I am very excited and nervous to start my life as a responsible adult consumer. I just turned 28 today and filed for chapter 7 bankruptcy on 12/23.... I received notice for my 341 meeting on 1/20.
I made tons of mistakes, being younger and just not understanding the importance of paying my obligations on time. I had put myself into a hole, that months and months of repayment I could no longer manage.
I am a married mother of 2 and my life is completely different. I am in the beginning of my career, I've worked in banking for 10 years and now I am finishing school. I want to buy something instead of renting, I feel like we could save anything because all of the 25$'s here and there for minimums add up and was killing me.
So after a year of careful research, a car that I am almost the bluebook value under in and just a need to start fresh. I made the decision to file.
So just a few questions into what I can expect next. I read soulmasters plan.
Especially at the 341 meeting and anything that I should be doing in the mean time.
Right Now My Scores are EQ 474, TU 491, EX 450 and they are my fico scores.
Thanks kindly to everyone on here for your insight and happy new year.
Hello, it's the beginning of a journey and things will only get better from you from here.
1) On 1/2/2017, you filed your bankruptcy petition and paid bankruptcy court the fee.
2) On 2/3/2017 (+/- a week or so) you get a 341 meeting at the courthouse and you will be asked questions about your filing. (IE whether you have money in your bank account, any other unlisted assets, etc.) It's possible that other creditors would attend, but not likely.
3) On 5/3/2017, or thereabouts, you will get a discharge. Your rebuild journey can begin once you have that paper in your hand. If you attempt anything before, you're chancing the dismissal of your bankruptcy case.
This is how mine played out in 2014, but depending on debts, it could be different.. like if you have collateral you have to turn in like cars or a house or something.
Good luck and we're happy to have you as part of the community!
Depending on who your creditors are, they may or may not show up for the meeting. On my Chapter 13 several creditors never filed a claim so I didn't have to pay them back. Just consider this a fresh start and learn from the lessons that got you here in the first place. Soon after your discharge comes in, expect to see offers for credit cards and auto loans etc etc.
At some point you will have to develop a plan of what you want credit-wise in the future.
I did a rank order of exactly what I would apply for, and when. Not by calendar date, but after I had successfully accomplished my current goal. Sometimes I had to slide the execution date of my next action. So times I got to accelerate it, but it was all with a well thought out purpose. Also, my choices were not Willy-Nilly. I dedided what I wanted / Needed & was attainable, but most importantly of valve to me both short & long term. I didn't want to waste any effort. A key choice for me was NO store cards. So far for me it is working out very well. Yet, to be at this point, I had to constantly read, learn, craft a draft of what I was going to do, how & WHY. ~ Oh, and then revise as I learned more. A recent achievement is getting a second card with PenFed. Why do I feel it is important? Well, they FROWN on Pyramiding. Now that I am entrenched there, it will not be an issue to encounter in the future.
There are lots of resources on this site, and easily accessible.
My favorite tool is the "Search Function" box on the upper right hand side. It allowed me to do lots of research and planning ahead of time. As a result, all of my subsequent actions were prepared in advance, to include a Reconsideration Letter.
SoulMaster's Bk7 thread to 700 in 24 months or less is a master primer on rebuilding, as is specific threads on Navy FCU. They and other's address many issues in depth with specific testimonials from individuals documenting their own process.
Also, Baller's PenFed thread chronicles events there since earlier this summer, to include the Recon process.
Spending some time on threads specific to what you want to achieve will provide many answers in advance of one encountering obstacles or challenges.
It all helped me tremendously!
Best Wishes !!!
HOW TO: From BK7 discharge to 700 in 24 months or less!
Official Credit Unions Guide
Pentagon Federal Credit Union Data Share
I couldn't find this thread for the life of me...
Thank you all so much...
I have my 341 meeting friday so nervous.
Don't be nervous...it's pretty underwhelming. It will probably not last much more than 5min.