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Filed chapter 7 on the 28th

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Anonymous
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Filed chapter 7 on the 28th

Background.... filed chapter 7 on 2/28.  My post filing Trans Union is 559.  I will be keeping my car and car loan, Chase at 1.9% 36 months remaining.  I am still up in the air about my house, depending on what happens with loan modification, I may walk away.  I am right on the line with value vs mortgage balance.  I am too old to have fallen into this mess, but here I am thanks to a dead beat ex and poor choices of my own.  

 

I have set up a budget and am now tracking every penny I spend.  I need to get better about setting a fixed amount aside for savings instead of just putting aside what's left over and making cuts elsewhere, it is definitely a learning process.  

 

I have basically scewed all the biggies...Chase is taking the largest hit, next is Amex, Discover, Capitol One, Synchronicty and more.  I need some direction about what is my next step.  I've read the pinned posts and I'm overwhelmed with information.  I know I need to rebuild once my bk is discharged, but what to do first?  I am building my savings now, and hope to have $15k ish by the time the house issue settles, I am afraid a good portion of that may go to a potential landlord as additional security deposit (bad credit and pets) if I decide to walk away from the house.

 

 

I desperately want to get this right and get myself on the right path.  I know it will take years, but I don't want to do any more damage.

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Anonymous
Not applicable

Re: Filed chapter 7 on the 28th

Keep saving. Not only is it going to be good for you in case of emergency, etc. but it will make you look better to a potential landlord with a BK on your record. 

 

The information is all very overwhelming in the beginning. And it is totally OK to feel overwhelmed. Do you have somewhere you can write down your questions? Keep reading, and see if your questions get answered. If they don't, post them here and we will do our best to answer for you. I promise you that the overwhelmed feelings begin to give way to relief in time. Especially after the 341 meeting and if you have a plan established for after your discharge. 

 

Keep up that savings, stick to your budget, keep reading and establish a plan. When you get closer to your dc date (within 30 days maybe) start checking prequals, but don't apply yet. That way you'll just know what you can app for when the dc hits. 

 

Best of luck to you, but it sounds like you don't need too much luck. You've got things in hand. 

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tricie17
Frequent Contributor

Re: Filed chapter 7 on the 28th

Do not worry too much.  There is nothing wrong with reflecting and having to make adjustments.  Once you learn, move forward.  I too have had hard lessons as I am sure your fellow ficoer's have.  Continue your savings, be patient, learn and mainly listen to the words on these pages.  Everyone here have had there challenges and shares so that others can know and maybe from time to time you will find very harsh constructive criticism but it works.  Happy blessings on your journey.

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