Chapter 7 Process Started

[CostantinoA]

Hello everyone:

Well, I guess I will be in this fourm moving forward.  My wife and I met with the BK attorney today and we are going to file soon.  Here are my questions.

#1  We have about 50 credit cards with almost every bank you can think of.  Is it going to be hard to build creidt if I included almost every bank in the BK?

#2  I was thinking just to pay the credit cards that are under $500.00 owed and close the accounts before we offically file the BK.  Does everything think this is a good idea?  I was thinking that way it is less banks that are burned and also it will report closed by consumer VS by credit grantor.  This would be 5 cards that total only $901.99.

#3 We have 3 cars that we want to keep.  Should we reaffirm them or redeem the cars?

#4  The attorney gave us information on a lender they work with that does home loans 2 years after discharge.  Any recommendations on what we can do to make sure we are 100% ready at that two year mark?

Thank you for your time. I look forward to geting back to the great credit world.

[CostantinoA]

Can anyone answer these for me please?

[pizza1]

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@CostantinoA wrote:

Hello everyone:

Well, I guess I will be in this fourm moving forward.  My wife and I met with the BK attorney today and we are going to file soon.  Here are my questions.

#1  We have about 50 credit cards with almost every bank you can think of.  Is it going to be hard to build creidt if I included almost every bank in the BK? You wont get any of the BIG names back for a few years or so....Citi, Chase, Amex, etc.., but you might be able to get Cap1, Discover,  and store cards to start off after a few months post DC. 

#2  I was thinking just to pay the credit cards that are under $500.00 owed and close the accounts before we offically file the BK.  Does everything think this is a good idea? I will answer for everyone, and that is NO.  I was thinking that way it is less banks that are burned and also it will report closed by consumer VS by credit grantor. If you do, you cant file for another 90 days after you make those payments, as the trustee will see that as preferential treatement, and could ask the lender to give the money back to them to disperse amongst all your creditors.  This would be 5 cards that total only $901.99.

#3 We have 3 cars that we want to keep.  Should we reaffirm them or redeem the cars? Depends, are you upside down on them? 

#4  The attorney gave us information on a lender they work with that does home loans 2 years after discharge.  Any recommendations on what we can do to make sure we are 100% ready at that two year mark? Why dont you worry first about getting thru your MOC without any hiccups first, then DC. We can go from there. 

Thank you for your time. I look forward to geting back to the great credit world.

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[pizza1]

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@CostantinoA wrote:

Can anyone answer these for me please?

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You have to give folks some time to read the threads. Not everyone visits the BK forum. YOu may have folks viewing your thread, but may not feel comfortable giving advice just yet, or the the more experienced posters like myself just havent made it to your thread yet. Be patient

[CostantinoA]

The big banks will give me a card again even though I BK them?

WOW!  I asked the attorney about this and he said it was ok to pay those cards.  His exact words was "Sure, you can pay what ever debts you want but why would you.  You could save the money."

Yes, all 3 cars are upside down.

[pizza1]

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@CostantinoA wrote:

The big banks will give me a card again even though I BK them?

WOW!  I asked the attorney about this and he said it was ok to pay those cards.  His exact words was "Sure, you can pay what ever debts you want but why would you.  You could save the money."

Yes, all 3 cars are upside down.

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yes, eventually the big banks will give credit again.....Citi is 5-7 years +, Chase is 7-10 yrs +, Amex is 5 yrs post file date IF you didnt burn them. If you did, it could be years 10+. Other banks like Cap1, Synch cards, Comenity store cards, etc...are much easier.  I had them back within 6 months of DC.  Citibank legacy cards you wont get until 7 yrs, but the retail side you could within a year or two. Chase....forget it. 

[CostantinoA]

Thanks for the info.  I never had a card with Chase so that will be one I will go after.  Citi bank is closed with zero balance so I don't have to worry about them either.  The ones I reallty want is Amex and Discover back.

[pizza1]

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@CostantinoA wrote:

Thanks for the info.  I never had a card with Chase so that will be one I will go after.  Citi bank is closed with zero balance so I don't have to worry about them either.  The ones I reallty want is Amex and Discover back.

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You will NOT get Chase of any cards until 7 yrs-BK off reports. Its their BK policy now. Dont even try, you wont get them tell MUCH later down the road. If you want Amex back you will need to pay them back, and you STILL wont get them back until 5 yrs and 1 month post file date, and thats IF you paid them back. No exceptions, you will not be approved unless that happens. 

Discover will be weird...If they let you back, at least one year post DC after a burn.