My bankruptcy journey begins...

[angelofmusic86]

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@masscredit wrote:

Thanks for all of the info!  I was thinking in the wrong direction when I read something about reaffirming credit card debt. I should have known that isn't done unless it's cross collateralized.  I think I'll be moving my banking to another bank I do business with until the BK is discharged. That is a bank I don't have any loans with. 

I guess the one question that I'm searching for an answer for is if it is best to keep paying my cards until the attorney files? I know the one I go with will probably tell me to stop paying them. But I'm looking at recovery on the other side. As I've been doing research I've found that people are excited when their baddies fall off after 7 years. Do rebuilding scores start out higher without the late payments.  I'm not looking to get back into having debt after this is over but we all want to rebuild. And if it is benefical, I have to decide if it's financally worth it for me to keep trying to pay. I'm getting buried now.

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I stopped paying about a year before filing (though, I meant to file earlier, but I was hospitalized and took some time after that to recover), and I've had an ok rebuild a few months out so far.  I've seen some people have mildly better success because they kept paying until filing, but YMMV.

[masscredit]

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@angelofmusic86 wrote:

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@masscredit wrote:

Thanks for all of the info!  I was thinking in the wrong direction when I read something about reaffirming credit card debt. I should have known that isn't done unless it's cross collateralized.  I think I'll be moving my banking to another bank I do business with until the BK is discharged. That is a bank I don't have any loans with. 

I guess the one question that I'm searching for an answer for is if it is best to keep paying my cards until the attorney files? I know the one I go with will probably tell me to stop paying them. But I'm looking at recovery on the other side. As I've been doing research I've found that people are excited when their baddies fall off after 7 years. Do rebuilding scores start out higher without the late payments.  I'm not looking to get back into having debt after this is over but we all want to rebuild. And if it is benefical, I have to decide if it's financally worth it for me to keep trying to pay. I'm getting buried now.

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I stopped paying about a year before filing (though, I meant to file earlier, but I was hospitalized and took some time after that to recover), and I've had an ok rebuild a few months out so far.  I've seen some people have mildly better success because they kept paying until filing, but YMMV.

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I'm kind of torn with this. I've been trying to keep up with everything but don't know if I can continue until I file. I believe most people stop paying before filing and they are able to rebuild. And it might not be a high difference when it comes to scoring. Or will it? The final thing is all of the phone calls that come will come with missed payments. I guess I can set it to only ring for people in my contact list. 

[angelofmusic86]

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@masscredit wrote:

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@angelofmusic86 wrote:

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@masscredit wrote:

Thanks for all of the info!  I was thinking in the wrong direction when I read something about reaffirming credit card debt. I should have known that isn't done unless it's cross collateralized.  I think I'll be moving my banking to another bank I do business with until the BK is discharged. That is a bank I don't have any loans with. 

I guess the one question that I'm searching for an answer for is if it is best to keep paying my cards until the attorney files? I know the one I go with will probably tell me to stop paying them. But I'm looking at recovery on the other side. As I've been doing research I've found that people are excited when their baddies fall off after 7 years. Do rebuilding scores start out higher without the late payments.  I'm not looking to get back into having debt after this is over but we all want to rebuild. And if it is benefical, I have to decide if it's financally worth it for me to keep trying to pay. I'm getting buried now.

---

I stopped paying about a year before filing (though, I meant to file earlier, but I was hospitalized and took some time after that to recover), and I've had an ok rebuild a few months out so far.  I've seen some people have mildly better success because they kept paying until filing, but YMMV.

---

I'm kind of torn with this. I've been trying to keep up with everything but don't know if I can continue until I file. I believe most people stop paying before filing and they are able to rebuild. And it might not be a high difference when it comes to scoring. Or will it? The final thing is all of the phone calls that come will come with missed payments. I guess I can set it to only ring for people in my contact list. 

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Yeah, the phone calls were annoying, but I just had my phone on "do not disturb" except for contacts.  I can't speak of the numbers on the comparison of scoring, but I'm at 3.5 months post discharge and already in the mid-600s.

Honestly, if you feel like you can't keep up, then stop paying.  Remind me, when were you planning on filing?

[masscredit]

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@angelofmusic86 wrote:

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@masscredit wrote:

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@angelofmusic86 wrote:

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@masscredit wrote:

Thanks for all of the info!  I was thinking in the wrong direction when I read something about reaffirming credit card debt. I should have known that isn't done unless it's cross collateralized.  I think I'll be moving my banking to another bank I do business with until the BK is discharged. That is a bank I don't have any loans with. 

I guess the one question that I'm searching for an answer for is if it is best to keep paying my cards until the attorney files? I know the one I go with will probably tell me to stop paying them. But I'm looking at recovery on the other side. As I've been doing research I've found that people are excited when their baddies fall off after 7 years. Do rebuilding scores start out higher without the late payments.  I'm not looking to get back into having debt after this is over but we all want to rebuild. And if it is benefical, I have to decide if it's financally worth it for me to keep trying to pay. I'm getting buried now.

---

I stopped paying about a year before filing (though, I meant to file earlier, but I was hospitalized and took some time after that to recover), and I've had an ok rebuild a few months out so far.  I've seen some people have mildly better success because they kept paying until filing, but YMMV.

---

I'm kind of torn with this. I've been trying to keep up with everything but don't know if I can continue until I file. I believe most people stop paying before filing and they are able to rebuild. And it might not be a high difference when it comes to scoring. Or will it? The final thing is all of the phone calls that come will come with missed payments. I guess I can set it to only ring for people in my contact list. 

---

Yeah, the phone calls were annoying, but I just had my phone on "do not disturb" except for contacts.  I can't speak of the numbers on the comparison of scoring, but I'm at 3.5 months post discharge and already in the mid-600s.

Honestly, if you feel like you can't keep up, then stop paying.  Remind me, when were you planning on filing?

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Most likely in April. I'm going to start searching for attorneys this weekend. 

[masscredit]

I had two cards with payments due today. It's the first time I missed paying them. Kind of stressful and doesn't feel right in a way but I also feel some relief. I know it will get worst before it gets better. But this is the first step...

[angelofmusic86]

So basically, you'll hit 30 days late in March and 60 days late in April.  Better than where I was when I filed.  I'm glad you're already feeling some relief.

[masscredit]

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@angelofmusic86 wrote:

So basically, you'll hit 30 days late in March and 60 days late in April.  Better than where I was when I filed.  I'm glad you're already feeling some relief.

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Is there a point when lates don't make any more impact on the scores? I'll have 14 cards that are at least 30/60 days late before I file. I know scores aren't a concern right now. Just wondering.

I've started to get emails that say "hey, your payment is late". Those are for the two Cap 1 payments that were due a few days ago. Those emails also said they are here to help if I'm struggling because of Covid. Should I contact them about that or just let it ride?

[masscredit]

I received new documents from Cap 1. They pretty much both say the same thing except for differtent amounts. Something I noticed is the amount past due is incorrect in both cases. For the one I'm looking at now, it says the amount past due is $652.00. That is wrong. The amount past due as of last week is $306.00. They added both months.  Me thinking "it's the point of it" wants to contact them to correct their errors but it's not worth my time.  They note that they are here to help if I need it because of Covid. The only way that will be benefial to me is if they all do that. I'm going to have a bunch of cards with late payments before I file.

I redid my budget to reflect normal living. Paying for everything with cash/debit card. Definately manageable now. 

[masscredit]

I missed paying two cards the beginning of the month. They didn't waste any time with phone calls, emails and snail mail letters. I only hear calls from people in my contacts list so that will make life easier and I can ignore emails/letters. There are 12 more cards that I won't be paying this month so I think they will be contacting me constantly. Should I let them know I can't afford to pay or avoid them until I file in a couple of months? 

[Mjhall85]

You can tell them you are going to file but until you file they will continue with calls and snail mail.Whether to avoid them or not is your call.Hopefully time goes by quick and you can file.