My Journey! From Great Credit to Ch7...

[Kb109]

06/20/2017: Finally filing Chapter 7 tomorrow. Not sure how I feel. On one hand I feel optimistic, but then I feel sad because I've always had excellent credit and a plethora of amazing cards. I am also terrified even though I have an attorney. So scared some creditor will come after me. I'm just so ready to get this all over with. I closed out all my zero balance accounts yesterday and all I could do was cry. I don't know why! These companies don't give a crap about me.

My reason for filing is due to bipolar disorder (misdiagnosed until recently. Finally almost stabilized on my meds!), psychiatrist payments (none of the good ones take my insurance), and a decline in income. I just couldn't keep up with the minimums anymore. Basically, I'm an idiot. DO NOT END UP LIKE ME!!! Please! I pray this all goes smoothly so I can get my fresh start and never make the same mistakes twice! Here is everyone that's getting burned. Yes, it's bad.

Barclays Aviator $3500
Capital One Quicksilver $2892
Citi Diamond Preferred $3600
Citi American Airlines Platinum (personal) $1600
Citi American Airlines Bronze $1800
Citi Business American Airlines: $7000+
Chase Freedom: $520
Chase Marriott: $140
Chase Ink Business: $17,500
Lake Michigan Credit Union: $340
American Express Every Day: $3500
American Express Business Delta: $6000 approx.
PayPal Credit (Comenity): $4800
Discover $2600
BoA Business MasterCard: $7100
BoA Business Visa: $3200
Huntington Voice Rewards (great card!) $1550

Thankfully my home, car and belongings all fall under the exemptions for my state. Wish me luck!

Edit: Please read throughout the thread to follow my entire journey start to finish! Especially if you are contemplating filing. Thank you for allowing me to share & thank you for your support!

[Kb109]

06/23/2017: Chapter 7 petition officially filed, attorney paid in full on 6/21/17, yay!! Received my case number and found my 341 Creditor Meeting date on Pacer set for 7/28! I'm still in disbelief that this is happening. Especially since Citi collections department is literally still calling me at least 7-10 times per day (not even exagerrating!). I know it takes a couple days to receive notification but dang! On the good side, Chase Business and PayPal credit, and BoA Business have stopped calling. They were the only lenders I have past due (30-60 days) past due with other than Citi (30 days on Business card, a week late on Diamond Preferred. Ugh!). Keep in mind this is my first time missing a payment in anything EVER so this has been extremely hard on me mentally. Never ever thought I would end up in this position. If it can happen to me, it truly can happen to anyone. I am relieved now I can just continue paying my mortgage and utilities on time as I always have and not have to worry about almost $2000 a month in minimum credit card payments!

Now I'm freaking out about my checking accounts with Huntington Bank. Both have very low balances currently ($25 and $80), but I need to deposit money to pay bills. Since I owe them money on my credit card (which they removed from online banking and have not seized any funds...yet), would it be wise to go ahead and open an account at a bank I do not owe money to? My attorney advised me to do this prior to filing and I completely forgot! I feel like it will look really bad in front of the trustee. Guess I'll give him a call today. Fun fun. 

Sorry for rambling! My mind is going 100 mph a second. I will keep y'all updated on this lovely journey. *sarcasm*

[Anonymous]

First off, don't be so hard on yourself! Most of us here have found ourselves in this situation and you are by no means an idiot because of it. Quite to the contrary, give yourself some credit (no pun intended!) for making the decision to take action.

Whether or not a bank can go after your cash accounts or not is a heavily debated topic. I'm always going to say to put your $$ elsewhere to be on the safe side. I had to do it not because I owed WF $$, but because they supposedly have a habit of freezing accounts when someone files BK. I can't recall if I did it before or after filing though. Always best to check it out with your attorney.

Mental health issues are serious business. My sister has struggled with BPD all her life. Very glad to hear you are feeling better these days!

Keep us posted and let us know how it goes

[Anonymous]

I mimic what steeler said - give yourself a break because you are trying to fix the problem now, its better then ignoring it.  We ended up filing it 2015 after we relocated for a job and my husband ended up getting laid off 4 months later.  I was only working part time and it took him another 4 months to find a job.  So during all that time we lived on our cards until we were both working full time, but by then it was too late and we couldn't keep up.  It was upsetting and we both felt horrible, but after the meeting with the court it was like a weight was lifted off our shoulders.  

Finally a year and a half later we are working on our rebuild.  I'm not an expert, but have learned tons here on the forums. The only thing I would advise is to rebuild as soon as you can and with what your comfortable with doing.  I work in the mental health field and have family members that suffer from bipolar and manic depression so I can sympathize. I'm glad to here your on the right track. Hang in there and good luck. 

[Kb109]

Hi everyone!! Thank y'all so much for your kind words! I truly feel much better now. I had my 341 Meeting last Friday (7/28). No creditors showed up and there were only 3 debtors in the room during our 10:30 AM time slot. I was second up and it probably lasted about 4 mins. I got nervous when asked about my LLC which is still technically active, but I have not been actively in business (unemployed). At the end my lawyer told me the trustee said its a no-asset case and now the 60 day waiting period begins. Creditors have until 9/26 to object to discharge. I am terrified!! I just want this all to be over so I can start fresh....

[AverageJoesCredit]

Best of luck my friend. Filing is not easy, emotionaly or mentally. Been there done that. Wish you the best. There is life on the other side, you will rebuild and i just offer the advice when you do just go for things thst will work for you and your life, forget about all the trivial things. Stay well

[Anonymous]

Glad to hear things are moving along. 😊

[Anonymous]

I'm in the same boat. Never missed a payment in my life untill a few months ago. Mental health issues took that away. I was in the upper 700's when I bought my house a few years ago.  

[Anonymous]

So happy your getting some relief financially. You can rebuild.....it may seem slow, but the one thing about BK, it helped me plan and be purposeful. 

[Kb109]

The support has been amazing!!! Thank you all so much! I looked at Pacer and it looks like the trustee filed a report of no distribution and that he wishes to be removed from the case since there are no assets. I'm not in the clear yet. My objections date is 9/26 so I'll be a nervous wreck until then. I just want this all to be over. I want to start rebuilding and moving on with my life without having to watch my every financial move. It's getting very old and extremely stressful. I think this means the worst is over?? Well, unless someone *knock on wood* decides to file a complaint/objection/AP/whatever. Does the 60 day waiting period go smoothly for most? Thanks again for everything! I can't wait to let you all know when im discharged and documenting my rebuild.