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in dire need of some help and assistance (extremely confused)

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Established Member

in dire need of some help and assistance (extremely confused)

So i am in some good debt, long story long. I had a bad relationship, massively abusive and some major health problems as well as my family moving to another state. While in the hospital I couldnt work and my ex was running up my cards on femals and cars and things. My mom and family left and I had no one to turn to but him. I ended up in complete debt!. like $55k worht of debt. Before this i was flying high and paying on time and barely carrying balances. I used to lurk here on my old account which i can no longer find the access too. I was so bummed to see myself left with surgery bills and massive CC bills and the creditors calling me non stop. I have been so stressed out and depressed for years. Sick and barely able to get out of bed. I even tried to see if I could sue him or file reports because i never gave him permission to use my cards but to no avail.  Now I am happily to say ive recoverd and am slowlw recuperating from surgery and the ugly parts of my life. I want to get my credit back in order but I cant afford to pay this whole mount of debt down. It far exceeds my yearly income now of $44k. I dont have the best job and i am going to school nights with some help with financial aid. But i was seriously considering BK and stalking and sucking up all the information i can and even found some good lawyers in my area. BUt my family is telling me that filling could be disasitrous to me reprorts for years. The thing is the SOL in NYC is 6 year and im guessing 6 months. so negatives can fall off by 2021 for me BK would stay until 2029. now here is where I am confused. Would i really be doing that much damage to myself by filing?. Besides the fact that someone could sue me between now and '21 but other things would i benefit more from waiting or filing?. I dont want to hurt myself financially forveevr and I dont know what to do. You guys have been so helpful and i am in dire need of someones assistance to help me because i dont know what to do. I will be filing chap 7 if I do and most the debt is CC debt and my current income is $44k and i live in NYC. Anything else i will be happy to add. Im just so lost and dont want to screw myself after being through so much already. Thank you in advance. 

Somewhere listening to BTS #TeamBangtan

5 REPLIES 5
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Valued Contributor

Re: in dire need of some help and assistance (extremely confused)

Nobody wants to go the BK route but there have been many people that have recovered quite fast.  Yes the BK will be on your reports for 10 years for a CH 7.  That doesn't mean you won't ever be able to obtain credit during that time.

 

You "could" wait to file depending on what your creditors do.  If they file a lawsuit against you, you don't want them to get a judgement.  Once you file for BK, all current lawsuits, collections, etc. must stop by law.

 

I would personally file if I were in your shoes but that is just an opinion.  Once the BK is discharged, I would immediately start rebuilding my credit profile.  Show postive history on any new accounts and as your BK ages, you'll see more doors opening up for you even with the BK on record. 

 

I don't care how much you owe to each creditor but I'm curious who would be burned.  Many people here know about the internal policies of each creditor in regards to getting back in with them or even if you didn't burn them, how long of a timeframe post BK in order to be considered for credit.  Some are BK tolerant and some are not.

 

 FICO 8
Message 2 of 6
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Established Member

Re: in dire need of some help and assistance (extremely confused)

thank you for your reply, so after taking some time I am going to hold off on the BK idea now and work on some payment plans and settlments with debtors to help me. I have also got a loan from my parents and i have always diligently paid them back. Right now I am seeing how this goes and giving my self 2 years to manage this. So far so good. Ive even saw some of my collection accounts report the new balances and things so its giving me sort of a boost. I just hope i can get over feeling depressed about this and bummed. But even slow progress is progress right?. 

Somewhere listening to BTS #TeamBangtan

Message 3 of 6
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Super Contributor

Re: in dire need of some help and assistance (extremely confused)


@leire90 wrote:

thank you for your reply, so after taking some time I am going to hold off on the BK idea now and work on some payment plans and settlments with debtors to help me. I have also got a loan from my parents and i have always diligently paid them back. Right now I am seeing how this goes and giving my self 2 years to manage this. So far so good. Ive even saw some of my collection accounts report the new balances and things so its giving me sort of a boost. I just hope i can get over feeling depressed about this and bummed. But even slow progress is progress right?. 


@leire90 , Progress is progress!! Dont sell yourself short, and you made the right decision for you now in your current situation! The forums will always be here if you need us in the future and need to ask questions! Good luck on your rebuilding!! Smiley Happy


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 4 of 6
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Established Member

Re: in dire need of some help and assistance (extremely confused)


@pizza1 wrote:

@leire90 wrote:

thank you for your reply, so after taking some time I am going to hold off on the BK idea now and work on some payment plans and settlments with debtors to help me. I have also got a loan from my parents and i have always diligently paid them back. Right now I am seeing how this goes and giving my self 2 years to manage this. So far so good. Ive even saw some of my collection accounts report the new balances and things so its giving me sort of a boost. I just hope i can get over feeling depressed about this and bummed. But even slow progress is progress right?. 


@leire90 , Progress is progress!! Dont sell yourself short, and you made the right decision for you now in your current situation! The forums will always be here if you need us in the future and need to ask questions! Good luck on your rebuilding!! Smiley Happy


thank you so much pizza1 i was sooooo happy to pay as many of my creditors back as I could and on my whole settlement run offering and PIF'ing I found out that I had/have a judgement against me, unbeknownst to me. I wasn't ever served or anything. But I wont even try to fight it as I do owe the money to NFCU for $16k. Which was my last and biggest creditor owed. I was hoping to pay down the lesser ones first just to get the goings started. So now looks like ill be filing Chap 7. NFCU wants the whole $16k or payment plans of $666 per month, which i cant afford at this juncture. I fel like a failure. I really cant blame anyone but myself I shouldnt have trusted peiple when i was sick and in my lowest point with my illness but man Id be lying if I said I Wasnt mad in the least. Im just like down and depressed and thats exactly how I was years ago before my illness hit. One up note is I did find a lovely, sweet female attorny. I researched her to DEATH and asked around on forums and checked her credentials. She even suggested so services that I could use to help me in my personal life on the non financial side. I am just like done with everything creditwise. BUt i did try at least. 

Somewhere listening to BTS #TeamBangtan

Message 5 of 6
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Established Member

Re: in dire need of some help and assistance (extremely confused)


@Overmedicated wrote:

Nobody wants to go the BK route but there have been many people that have recovered quite fast.  Yes the BK will be on your reports for 10 years for a CH 7.  That doesn't mean you won't ever be able to obtain credit during that time.

 

You "could" wait to file depending on what your creditors do.  If they file a lawsuit against you, you don't want them to get a judgement.  Once you file for BK, all current lawsuits, collections, etc. must stop by law.

 

I would personally file if I were in your shoes but that is just an opinion.  Once the BK is discharged, I would immediately start rebuilding my credit profile.  Show postive history on any new accounts and as your BK ages, you'll see more doors opening up for you even with the BK on record. 

 

I don't care how much you owe to each creditor but I'm curious who would be burned.  Many people here know about the internal policies of each creditor in regards to getting back in with them or even if you didn't burn them, how long of a timeframe post BK in order to be considered for credit.  Some are BK tolerant and some are not.

 


those on the burnbook are

NFCU $16k

Discover $1.5k

Capital One $4.4k

Citi $3.8K

BArclay's $1.2K

and a few synch cards for $30K

Somewhere listening to BTS #TeamBangtan

Message 6 of 6
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