I had to do it Chapter 7 Getting Filed on Thursday

[CostantinoA]

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@Anonymous wrote:

BK is never easy but it is a way to start over and learn how to do things differently.  Nice to hear your attorney has a program in place to help with rebuilding.  The discussions here for rebuilding are amazing.  People are helpful and willing to share their defeats and successes.  

All the best with your rebuild and may you come out stronger than ever. 

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Thank you!

[CostantinoA]

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@JaseT wrote:

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@CostantinoA wrote:

We discussed this with the attorney.  We are in Nevada.  He said we had to reaffirm it or let them take it.  We are not in a position to not have cars.  We are going to reaffirm it.  They are all newer cars and have a full bumper to bumper warranties till 100k miles.  Two of the cars are more than half way paid off.  That is a positive thing.

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How much equity in automobiles is allowed/exempt in Nevada under a BK7?

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10K in equity.  We are upside down in all 3 cars but we are keeping them as we need cars.

[CostantinoA]

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@sarge12 wrote:

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@CostantinoA wrote:

We discussed this with the attorney.  We are in Nevada.  He said we had to reaffirm it or let them take it.  We are not in a position to not have cars.  We are going to reaffirm it.  They are all newer cars and have a full bumper to bumper warranties till 100k miles.  Two of the cars are more than half way paid off.  That is a positive thing.

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Got it, You might need to go with a secured credit card for a bit. I also looked at your scores in the signature. This might be hard to believe, but it is very possible that after the debt is discharged, your credit score might go up!!!! My Neices score did go up! Lenders also might be more agreeable than you think, because you will not have all that debt, and you can't get any debt discharged for 7 years. I know people think it always causes the fico score to drop, and it usually does, but looking at how low your scores are now, it may go up. In any case, the 2 cars you are reaffirming on will report as new debt on your credit report, and if it was not reaffirmed, any payments you made would not report. You will have 2 installment loans reporting, and if you get secured credit cards they would report as well. 700 credit score in two years is possible.

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That is exactly what happened.  My wife's scores went up an average of 40 points and mine went up an average of 32 points.  lol

[sarge12]

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@CostantinoA wrote:

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@sarge12 wrote:

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@CostantinoA wrote:

We discussed this with the attorney.  We are in Nevada.  He said we had to reaffirm it or let them take it.  We are not in a position to not have cars.  We are going to reaffirm it.  They are all newer cars and have a full bumper to bumper warranties till 100k miles.  Two of the cars are more than half way paid off.  That is a positive thing.

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Got it, You might need to go with a secured credit card for a bit. I also looked at your scores in the signature. This might be hard to believe, but it is very possible that after the debt is discharged, your credit score might go up!!!! My Neices score did go up! Lenders also might be more agreeable than you think, because you will not have all that debt, and you can't get any debt discharged for 7 years. I know people think it always causes the fico score to drop, and it usually does, but looking at how low your scores are now, it may go up. In any case, the 2 cars you are reaffirming on will report as new debt on your credit report, and if it was not reaffirmed, any payments you made would not report. You will have 2 installment loans reporting, and if you get secured credit cards they would report as well. 700 credit score in two years is possible.

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That is exactly what happened.  My wife's scores went up an average of 40 points and mine went up an average of 32 points.  lol

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I know many come here and ask how much their scores will drop due to bankruptcy, which is impossible to accurately predict how much if it will even drop. Many times, by the time it is filed there is not much drop left in their scores. If there are that many negatives already, they are often shocked to see their scores go up. Many times people actually wait too long to file, hoping for some miracle that will help dig themselves out of the hole they have dug for themselves. At that point, short of winning the lottery, are inheriting vast sums, bankruptcy becomes a when...not if...because it is eventually the only answer. It is meant to be a clean start, do not let the bad habits that got you there the first time continue. Now is the time to make wise credit decisions, and with credit, failure to learn from the past dooms you to repeat it. Don't be like this idiot I knew who actually had to file 2 times...Ch.13 and Ch.7...I still sometimes see that ignoramous staring at me in the mirror. Even he finally learned his lesson...you can see his scores today below. Even that idiot learned to get high scores.

[Anonymous]

@CostantinoA - Better days are ahead. We live and we learn!