Life is Good After Bankruptcy 7 - Keep the Course! Keep the Faith!

[Shooting-For-800]

Just popping in to thank everyone on the board for all the information and advice.

I am coming up on my 2nd year anniversary after chapter 7 and I am very optimistic for the future.

You have to go through it to really understand all the emotions involved especially if you were forced to do it and wish you did not have to.

For those thinking about it, it gets better every day after its done.

If you have no choice, do it.  If you can avoid it, avoid it.  There are other options.

In my case, I lot my job, was upside in my house, had $50,000 in credit card debt and so on and so on.

I tried everything to negotiate with my creditors, all of them raised my interest rates.

Anyway, I did it.  It was devastating.  Now, it isn't.

I learned a lot.  I will never be in the same position again.

Within a month after my bk, I received my first credit card - Capital One Unsecured Platinum for $3,000.

I used it for everything and paid it off WEEKLY.  Then I got another Capital One Unsecured for another $3,000.

Then another and another and so on and so on.

Capital One then upgraded me after a while.  No annual fees and 1.5% cash back.

My fico score went from under 500 to 550 then to 575 then 600 then 625 and so on.

Less than two years later, my fico is 675 and I have over $60,000 in available unsecured credit cards.

I make about $75 per month from Capital One in cash bank and double miles (Venture and Quicksilver).

I pay off every card every month exept a few thousand on a 0% card but that money is in the bank waiting for it.

Acording to Experian, as soon as I pay a few thousand to my student loans I will hit 700.

The journey is far from over, but I am looking forward to future and feel much better about it.

Hang in there!  There is life after Bankruptcy!

[Anonymous]

Congrats on your progress so far and thanks for updating the community on your journey. We all need to hear that things do get better. I appreciate stories like yours and Scrupa's that do show there is truly a good like after BK. Continue pushing forward!

[Shooting-For-800]

Thanks.  I don't get approved for everything but I don't need to.  Living debt free minus student loans makes it so that getting denied is no big deal.

[Scupra]

Congrats on all your hard work paying off. Hitting the two year mark feels great!

[Shooting-For-800]

Thanks.  I struggled for over a year before declaring chapter 7.  It was my only option.  Now I wish I had done it sooner.  

[6speed8]

Congratulations..  Some people think that everyone who files bankruptcy is just irresponsible and running from their obligations. While that "Oh I'll just file bankruptcy" mentality may be true for some, some of us agonized over it lol.

[Anonymous]

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@6speed8 wrote:

Congratulations..  Some people think that everyone who files bankruptcy is just irresponsible and running from their obligations. While that "Oh I'll just file bankruptcy" mentality may be true for some, some of us agonized over it lol.

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Amen to that.  I struggled for 2 years before thowing in the towel just yesterday.  I still feel strange about pulling the trigger but the stories I've read here, and elsewhere, have given me hope.  I am more optimistic about the future now than I was just a month ago.

[Shooting-For-800]

I was told by a bank that they wanted me to declare.

Some banks even declare for the debtor.

Make no mistake, I did not take it lightly.  But every time i tried to arrange some kind of payment plan or interest rate deduction, I got the door slammed in my face.

Big banks make more in interest on you before your file than they lose after you file.

Then they just get it from the government anyway.

How would you like to run a business than make a ton of money 99% of the time then when you lose money, the government gives it back to you so you can make more money in the future?

[6speed8]

I was unemployed for 9 montls and actually filed in 2007. I never went to the 341 meeting so it was dismissed because I got offered a job and moved here to Texas. I thought great, I'll be back to work and I can pay my debts. Two years later, cancer lol. Even after treatment and winding up disabled, I thought I could make payment arrangements with everyone and take 100 years to pay it all off. Of course, no one would agree to my terms. It was all "pay now or else !!"  My lawyer was recommended by a neighbor. $2000 payable immediately and file, or pay $50 minimum monthly until it's paid and filed. Took the monthly route and took almost 2 years to pay. Talk about AGONY lol. They're great though. Once I signed up and had the auto-debit in place, they were immediately on the job. Any creditor that called, I simply gave them the firm's number and never heard from them again, although some called a few times. Really not where I invisioned myself but hell it could be worse. At least I'm here to invision after being 30-60 days from the grave lol.

[Shooting-For-800]

It is all about perspective!

Credit does not mean anything when you are your family or friends is battling for life.

Hope all is well now.