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Should I File? (Chapter 7)

Regular Contributor

Re: Should I File? (Chapter 7)

Thanks for the insight -- puts me a little more at ease. I'm scheduling a meeting with a lawyer next week.

Started on July 4th, 2016 with 400's FAKO scores, no FICO, a dozen baddies and no credit of any kind.

As of March 2018, Before The Fall:
AmEx Blue Cash Everyday: $12,600
Chase Sapphire Preferred: $10,000
Bank Of America BankAmericard: $6,000
Capital One Quicksilver One: $5,500
Citi Diamond Preferred: $5,400
NFCU Cash Rewards Visa Signature: $5,100
NFCU Go Rewards MasterCard World: $5,000
Wells Fargo Propel: $3,500
Barclay's Uber Visa: $2,500
AmEx Starwood Preferred Guest: $2,000
Citi Double Cash: $1,500
AmEx Hilton Honors: $1,000
Discover It: $600
Capital One Platinum: $500

TOTAL 2018 CREDIT LINE: $61,200

2020: COVID toppled me. All old accounts went into default. Business lost. Car repossessed.
2021: Cap1 let me back in (one secured/two not). Secured Mission Lane. AU on AMEX Gold, Citi Premier and Chase Sapphire. Car loan approved without cosigner for $20,000. All current.
Currently: No lawsuits. Thinking most SOL have expired on CC debt. Fingers crossed my math and memory are correct.

Mission Lane Secured: $3,400 (SL $400 -- unasked for CLI)
Capital One Secured: $300
Capital One QS1: $300
Capital One Savor: $1,000
Chase Sapphire Preferred: $10,000 (AU)
AMEX Gold: No Preset Limit (AU)
Citi Premier: $8,500 (AU)

Message 11 of 12
Not applicable

Re: Should I File? (Chapter 7)

let me know how the meeting goes. Im in a similar spot as you actually. Im 35 with 62k in unsecured debt and make 53k.  Only difference is I bought my house from my parents last winter and have 50k equity in it. And I have a car that is paid off. 


I was toying with the idea of declaring chapter 7 and wiping my credit card debt free. For me I already have a home and my car is paid off so Im not sure what the best way out of this is.....

Message 12 of 12
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