Overwhelmed with CC Debt and Auto Loan

[Kasuito39]

Thanks @pizza1. I appreciate the insight which is very helpful.

[pizza1]

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@Kasuito39 wrote:

@Anonymous @pizza1. I appreciate the insight which is very helpful.

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Sure thing! Been there/done that!  

[Kasuito39]

I had my 341 meeting today and the "matter was concluded successfully by the Trustee". It went really well and I did not reaffirm my two auto and house. I guess now its a waiting game for the discharge papers in the mail. Does anyone know how long it takes to the discharge papers in California?

[Anonymous]

Do you have a Pacer account? You can login in (good luck figuring out that mess of a system - I'm sorry, it really is and there are no good detailed instructions) and if yours looks anything like mine, it says on the Docket Report in the upper right corner,

Date filed:  xx/xx/2017
341 meeting:  xx/xx/2017

Deadline for filing claims (govt.):  xx/xx/2017

Deadline for objecting to discharge:  xx/xx/2017

Deadline for financial mgmt. course:  xx/xx/2017

That's your discharge date. It may take additional time after that date to receive your actual discharge, because of course there is administrative side work to wrap up. The amount of time varies by district from a day to a couple months.

Good job making it through your meeting with your nerves intact. Now is a great time to start planning your rebuild if you have not already :-) 

[Kasuito39]

@capabk Thanks for the advice....I'll definately look at the docket section for DC date.

[nykos5000]

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@Kasuito39 wrote:
I had my 341 meeting today and the "matter was concluded successfully by the Trustee". It went really well and I did not reaffirm my two auto and house. I guess now its a waiting game for the discharge papers in the mail. Does anyone know how long it takes to the discharge papers in California?

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Your BK timeline is about exactly where mine was last year and I'm in CA. Filed late Aug, 341 meeting in Oct, and I was discharged a week before Christmas. Most of my reports were updated a few days after Christmas reflecting the DC. Since you didnt reaffirm your cars, are you going to look into buying new once post DC?

[Kasuito39]

Since I did not reaffirm my home but have equity in it, I'm I eligible to take out a HELOC now or should I refinance to pull out my equity?My scores are in the mid 500. I'd like to use the funds to invest in a rental property. Thanks

[DaveInAZ]

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@Kasuito39 wrote:
Since I did not reaffirm my home but have equity in it, I'm I eligible to take out a HELOC now or should I refinance to pull out my equity?My scores are in the mid 500. I'd like to use the funds to invest in a rental property. Thanks

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To be frank, no one is going to approve you for any credit with scores in the mid 500s.

Most mortgage programs require 2 years post BK discharge to refi, and scores at least in the upper 600s.

In my opinion, just out of BK you should be focusing on rebuilding your credit and getting your scores up, not thinking about investments. With you burning 3 of the largest credit unions, Amex, Discover, Citi & Synchrony (Lowes), your rebuild is not going to be easy. Not putting you down, just laying out the facts.

[Kasuito39]

@DaveInAZ thanks for your input and advise.

[Kasuito39]

I look forward to rebuilding within 2 years.