many ideas and things people are doing on here to rebuild, my head is spinning.

Thank you in advance

There ya go! Good luck towards your DC!

Message 5 of 10
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New Member

Re: Bankruptcy tomorrow

Sweet! I’ll take whatever buddies I can get. Finally filed on 9/11/19. 9/12/19 it was reported to my credit. So far I don’t have an MOC date yet. I did have a pre MOC questionnaire from the trustee to fill out. I’m ready to work on rebuilding now but I’m early in the process.

After my first BK I didn’t do anything. I didn’t make sure everything was noted and cleaned up so I’ll went from had credit to BK to bad credit and stayed there. I too am hopefully looking to purchase a home in the next 3 years or so.

Thanks for replying buddy!
Message 6 of 10
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New Member

Re: Bankruptcy tomorrow

Thank you FireMedic1! Dumb question but what is IIB? Included in bankruptcy?
Message 7 of 10
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Frequent Contributor

Re: Bankruptcy tomorrow


@jscott1448 wrote:
Thank you FireMedic1! Dumb question but what is IIB? Included in bankruptcy?

 

Im no Firemedic but yes, IIB = Included In Bankruptcy.


 

Message 8 of 10
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Super Contributor

Re: Bankruptcy tomorrow


@twono wrote:

@jscott1448 wrote:
Thank you FireMedic1! Dumb question but what is IIB? Included in bankruptcy?

 

Im no Firemedic but yes, IIB = Included In Bankruptcy.


 


Thanks @twono ! I'll teach you later how to do a external jugular IV! Smiley Surprised

Message 9 of 10
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Frequent Contributor

Re: Bankruptcy tomorrow

Don't stress! This too shall pass... better days are ahead.

Chapter 13
Date filed: 3/17/20
Meeting of the creditors (341): 5/20/20
Confirmation hearing: 6/11/2020
Deadline for filing claims: 6/17/20
Plan confirmed: 7/2/2020
Deadline for filing claims (Government): 9/14/20

Scores as of 7/8/20 (MyFICO Monthly Subscription/updates on the 8th of every month)
Equifax 638
Transunion 604
Experian 628

Open Accounts
Great Lakes (Student Loan) Pd Never Late - Perfect History/will not update until PIF $4,500 balance at $140 per month
Target (Survived Bankruptcy) Pd Never Late - Perfect History $3,000 limit/$0.00 Balance
Cartier (Survived Bankruptcy) Pd Never Late - Perfect History $8,000 limit/$0.00 Balance
NFCU Amex (AU) $25K limit/$11K balance (removing soon)
NFCU Secured Card (Trustee Approved) $2K limit/will PIF each month before statement cuts

All closed accounts are reporting correctly with $0.00 balance

Message 10 of 10
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