My BK7 Journey

[azguy13]

I am a fairly private person to the point that I rarely speak too much on my personal finances; even anonymously online. With that being said, I feel that documenting my journey in the BK forum may not only help me accept what is to come, but may allow for some much-needed advice moving forward. So, here goes:

My wife has fairly sick for going on three years now. On Christmas Eve 2013 she was diagnosed with Acute Myeloid Leukemia with the FLT3 mutation. Other than the obvious, what this meant was that we had to move to Phoenix, AZ so she could be treated at the Mayo Clinic. Unfortunately my career field is not represented in Phoenix so I was forced to take a substantial pay cut after finding a position with an acceptable insurance plan offered. Now fast-forward almost three years and I have accrued quite the medical debt as well as credit card debt due to this. Ways that I have mitigated my costs are cancelling things such as Directv and switching from Verizon to a prepaid cell phone. I have also been successful in reducing my internet cost to $19.99 plus taxes. My Volkswagon Passat is also part of the emissions scandal so a silver lining is that I will be able to have them buy the vehicle back with also getting a few thousand dollars in restitution to purchase a cheap car cash. 

Last week I met with a bankruptcy lawyer and we went over my finances and there is no question that I meet the requirements for a BK7. I am also rated at 70% disabled by the VA which effects one thing or another (I believe it has to do with the means test) but at this point has not effected much. At this point, I am going to try and finish the buyback for my Volkswagon and then will file. After completing a new budget and comparing my income/expenses from 'before BK' and 'After BK' I found that I will be cutting my expenses by $2,200/month. 

While I was initially devastated that my score will plummet hundreds of points, I am excited to get into rebuilding. A number of years back I had to rebuild and it was exciting seeing my score climb. I guess I have that to look forward to again; although significantly different. I will appreciate any advice throughout this process as I am fairly new in terms of BK. 

Thanks Folks

[pizza1]

Hey azguy...

Im so sorry to hear of your situation. There are a few people here on the boards who have had to file, that have been around awhile.

With that much debt, BK7 is the best thing for you and your family. Im sorry to hear about your wife, and i hope she is better?? I hate to say something but I hated not too as well.

The sooner the better, and you're are already 3 steps ahead of the game. You know how to rebuild....you know your scores will dive, your reports will be a mess for a few months, and then.....all of sudden...light enters the tunnel, and your scores go up, you start with a few low CL approvals, and then 1 yr later you get better approvals.

Good luck to you, and will follow you too. You can always PM me too!...

[azguy13]

 Hey Pizza! I'm so glad you are still around. It seems that a lot of us that were together a few years back have dispersed (I am also guilty of that). 

It has been a rough couple of years for sure but after a lot of thought I have come to terms with it. I really appreciate the support from you. I never would have thought I would have to file but I feel like the entire process was created for situations like mine. Luckily, DW is doing much better. She relapsed last year but is now 19 months remission and 14 months post-transplant. She required a stem cell transplant from an anonymous donor (she is adopted so she does not know any blood relatives) and seems to be progressing each day. I'm pretty sure I have slept in a hospital chair for a combined total of over a year, haha. 

I really want to be transparent with this BK. I tend to hold things in and get extremely stressed out and this could be the perfect avenue to speak about what is going on. I miss the old days, haha. 

[Scupra]

Well howdy neighbor! So sorry to hear about your wife but extremely happy she is currently in remission. There is absolutely that "tipping point" when BK becomes nescesary for the well being of your family, it sounds like you're there.

When I first filed I was beyond embarrassed and did not want to talk to ANYONE about it. That is actually what led me to finding myFICO and I am so glad I did. It helped me be able to talk about this with people who actually understood. Please use this as a place to vent that stress out, it's so much better than holding it in, believe me I wish you the best of luck and we are all here to help along the way.

[azguy13]

Hey there Old Friend! 

Just like you said, the BK is unfortunate but what matters is that my wife is doing quite well. I'm happy to hear that you were able to discuss your situation when you were going through it. That is exactly what I am trying to do. I'm still going to wait a couple of months to file but I am under contract with a great attorney so I am not worried. 

I'm so happy to see that you are still here as well. As strange as it sounds, I feel like I left my family when I took a myFICO Forum hiatus, haha. 

[Anonymous]

Agreed with everyone else here...I too was also beyond embarrassed when I filed my BK7...but these boards have been a HUGE source of help and support. Good luck on your journey. Better times hopefullyrics await you

[Scupra]

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@azguy13 wrote:

Hey there Old Friend! 

Just like you said, the BK is unfortunate but what matters is that my wife is doing quite well. I'm happy to hear that you were able to discuss your situation when you were going through it. That is exactly what I am trying to do. I'm still going to wait a couple of months to file but I am under contract with a great attorney so I am not worried. 

I'm so happy to see that you are still here as well. As strange as it sounds, I feel like I left my family when I took a myFICO Forum hiatus, haha. 

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I totally understand! Your family is still here though Best of luck and I'm sure it doesn't need to be said, but let us know if you need anything

[Anonymous]

Thanks for your post AZguy13.  So glad to hear that your wife is doing well. I know how difficult the decision to file can be and  I also know the relief that comes with it. Being able to cut your current expenses by $2200 a month is huge!  Just wanted you to know that we're all here for you and that the flip side of filing is that you get to take a deep breath. My journey is different but I am now exactly 1 year post chapter 7 discharge (this week)!  Here's a link to my experience and I wish you and yours a Happy Thanksgiving!

http://ficoforums.myfico.com/t5/Bankruptcy/My-Journey-almost-1-year-post-Chapter-7-discharge/m-p/476...

Chapter 7: Discharged November 2015
11/15 Fico 8: EQ-585, TU-550, EX- 551
07/16 Fico 8: EQ-703, TU-695, EX- 660
09/16 Post App Spree Fico 8: EQ-675, TU-675, EX-663
Cap One Platinum $2K>$4K, Cap One Quicksilver $3K, Discover $1,600, SPGVisa $4500, Red Roof Inn Siggy Visa $5K, Good Sam/Camping World Visa $1800, Overstock $7K, Lowe's $6K, NFCU Cash Rewards Visa $4600, NFCU CLOC $15K, PenFed Promise Visa $10,500, Evine $1K, CreditOne Visa $600|Total CL: $153K
Garden until September 2018 (I'll be in the pumpkin patch)!

[azguy13]

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@Anonymous wrote:

Thanks for your post AZguy13.  So glad to hear that your wife is doing well. I know how difficult the decision to file can be and  I also know the relief that comes with it. Being able to cut your current expenses by $2200 a month is huge!  Just wanted you to know that we're all here for you and that the flip side of filing is that you get to take a deep breath. My journey is different but I am now exactly 1 year post chapter 7 discharge (this week)!  Here's a link to my experience and I wish you and yours a Happy Thanksgiving!

http://ficoforums.myfico.com/t5/Bankruptcy/My-Journey-almost-1-year-post-Chapter-7-discharge/m-p/4764310

Chapter 7: Discharged November 2015
11/15 Fico 8: EQ-585, TU-550, EX- 551
07/16 Fico 8: EQ-703, TU-695, EX- 660
09/16 Post App Spree Fico 8: EQ-675, TU-675, EX-663
Cap One Platinum $2K>$4K, Cap One Quicksilver $3K, Discover $1,600, SPGVisa $4500, Red Roof Inn Siggy Visa $5K, Good Sam/Camping World Visa $1800, Overstock $7K, Lowe's $6K, NFCU Cash Rewards Visa $4600, NFCU CLOC $15K, PenFed Promise Visa $10,500, Evine $1K, CreditOne Visa $600|Total CL: $153K
Garden until September 2018 (I'll be in the pumpkin patch)!

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Thank you WadeDalton. I have yet to officially file but I am already starting to feel that sense of relief. I am going to read your journey right now. Happy 1 year post-BK and Happy Thanksgiving also!

Also, your scores post-BK gives me hope

[azguy13]

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@Scupra wrote:

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@azguy13 wrote:

Hey there Old Friend! 

Just like you said, the BK is unfortunate but what matters is that my wife is doing quite well. I'm happy to hear that you were able to discuss your situation when you were going through it. That is exactly what I am trying to do. I'm still going to wait a couple of months to file but I am under contract with a great attorney so I am not worried. 

I'm so happy to see that you are still here as well. As strange as it sounds, I feel like I left my family when I took a myFICO Forum hiatus, haha. 

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I totally understand! Your family is still here though Best of luck and I'm sure it doesn't need to be said, but let us know if you need anything

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Oh I am sure I will be asking plenty of questions, haha. Maybe this is the way the FICO Gods are getting me to learn more about BK since this was the section I didn't know much about back in my Forum Heavy-Use days