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Has anyone filed bankruptcy twice?

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aynot4fitness
Contributor

Re: Has anyone filed bankruptcy twice?

Bankruptcy exists to provide a legitimate and appropriate solution to real problems. There are significant consequences, but there is definitely life after BK.

 

I have had 2 CH7 BK discharges. The first time I was using credit to live well beyond my means. The second time was a business decision. The last one dropped off my credit reports in 2010 and I swore never again. Last year I ran into some pretty major financial trouble, and did think about BK, but I just couldn't accept going through that again and carrying that burden for 10+ years. So I came up with a plan, did what was necessary, negotiated with some people, and worked through it. Last year's financial problems are now long gone for me and I feel better about myself for handling it that way.

 

Anyway, filing BK doesn't make you a loser. If you learn from it and don't repeat the actions that got you there, then it is a life lesson.

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Message 11 of 14
Anonymous
Not applicable

Re: Has anyone filed bankruptcy twice?

You’re absolutely correct. Bankruptcy itself doesn’t make you a loser. Especially if your intent was to repay the debts.
You CAN’T pay and you don’t WANT to pay are two different things.
Message 12 of 14
Anonymous
Not applicable

Re: Has anyone filed bankruptcy twice?

Yes. 

 

I first filed in 2009 after years of poor decisions made during my early 20's.  Which got incredibly worse once I lost my job in 2008.  

 

Now, ten years later, I have found myself in a similar situation.  I was without a full time job from 2008 to 2014!  I finally landed something and have been trying to unbury myself after years of living off of credit cards (paying bills, groceries, etc).  It was not ideal by any means but I had to do what I had to do.  Not everyone has parents they can go to for financial help.  I certainly am not one of them!

 

I filed a couple of weeks ago and I have my 341 meeting next Tuesday.  I am anxious to get it over with as I have a car payment I can no longer afford.  I did not reaffirm the lease and I'm scared they'll come take it away anyday now....and of course I need the car to get to work 25 miles away from where I live. I hope I can get a discharge asap and into a new car payment before the repo man arrives.  I did agree to keep making payments...my hope is that will make them happy until I call them to say come and get it. Now only if the bankruptcy would wip away my 215K in student loan debt!  I hope it does. 

 

Anyway, the morale of the story is...yes it happens to the best of us.  If you need to file.  That's what it's there for.  

Message 13 of 14
Anonymous
Not applicable

Re: Has anyone filed bankruptcy twice?

Right, most people don’t abuse the system, that’s why Bankruptcy exists, for relief for honest people.
Nobody here will judge you. I openly admitted my bankruptcy was because of stupid decisions and nobody made fun of me or berated me. That’s the great thing about this community.
Message 14 of 14
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