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My Chapter 7 Bankruptcy has finally ended.

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Valued Member

My Chapter 7 Bankruptcy has finally ended.

I have been looking on this forum for some time now. I decided to file bankruptcy because I was getting no where pay on credit cards, loans and medical bills. I was only able to send in the minimal and just about of what I was sending in went to interest every single month and the balance on everything was going no where. It was like throwing money down the drain every month. I paid all bills on time until July 2018 when I just decided to file Bankruptcy. I receive no collection letters or any type of letters from my creditors the entire time it took me to file, which it took me 3 1/2 months to do all the paper work and get the money to pay the Court fee and Lawyer fee which was a total of $1,900, but they were calling me 24 hrs a day 7 days a week as early as 9:00am non stop. I contacted an attorney (2 matter of fact) so I went with the first one. The second one wanted to put me in a Chapter 13, but I said to myself no way do I want to be in a Chapter 13. It took me from July 2018 to October 2018 to fill out that ton of paper work, gather up all the bills, print out all the paper work and get the funds together in order to file. The first week of August I switch to a bank that I had no credit cards or loans with.

September 25, 2018 took all of the paper work to my Attorney along with the court fileing fee.

October 9, 2018 went back to the attorney to pay my attorney her fee. Now all fees are paid and all paper work has been submitted. Seen like it took me for ever to get the $1,900 together to file.

October 10, 2018 all of my paper work was file

 

October 11, 2018 receive a letter from my attorney by email stateing the date and time of my 341Meeting of Creditors.

November 15, 2018 at 10:30am, I had my 341 meeting. I got their at10:00am. I was called at 10:53am and I was walking out of the 341 meeting at 10:56am. 3 minutes that was all it took. I time myself from the time I was call up until the time I was walking out of the door. No creditors showed up at my 341 meeting.

January 14, 2019 was the last day creditors had the opportunity to reject.

January 15, 2019 I check Pacer for the very first time and it shows DISCHARGE

What a long joyurney this has been for me. I have gotten tons of loan offers, car loan offers, and credit card offers through the mail. Was getting them even before my discharge. The followin creditors below is the ones that I burned in my Chapter 7.

Bank of America $1,128

Citi Bank $1,526

First National Bank (overstock) $1645

Chase Bank (amazon) $2,504

Capital One $1,919

Macy's $1,691

JC Penny $599.00

Walmart $2995

Care Credit $1702

Value City $1,119

Navy Federal Credit Union $9,671

Avant Credit (loan) $5,200

Plain Green Loans $2,000

Medical Bills $760.00

Department of Motor Vehicle $4,595. They stated that I had some kind of laps in insurance when I was living in their state, but the dates they stated I had a insurance lapse, I was not even living their so yes they were included in my Chapter 7.

Before I stop making payments on my bills my credit scores were between 650 - 675.

When I stop making payments on my bills my scores really drop. Trans Union - 438 Experian 523 - Equifax - 452.

My scores on the day of my 341 meeting. Trans Union - 509 Experian - 505 Equifax - 512

My scores 6 days after my discharge date, January 21, 2019, Trans Union - 587 Experian - 579 Equifax - 544.

I'm going to give my credit reports until the end of February 2019 to get updated then I'm going to go over each one of them with a fine tooth comb to make sure everything is showing discharge, IIB, and Zero balance. If they don't, I will be disputing ever single thing.

What a very long journey this has been for me. I haven't applied for any credit to this day. I have only 1 inquiry on my credit report and that was for a cell phone that I purchase all most 2 years ago which will be removed in June 2019 and then I will have zero inquires.

I stated I was not going to apply for anything. Just going to continue to work and save as much as I can for the next 12 months and pay cash for everything. I have a goal to have quite a bit save by January of 2020. I see on here where some people have 5 - 10 credit cards already straight out of discharge and it seems like they're just moving a little to fast applying for credit cards and loans right out of discharge. I know you have to reestablish your credit, but that many cards already straight out of bankruptcy, but to each its own. Like I said I'm going to bank every dime I can to reach my goal of having at least 30K or more save by January 2020. I wish each and every one of you the best of luck on your recovery after your Bankruptcy journey.

Message 1 of 6
5 REPLIES 5
New Contributor

Re: My Chapter 7 Bankruptcy has finally ended.

Seems like you educated your self very well. I recommend you at least app for one type of revolving account such as a secured card and a self builder installment loan. Don’t let time go without building history post discharge. There is simply no reason too not build at least two.
Starting: EQ: 557 TQ: 607 EX: 626 8/18
BK7: Discharged 06/12 | BK13: Dismissed 07/16
Current Scores Fico 8: EQ: 661, TQ: 660 EX: 703 / Fico 9: EQ: 692 TU: 649, EXP: 673- 02/13/19
Discover it® Secured $2k, BankAmericard Platinum Plus Secured $2.5k, CareCredit $8.5k, eBay Mastercard $300, Walmart $2.5k, Jerome's Furniture $3.5k , Capital One Quicksilver One $1.1k, USAA Secured $500
Message 2 of 6
Valued Member

Re: My Chapter 7 Bankruptcy has finally ended.

Thank you very much for the advice.

Message 3 of 6
Super Contributor

Re: My Chapter 7 Bankruptcy has finally ended.

I agree. Try Cap1 prequal in a few months. At least one card. Or Open Skt. No HP and doesnt report as a secured card. Evryone is approved. You go on a vacation and cant even rent a car without a CC. Self lender too for an installment loan. They will help a lot for when you decide to get back into the game. Life is short. Dont let wasted time go by now when you might regret it later and decide to get a CC but theres no history.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 4 of 6
Contributor

Re: My Chapter 7 Bankruptcy has finally ended.

Just remember rebuilding is a marathon and not a race.


In the garden until 12/11/2019
Goal is 720+
11/15/17 EQ 591 TU 469 EX 545 FICO 8
12/25/18 EQ 676 TU 669 EX 659 FICO 8
EQ 8 INQ l TU 10 INQ l EX 14 INQ I
BK 7 Discharge 12/2017
Message 5 of 6
Valued Member

Re: My Chapter 7 Bankruptcy has finally ended.

Thank you so much for the advice. This is why I'm just going to take my time on my rebuild.

Message 6 of 6
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