I guess it is my turn to learn a hard lesson..BK7 filing

[Anonymous514]

A long story short I had a lot of unexpected bills to pay due to a medical procedure back in August 17. I charged them all because I did not qualify for any assistance. Fast forward to last month where the min payments were too much on top of other stuff happening and I went to an attorney to figure out if I qualify for relief. I qualify for BK7 and it will be filed on April 28th this year. I never ever thought I would be in this situation but I had no other choices. Any tips on how do build my credit back to the 760s after it discharges? And please no negative comments I had no way of knowing I would run into medical issues. Also how will this effect me when I want to stop renting the lake house I live in and buy a house? Ever since I turned 18 in 2014 I have had credit and idk how to live without it. I am burning Penfed, NFCU, Chase, 2x Discover, Citi Costco, Sync Walmart, Sync carecredit, BoA, Bestbuy, and Barclays. Most of those are very small balances such as Bbuy, Both Discovers, Citi and Barclays. I wanted to pay the small ones off but my attorney advised against it.

[FireMedic1]

---

@Anonymous514 wrote:

A long story short I had a lot of unexpected bills to pay due to a medical procedure back in August 17. I charged them all because I did not qualify for any assistance. Fast forward to last month where the min payments were too much on top of other stuff happening and I went to an attorney to figure out if I qualify for relief. I qualify for BK7 and it will be filed on April 28th this year. I never ever thought I would be in this situation but I had no other choices.

Any tips on how do build my credit back to the 760s after it discharges? It will take years to get back to 760. I'm 3.6 yrs out and I didnt even burn any creditor, just taxes. I had no cards. I have hit the ceiling for now. And please no negative comments I had no way of knowing I would run into medical issues. Also how will this effect me when I want to stop renting the lake house I live in and buy a house? Takes 2 yrs post BK for a FHA loan with certain conditions. Ever since I turned 18 in 2014 I have had credit and idk how to live without it. I am burning Penfed, NFCU, Chase, 2x Discover, Citi Costco, Sync Walmart, Sync carecredit, BoA, Bestbuy, and Barclays. Most of those are very small balances such as Bbuy, Both Discovers, Citi and Barclays. I wanted to pay the small ones off but my attorney advised against it.

---

You will have to start after DC with rebuilder cards and a installment loan. Your 23 I take it. You have many years ahead to gain back what was lost. Sorry life threw a hardball. Though you got your whole life ahead to recover. It wont happen overnight. Figure the time it took to get to where your at. Double that time after BK to get it back. Good Luck!

[CGeorge]

I know the road ahead of you seems long, but just be grateful that if this had to happen, that it happened at age 23 instead of age 43 or 53. You have learned your lesson young - and you have your whole credit life ahead of you. I ram into financial issues at age 55 - NOT a good age to be at for things like this. You will get through this!

[Anonymous]

I think a 740 or so is more realistic about 4 years after bankruptcy. 

But, honestly, that's plenty. You actually have a bigger problem and that is inadequate income. Nothing to feel bad about, I have the same problem and I'm a lot older than you. Having a 740 versus having a 760 only makes a very minimal difference in what products you qualify for. What makes more of a difference at that point is income. Earning $10k more a year will have a lot more impact than that missing 20 points. 

[Anonymous514]

It actually was really quick building my former good credit the first time around. Granted one thing I will do different this time is not apply constantly like I did before. I fear synchrony will never let me back in with burning carecrdit and Walmart card. I also worry about discover. Which of my banks I am burning will give me another chance in the future? Thank you guys for your positive encouraging words!

[Anonymous]

If you can put off filing for a while, you might be able to pay off some of the smaller balance. You have listed off some really heavy hitters in the credit world. I was told that I could not pay any single creditor $599 or more (in the previous 3 months) without drawing any red flags. I was able to pay off all of my current debt before filing, but I had a judgement that was $55k and climbing rapidly that I could not afford to pay. I should have closed all my accounts with $0 balanced. As always, I am not a lawyer and YMMV.