In the next few days and weeks we should be able to breathe again. This was the absolute last thing I wanted to have to do, but unfortunately many bad decisions, being ill prepared, and unexpected situations led us to this point. This will be a interesting road as we barely passed the means test, after all the exemptions we were 600 away from not being able to pass the test.
The road to restoring positive credit will be a tough one as we are burning some pretty big names. We are burning NFCU (ARGH), USAA, Capital One, Citibank, Synchony, and Nordstrom. We will never get NFCU again as the amounts we are burning are very high and we will not be willing to pay it back to get in their good graces. We actually would love to not have credit cards, but realize they are a necessary evil for a higher credit rating.
I'll use this thread to post updates to our journey. Ch 7 was filed tonight.
Good luck on your new beginning
Congrats and good luck. We have similar timelines. We filed 2/28, 341 meeting scheduled for April 3rd. It's such a relief to file but I admit the 341 meeting makes me nervous.
So we had our 341 meeting today. It went very well, better than we expected. The trustee confirmed that our case was a no asset case. Woo-hoo! The waiting game continues. We were nervous as we were a high income household until my H lost his job in January. We filed at the earliest date that we could file. So it's been nervewracking. The beginning of June can't come quick enough.
We received our discharge the day after the date that the creditors had to object. Our BK process went very smoothly, much smoother than I could have anticipated.
Now on to the rebuilding. We did not re-affirm either of our vehicles. We were contacted by lender to turn in one -- we were able to keep while the BK was open. We have not been contacted about turning in the other vehicle yet. We are trying to secure a auto loan first. We do need at least one car and plan to remain a one car family for the foreseeable future. My H was received a prequal from Cap One so that is who we will likely go with.
We both have student loans so we will at least have that reoccuring payment and history. Otherwise we are starting from square one. Credit cards and our lack of discipline was the main issue and the reason for us needing to file BK. Well that and 6 months of unemployment. I am very leery of even getting a credit card, but realize its a necessary evil. We did not re-affirm our mortgage either but have been paying it monthly.
Off to the 700 in 24 months thread!
Good luck to everyone on their journey!!