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My BK7 Journey

iheartwings
Valued Contributor

Re: My BK7 Journey

azguy13 -

 

I've missed your posts but totally understand your absence. Also, am so thankful to hear that your wife is recovering from AML.

 

Life throws us curveballs, and we do what we must to survive. It's clear to me that you've thought through your options, and you're right, rebuilding is a new and exciting beginning. Since you've been through rebuilding once, you also know you'll have some ups and downs - but we will be here for you.

 

 

To echo others, I was (and am still) embarrassed that I filed BK7, even almost 10 years later. The forums remain a safe space for me to talk about my past, one that only few people in my real life circles are privy to (my SO still doesn't know). I consider myself still rebuilding because I found MF late in the game, but it's good to know that once my BK falls off my CR in a couple months, my scores will finally be in good place. We all talk about there being light at the end of the tunnel when our BKs fall off of our reports, but for you, it sounds like there is light at the beginning (in slashing your expenses) too. 

 

I look forward to following your journey. 

Message 11 of 53
azguy13
Senior Contributor

Re: My BK7 Journey


@iheartwings wrote:

azguy13 -

 

I've missed your posts but totally understand your absence. Also, am so thankful to hear that your wife is recovering from AML.

 

Life throws us curveballs, and we do what we must to survive. It's clear to me that you've thought through your options, and you're right, rebuilding is a new and exciting beginning. Since you've been through rebuilding once, you also know you'll have some ups and downs - but we will be here for you.

 

 

To echo others, I was (and am still) embarrassed that I filed BK7, even almost 10 years later. The forums remain a safe space for me to talk about my past, one that only few people in my real life circles are privy to (my SO still doesn't know). I consider myself still rebuilding because I found MF late in the game, but it's good to know that once my BK falls off my CR in a couple months, my scores will finally be in good place. We all talk about there being light at the end of the tunnel when our BKs fall off of our reports, but for you, it sounds like there is light at the beginning (in slashing your expenses) too. 

 

I look forward to following your journey. 


Hello old friend! 

 

The AML has been a journey but each day brings a little more light. Thankfully my Wife is on an extremely successful pharmecutical trial medication and is the "posterchild" for Mayo Clinic's involvement. I could not imagine better medical support. 

 

While I am starting to come to terms with the BK, the only person I have told is my sister who I trust 100%. Like most siblings, we don't always get along but during times like this we are great support for each other. 

 

I think compared to many BK cases, I am filing relatively early. I jsut recognize the path I am on and in an attempt to burn as few people as possible, I think it is best to start ASAP and build/implement a responsible budget that I can stick to. Another thing that helps is that I have asked my wife to hold me accountable for everything by having weekly meetings and going over all purchases. At that point, I will just log every receipt into my budget spreadsheet which is broken down by line-item. I will basically treat my life as a business. 

 

I am so happy your BK will be falling off shortly! It is always YOUR choice and only yours to tell people about your BK journey. Nobody is entitled to that information so if you choose to keep it to yourself then more power to you! 

Message 12 of 53
azguy13
Senior Contributor

Re: My BK7 Journey

Question for you all.... 

 

Should I remove any money from checking and savings at a bank that will be IIB? To be specific, the bank is Chase. I currently have direct deposit to my Chase checking and will be including them in the BK7. I can easily change my Direct Deposit to DCU who will not be IIB at all. 

Message 13 of 53
iheartwings
Valued Contributor

Re: My BK7 Journey


@azguy13 wrote:

 


Hello old friend! 

The AML has been a journey but each day brings a little more light. Thankfully my Wife is on an extremely successful pharmecutical trial medication and is the "posterchild" for Mayo Clinic's involvement. I could not imagine better medical support. 

While I am starting to come to terms with the BK, the only person I have told is my sister who I trust 100%. Like most siblings, we don't always get along but during times like this we are great support for each other. 

I think compared to many BK cases, I am filing relatively early. I jsut recognize the path I am on and in an attempt to burn as few people as possible, I think it is best to start ASAP and build/implement a responsible budget that I can stick to. Another thing that helps is that I have asked my wife to hold me accountable for everything by having weekly meetings and going over all purchases. At that point, I will just log every receipt into my budget spreadsheet which is broken down by line-item. I will basically treat my life as a business. 

I am so happy your BK will be falling off shortly! It is always YOUR choice and only yours to tell people about your BK journey. Nobody is entitled to that information so if you choose to keep it to yourself then more power to you! 


I'm glad that your wife was able to access great medical care, which can make all the difference in how one ultimately fares from their cancer. There is a lot in the way of drug development and trials offer so much hope in fighting disease!

 

When I first filed BK, I was still kind of all over the place with budgeting. It was really after my first year post-discharge where I really started buckling down with a budget, and you know what? I was able to start saving. Not much, but enough to have a cushion to pay for smallish emergencies. I know we all talk about it, but when it happened, it totally changed my relationship with money. So, your budgeting/tracking spending plan is awesome - especially since you're starting right off the bat. Please, though, build in something fun into your budget (it doesn't have to be big and extravagant) so that you don't go completely bonkers. 

 

It is kind of funny. The other day a friend of mine commented that she noticed I always get receipts, even for the smallest of purchases. She thought it was interesting, but when I told her that I log everything I spend (I use the old version of YNAB) to make sure I know where my money is going, it made her realize that maybe she should be doing the same. I rarely carry cash anymore for this reason. 

 

Thanks for sharing your story. The BK coming off (it's already off TU) will be a blessing, and while my CRs will forget about it, I'll continue to remember that BK has been a tool to allow me to rebuild (my credit was never as strong as it is now, even before my BK). Smiley Happy

 

Message 14 of 53
iheartwings
Valued Contributor

Re: My BK7 Journey


@azguy13 wrote:

Question for you all.... 

 

Should I remove any money from checking and savings at a bank that will be IIB? To be specific, the bank is Chase. I currently have direct deposit to my Chase checking and will be including them in the BK7. I can easily change my Direct Deposit to DCU who will not be IIB at all. 


I think this is probably reasonable, especially if there is an expectation that Chase might "freeze" your checking and savings accounts because of CC accounts that will be included in BK. I don't think I've read that Chase does this on the boards (unlike, I think Wells Fargo), but as you know everything and anything is possible. 

 

You might want to ask your BK attorney. I don't want you to be put in a situation where the court questions you for moving your money because how it looks (if you get what I mean). 

 

Message 15 of 53
Scupra
Super Contributor

Re: My BK7 Journey


@azguy13 wrote:

Question for you all.... 

 

Should I remove any money from checking and savings at a bank that will be IIB? To be specific, the bank is Chase. I currently have direct deposit to my Chase checking and will be including them in the BK7. I can easily change my Direct Deposit to DCU who will not be IIB at all. 


Better to be safe.. I would move any money away from any lender that was going to be burned.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
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Message 16 of 53
azguy13
Senior Contributor

Re: My BK7 Journey


@Scupra wrote:

@azguy13 wrote:

Question for you all.... 

 

Should I remove any money from checking and savings at a bank that will be IIB? To be specific, the bank is Chase. I currently have direct deposit to my Chase checking and will be including them in the BK7. I can easily change my Direct Deposit to DCU who will not be IIB at all. 


Better to be safe.. I would move any money away from any lender that was going to be burned.


I will definitely move my money from Chase and I have also switched my Direct Deposit away from there to DCU. DCU will not be IIB. 

 

I did also make a change today in accordance with my new budget. I switched from Verizon to Cricket and my bill for DW and I went from $191/mo to $90/mo. So far it seems quite acceptable. 

 

Shaving monthly bills is definitely fun. I will really try and make the best of all this. 

Message 17 of 53
Yes-Its-Me
Super Contributor

Re: My BK7 Journey


@azguy13 wrote:

@Scupra wrote:

@azguy13 wrote:

Question for you all.... 

 

Should I remove any money from checking and savings at a bank that will be IIB? To be specific, the bank is Chase. I currently have direct deposit to my Chase checking and will be including them in the BK7. I can easily change my Direct Deposit to DCU who will not be IIB at all. 


Better to be safe.. I would move any money away from any lender that was going to be burned.


I will definitely move my money from Chase and I have also switched my Direct Deposit away from there to DCU. DCU will not be IIB. 

 

I did also make a change today in accordance with my new budget. I switched from Verizon to Cricket and my bill for DW and I went from $191/mo to $90/mo. So far it seems quite acceptable. 

 

Shaving monthly bills is definitely fun. I will really try and make the best of all this. 


@sorry to hear your troubles and glad your wife is doing much better. There is always a light at the end of the dark tunnel  I definately agree with @Scupra about moving the money from Chase.

 

I will be following your journey.

Message 18 of 53
missy42
Regular Contributor

Re: My BK7 Journey

Wishing you and your wife the best like you I will be posting my BK7 journey to help others as well as myself through this process.

Filed Ch 13- 8/29/17
Message 19 of 53
azguy13
Senior Contributor

Re: My BK7 Journey

Today my money was moved into DCU from Chase as I will have Chase IIB. I have also changed my direct deposit from Chase to DCU. It will be interesting having my primary financial institution about 2,000 miles away. But, DCU has always treated me well and I am happy to give them my business. 

Message 20 of 53
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