@AkiraTakamedo wrote:
This was originally meant to be a post asking for advice over whether or not it was worth it, but I've decided pretty much that it is worth it to file. I'm in over my head and I can't possibly pay all this back while trying to start a new career and a new business. Here's what I have credit card debt-wise:
Bank of America: $4747.03
Barclaycard: $4122.48
Bethpage FCU: $7192.02
Bethpage FCU: $4764.31
Citibank: $1905.32
Citibank: $1085.95
Discover: $4715.54
Total: $28,532.65
This list doesn't include a $12,000 car loan from Bethpage as well as my non-dischargable federal student loans totaling about $17,000. I think it's in my best interest to file, I've contacted a local attorney ready to pay fees and begin the process. My question now is what can I expect going forward. Judging from what I've read it's really nothing to be scared of, as a matter of fact it would get a giant boulder off my back. I'm curious how long the whole process takes between my initial meeting on Monday to discharge and the end of the process. I'm planning on getting married in October and I want to make sure all of this is done well before that. Also, I'd like to know what my best options are for rebuilding credit. I currently have two Capital One cards with no balance so those would just be closed and I'm assuming I can start with them with their post-bankruptcy reputation. I heard Discover is friendly too, but I'm about to burn them for $4700 so I think my situation would be different. I have a Chase card and two AMEX with no balance, but I heard they're definitely not friendly anyway.
Citi and especially BofA I don't care for anyway, I couldn't care less about them. Barclays I only have an old Apple financing card that I've since been transferring balances to and they're generally kind of rude over the phone so I won't miss them. Bethpage is a former local credit union that in my opinion is pretty terrible so I'll be bidding good riddance to them, too. All of these cards have pretty low credit limits and high interest rates, the numbers above are generally maxed out. I just want a better idea what my credit portfolio will look like and how long the process is. Thanks!
EDIT - I forgot to mention too that my bank is Capital One 360. I want to make sure my money will be safe there and they won't freeze my measly assets or anything.
You are in good company. One of the leading candidates for president has filed four times to protect his best interests. You are just doing the same thing.
I filed August 27th and was discharged November 27th. I think that's pretty standard.
One piece of advice for you. Close those open accounts with Cap 1, AMEX, and others that have a zero balance. The reason is, they may well mark your account as "included in bankruptcy" even if you did not owe them at the time you filed. They will not do this if the account is already closed. This will help you to get back in with them later.
I think you are safe with your Cap 1 account, especially since you don't owe Cap 1 any money! But if you are concerned, transfer it out to a bank with whom you have no credit relationship.
If you have reached the point of posting on this site, you seem ready.
Keep in mind that for the next eight years, you can't file another chapter 7. If the proverbial sh*t hits the fan and you have a big accident and get 500K in medical bills, or sued for something big, and you lose, you can't discharge those debts. For this reason, be sure to carry good health insurance at all times. No exceptions to this. Also carry good car insurance and consider carrying an umbrella liability insurance policy.
Read and follow the 24 months to 700 FICO on this site. It is long but you need to understand it. Nobody can tell you what to do or how to do it in one reply post. But if you do the reading, it's very easy. Look at where I am two years post discharge.
Good luck and welcome.
