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Texas BK7 questions

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Valued Contributor

Texas BK7 questions

I'll probably be filing for bankruptcy in the near future (should have done it earlier). Hubby and I make about 4k under the means test for Chapter 7, with no real assets. I plan on reaffirming our truck (no lates) so I know that will help the rebuild in the future. But the other debts (mostly CC, 1 loan, some medical) are what I'm worried about. Some cards have no balance, but about 14 are late or charged off with balances ranging from 1k to 15k. I know the lates will stay on my reports but what about the charge off statuses and how bad will it hurt us?
Message 1 of 9
8 REPLIES 8
Senior Contributor

Re: Texas BK7 questions

The hit to your score from BK will rule over any lates, charge offs or any other negs. Every account listed on your schedule or list of creditors will have to report IIB and 0 balance. If any of the creditors do no change the account from charge off to IIB with 0 balance. Your lawyer can persue violations of the BK code and the company can be fined $1000 plus court/lawyer fees in your favor. Remember the lates will fall off before the BK will. FICO doesnt add up all the negs for a toal amount.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 2 of 9
Valued Member

Re: Texas BK7 questions

Just my experience with Chapter 7 here in Texas.  I filed last summer (2018) and received my discharge on 10/15/18.  I didn't apply for any cards at all until starting in mid spring 2019.  No approvals.  Did finally get a little Merrick card with a $750 limit, then set up a Self Lender loan for $250 (GREAT SUGGESTION TOO).  Did keep trying to get a Cap One card but they kept denying me.  Many folks said they wouldn't approve me til 1 year post discharge.  Just got approved for a Cap One Quiksilver on 8/15/19 with a $3K limit.  Took it!  So now have two revolving cards plus the Self Lender loan working for me.  Am cleaning up any incorrect info on my three credit reports. 

 

As far as my Chap 7, I burned several cc companies:  Discover, Cap One (x2 cards), Sears, Lowes, Barclay, Kohls and Dillards.  Most of my  cards had no late pays but, per my attorney, I had to include them in the BK 7.  I was not given an option to reaffirm them, but I wanted to do so.  My reason for filing Chap 7 was I had some folks "after me" for no pays/late pays that I could not catch up on.  They had alread filed twice against me in the courts and I just could not afford to do that, so, I made the difficult choice to go the route of Chapter 7.

 

It has been tough, not going to tell you it wasn't, but I had a really good attorney who held my hand through the entire process.  Then, I found this forum.  My FICO has helped me TREMENDOUSLY.  TREMENDOUSLY.  Especially on what to expect post BK discharge.  How to find the right credit cards for rebuilding and just a wealth of other information.  This forum has been a life saver for me.  I definitely see light at the end of the BK tunnel.  Stay with these folks.  Ask questions.  They are eager to help you and most have been in your shoes and understand what you are going through. 


GOOD LUCK!  You will be fine!  I promise!

Chap 7 BK discharge date 10/15/18
FICO's as of 6/13/19:
Experian - 613 TransUnion - 671 Equifax - 672
FICO's as of 9/23/19:
Experian - 632 TransUnion - 678 Equifax - 684
FICO's as of 11/5/19
Experian - 657 - TransUnion-688 - Equifax - 656 (WTH?)
Credit cards: Kohls $300
Merrick card $700
Cap One Quiksilver $3K
Self Lender Loan
in the garden til Jan 2020
Message 3 of 9
Valued Contributor

Re: Texas BK7 questions

They helped me build our credit and was doing good until my hubby got diagnosed with degenerative disc disease and couldn't continue in his career (labor intensive) which meant a loss of 2/3 of our income. I'll probably wait until 2 or 3 months before our truck is paid off before doing a self lender loan to keep an open installment loan on our reports. Just stressing a bit on the whole situation.
Message 4 of 9
New Visitor

Re: Texas BK7 questions

Hello

We are filing today for Chapter 7. Do you know how long is wait before 341 meeting is schedule in Texas also how long usually it takes to be free. I will ask my lawyer all this questions. Just want to see experience from real people how
Was it.

Me and my wife are so nervous but we have no other way.
Thank you
Message 5 of 9
Member

Re: Texas BK7 questions

We filed in the Northern District of TX on 7/5, our 341 meeting was 9/10, and discharge is expected on 11/12.
Message 6 of 9
New Visitor

Re: Texas BK7 questions

Where you able to track progress online some how.
Message 7 of 9
Member

Re: Texas BK7 questions

You can sign up for Pacer. They charge .10 per search, but I understand you don’t get billed until your charges reach $15. I think I’m up to about $4 in charges so far.
Message 8 of 9
Valued Member

Re: Texas BK7 questions

The 341 meeting was the most intimidating for me, I was scared to death but, it actually was very easy.  My lawyer was there and the rep for the court was very nice.  He asked me alot of questions about certain things on my paperwork (but that was because I was very close to not meeting the Means Test numbers, I was barely there).  He was cool though, funny, in a quiet kind of way.  Just don't be late for that meeting, whatever you do!  My discharge came almost exactly 60 days after the meeting.  I was checking it on Pacer (as someone suggested you sign up for it).  I had my discharge paperwork in hand about three days after it was official.  Been rebuilding credit using tips and info from these MY FICO pages ever since!

 

Chap 7 BK discharge date 10/15/18
FICO's as of 6/13/19:
Experian - 613 TransUnion - 671 Equifax - 672
FICO's as of 9/23/19:
Experian - 632 TransUnion - 678 Equifax - 684
FICO's as of 11/5/19
Experian - 657 - TransUnion-688 - Equifax - 656 (WTH?)
Credit cards: Kohls $300
Merrick card $700
Cap One Quiksilver $3K
Self Lender Loan
in the garden til Jan 2020
Message 9 of 9
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