Discharged BK7 Official! Rebuild begins

[Anonymous]

Discharged yesterday, have the emailed copy of the order in my inbox, and lawyer sending all final documents to me this week!

It's been an interesting ride!

Now I just need to wait for the discharge to hit the CR's and see where we fall.

Most of what we burned were medical debt, tbh. There was a LOT thanks to a major medical issue and my prior employer health care not paying a thing, ever. Close to 100k just in that.

I had a Cap 1 card that went to a CA and was charged off in 2014. Not sure how that affects getting back in with them.

The same time frame, we surrendered a car to Ally financial because the paychecks started showing up several hundred dollars light each week.

I also had a student loan that was heading towards default, but the BK did help me get their attention and itll be sorted shortly and back on track. Just had to send in some paperwork. It's a small balance remaining ($10k).

But that's it, we can breath again.

We're also in a much better place financially. I changed jobs a couple years ago, new employer is fantastic. My wife was able to go back to work, and a year on she took a major promotion.

Trying to keep our income up and debt load low.

The only concern we have is we do need to replace my car very soon. It's a 2003 with 270k miles, and I drive 130 miles a day for commute. For some reason, it seems like they want to push everyone with a credit issue into a very expensive vehicle. I'm trying to shop used cars sub-10k with a 1-2k down payment. They want me in something with a $500/month payment for 6 years. Doesn't make much sense... Anyone have any luck with this? Sub 10k I can pay off in a year or so.

[FireMedic1]

Congrats. Google what you want. Check the price. If you didnt burn Cap1. You can get pre-qual'ed for a auto loan. They will give you a check if you can find something. Walk in. I want that. Here's a check. Dont do any HP's. Done. This will save you 10-15 HP's trying to find a lender that the dealer will pull. Good Luck!

Some will have more advice. But this is cut and dry.

[twono]

Congrats OP.  I asked this in another thread by a recently DC'd filer....but I'm  curious, how  many days  after your BK filing and after your 341 was it to discharge? 

[Anonymous]

Filed Beginning of June, 341 was July 22. 60 day wait was up last Sunday, and I had the discharge posted on Pacer Monday, 9-23.

I live in a rural area though so I'm sure out courts are far less busy than usual.

[Anonymous]

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@Anonymous wrote:
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I had a Cap 1 card that went to a CA and was charged off in 2014. Not sure how that affects getting back in with them...


The only concern we have is we do need to replace my car very soon. It's a 2003 with 270k miles, and I drive 130 miles a day for commute. For some reason, it seems like they want to push everyone with a credit issue into a very expensive vehicle. I'm trying to shop used cars sub-10k with a 1-2k down payment. They want me in something with a $500/month payment for 6 years. Doesn't make much sense... Anyone have any luck with this? Sub 10k I can pay off in a year or so.

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CONGRATS! I burned Cap 1 for around $1300 and they were the first to approve credit (2 months after discharge) $500 limit that will increase to $750 after 6 months of on-time payments. 

If you haven't already, check out https://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-Friendly-Credit-Cards-Pt-2/m-p/3999737 as it has a lot of good information regarding credit card companies and amount of time before they let you in after Bankruptcy. 

I would look at Capital One Auto Navigator, I was pre-approved through them and they allow used car financing sub $10k. The experience was good with them even though we ended up going a different way for financing. 

[2b2rich]

Congrats on your discharge.  There are a lot of car sales people who are in it for the commission and nothing more.  I plan to do exactly the same thing you're planning.  < $10K and small payments.  How my insurance looks at it will also factor in (I'm going from a convertible Mustang with a premium of $200 a month and my insurance has always been about $75 a month, even on a brand new 'soccer Mom' vehicle that I traded in on the Mustang.  (dumbest thing I've done in the past 2 years!).

Good luck and don't let them talk you into something you will feel regret over!  You have worked for those full night sleeps again!

[Anonymous]

Being a 38 year old, married truck driver with an impeccable driving record (I'm a certified CDL instructor as well, with hazmat cert), and living in a rural area, our insurance thankfully isn't expensive at all.
Plus, I'm looking at the soccer mom type cars anyways. I need AWD and some room.

[Anonymous]

So, a positive note!

My wife and I both did the prequal for Cap1. She was immediately approved for $300 Platinum, and added me as authorized user.

I didn't pass prequal, but I figured that would be an issue. I have a note on my Experian due to prior ID theft, and it requires literally everything to be verified manually. So I did the HP, and got a message to upload copies of my DL and SS Card. Did that at 3ish today, had an approval at 7 tonight. Same $300 Platinum, added my wife as AU.

So, since we each have our own card accounts, and added each other as AU on the other's account, does that take care of the CC part of the Fico mix? That means we're both on 2 CC accounts. 

Next step is replacing one of the cars. Auto Nav was a no go. I haven't put any apps out to hard pull yet, but my god it seems financing an inexpensive car is a pain! They're quick to put you in something new though, and we REALLY dont want that payment.

[Tuscani]

Great news!