So I'm curious, what are so many people filing bankruptcy and just going right back to the same habits that got them in trouble to begin with? I was so terrified of screwing up again that I waited probably much longer than I should have even just to file.
It depends on why they filed. I was on top of my debt until I had a medical that forced me into bankruptcy. So, getting cards back and what not wasn't my issue. Plus, you can have $100k worth of cards and not owe on any of them. Plus, some people use bankruptcy as a way to better their lives. Replace that dying clunker in the driveway. Get away from roach infested slum lords and get a home. Yes, there are some who jump right back into the same sinking boat, and refuse to acknowledge it was their fault. Most do just enough to rebuild. Some actually go for a large purchase that they need to do but just couldn't if they never filed.
30 day post DC
60 days post DC
94 days post DC
For some old habits are hard to break. See it here many times. Come out clean and rack up 4-5 cards before they're even discharged. Didnt learn their lesson the first time. Fall right back in head first.
@Anonymous wrote:I agree with the OP. I see people getting cards and expensive new vehicles right away. Most of them are people who filed because they let things get out of control before.
Thats not a such a bad thing. Provided they learned a valuable lesson and they can actually afford it. I jumped right back in to having cards. But cards weren't my issue. I believe most do learn a lesson. Unfortunately, most come here, get whatever info they need and leave once they do a rebuild. Its like face book but opposite. FB you see mainly the good and rarely the bad. Here, you see more of the bad and only a select who stay to continue to learn and to help others. So for one that comes back here talking about how they are right back where they started or talking about how to file again vs the 100s-1000s a month who successfully learn. What we see here isn't really an accurate representive of facts.
If I were to buy a brand new truck, now would actually be the best time to take on such a debt. I have nothing else to pay. Vs tacking that debt on with a bunch of other debt.
Before anyone can truely judge, we need to know all their circumstances. More than that they filed for bankruptcy and bought a new vehicle and got some cards. I had 6 cards before my discharge and owe barely anything on all off them. I also do plan on buying a new truck this summer/fall, if I can.
I am not defending those who jump right back into a sinking ship, but all the facts are needed before lumping those who do as falling down the rabbit hole again.
Completely agree with this. We don't know everyone's circumstance. That being said there really isn't anything wrong with using caution.
Absolutely nothing wrong with using caution. But none of us here are in a position to tell others what cautions to take besides the generics. Only they can honestly decide that.
I don't understand why people go back into their old habits either, like those who file only to run up debt all over again.
I filed because, like many young people, I was dumb in my late teens and early twenties and racked up a ton of debt, by myself and by taking out credit in my name for my ex-boyfriend (like I said, dumb).
Now that I'm a little older and much more responsible, I have a rule to only pay credit for what I can afford with cash. I use and PIF immediately and don't pay a cent in interest. The reason I use credit now is not because I need it, but because every single one of my cards has no annual fee and comes with cash back benefits, which can really add up. I've redeemed more than $20 at one time from one card alone.
So it all depends on the person, and if they truly learned from their past or they're just taking an easy way out simply to do it all over again.
I concur with some of the previous posters that everyone's circumstances are different.
Personally, mine was divorce (which is the #3 reason people file, or so I've read - medical is #1, loss of job is #2).
I was told about this forum and the advice found here has been invaluable.
