Considering Bankruptcy

[Anonymous]

Hey all! I am considering bankruptcy. I am nervous. Its a big step for sure. Can I get advice?

[Mjhall85]

what kind of advice ? Most can give you the experiences they had with bankruptcy. It was the best choice I made as I am way better off now.

[Anonymous]

What is mainly what I am looking for, if people have any regrets. I have an appointment next Thursday to start the process and I'm a bit nervous. I am struggling to get my credit score up from 509 only to go to 658, with exceptional payment history. I have a judgement from five years ago and also $25,000 worth of all old from the same time period. Even though be moved away from it, it's still haunting my record. 

Is the process difficult?

[Mjhall85]

With the attorney I had, the process was honestly really simple, once we filed just over 3 months later I was debt free! My only regret was not doing it sooner cause I thought I could dig myself out of the mess. It comes down to you to file or not. The meeting of the creditors was the only thing I was worried about and it goes by quicker than you can order a big mac meal, @FireMedic1 said an analogy similar to that I saw years back. They are also a wealth of information and helped me after bankruptcy.

[Anonymous]

Those are encouraging words. Thank you for your time.

[Mjhall85]

Of course, hope you make the right choice whether it's bankruptcy or not. Everyones situation is different but I am almost 2 years out and my fico 8's are near 700 across the board.

[FireMedic1]

Thanks @Mjhall85 . If I joined here pre-BK. All that below would be a blank siggy. Took 6 yrs and learning every single move I made to get where I'm at was right from here. But. It actually started with a RN at work who filed BK 2 yrs earlier and said yes you can get credit cards again. Huh? I was a complete FICO who? Scores? Came on here from advise from my lawyer and the rest is history. I've never said to anyone here to file. I just say will you be better off in 2-5 yrs with or without filing. Choice is yours. But with all the reading and learning here I did pretty darn good rebuilding. Thats why I stick around and pass it on. Kinda like repay people for what they did for me in return. Good Luck!

[Anonymous]

That is a wealth of information too. Good to hear how you fisted as well. Thank you for staying on to share your experience.

[SUPERSQUID]

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@Anonymous wrote:

Hey all! I am considering bankruptcy. I am nervous. Its a big step for sure. Can I get advice?

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There are different types of bankruptcy, which one are you considering? bk7 or bk13.

I found the process tedious as far as the paperwork and the research aspect of verifying lenders addresses etc, some have multiple addresses.

I do regret having to file bk7 but i had no choice. i became suddenly totally disabled in mid 2017. i didnt have any income for 6 months and burned through all my savings during that period and then found myself in a mountain of debt with only a quarter of my former income.

The positive thing is i restarted with a new view of credit. i am sad i burned good lenders like chase but since i found this forum i found many other lenders that are willing to give me a chance.

[Lurker22]

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@Anonymous wrote:

What is mainly what I am looking for, if people have any regrets. I have an appointment next Thursday to start the process and I'm a bit nervous. I am struggling to get my credit score up from 509 only to go to 658, with exceptional payment history. I have a judgement from five years ago and also $25,000 worth of all old from the same time period. Even though be moved away from it, it's still haunting my record. 

Is the process difficult?

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My regret is not filing 2 years earlier, I'm sure others will agree with me, sounds scarier than it is, do your do diligence and make a sound decision but don't be afraid, best thing I did was to file