Chapter 7 survival

[dawz1026]

Filing for the big B and was wondering if amyone has been there and how they are financially now?

 

[splash5]

I haven't personally filed for Bankruptcy, but I commend you on your choice and being brave enough to talk about it. I'm sure people will tell you how it ruins your credit, but, as long as you don't make the same mistakes that got you into it in the first place, it is a good fresh start! Keep us posted on how you are doing!!

 

[Lisa_M]

Good luck. You're going to need it. This is a tough crowd.

 

[rentayenta]

Good luck. Put on your flame retardant undies though, you are going to need them here.

My mother filed for Chapter 7 and was able to purchase a home 3 years later. She had medical bills up the wazoo and very unsypathetic creditors. I refuse to get into any sort of debate about the rights and wrongs since how can you judge unless you've been in her shoes? She's doing well now, on the road of financial recovery, and it effected her ego a bit, as you would imagine. This was some years ago before the laws changed.

Each person's journey is different. Good luck.

 

[Atchley]

Had to file 14 years ago. DH had a motorcycle wreck and I had just switched jobs so we were in between insurance. We had only been married for 4 months. DH was in the hospital for two weeks and had to have 4 surgeries at two different hospitals. We didn't know what to do so we arranged to talk to someone. They advised that we were 21 and 23 and that we would spend the rest of our lives trying to pay off these bills. (Not only the initial bills, but the interest and fees that they tack on there for making payments and such.) Hospital bills were in excess of 70,000. He told us to file and just keep our noses clean. We were able to purchase a house within eight years-it took us a while to save up for a down payment, car purchases and such were not much of a problem. I'm sure that we had to pay a slightly higher interest rate.
I cannot say that it is right or wrong, but I am grateful for the opportunity to get a second chance. I know a lot of people think that you are just dodging your bills but I don't think that it is always the case. I hope that the naysayers never have to contemplate whether or not to file. It is not an easy decision.
I wish you well with your decision. It is not easy but you will be able to make it.
(This is not something that I usually advertise, but I wanted to let you know that you are not alone.)

 

[kmvand1]

I too want to commend you on your courage to look for some guidance on the board. Believe me, you are NOT alone! The economy is horrible, people are losing their jobs left and right, gas, groceries, etc. I could go on forever. But, there are people I know in the same situation you are in, we also pick up the local paper and several times have seen people we know who's homes are listed for auction. Keep your chin up!

 

[livie1205]

good luck and I hope you get back on your feet.this may not be the best place to post about it though...SOMEONE will look into your past posts and see if you are going on vacation and you will be FLAMED...
My dh ex filed for this about 3 yrs ago and it has not seemed to hurt her much...my dh had to sue her because of a dept she owed from their divorce and the day after he won his judgement against her (16,000) she filed chapter 7 and stuck us with the bill....SOMEONE will have to eat those bills that do not get paid.
I hope after this you can get on track, at least you will have another shot at it,it is not my debt so I will not flame you....I am sure it was not a easy choice to make.

 

[brenalexacamp]

circumstances happen that sometimes- your best intentions- you cannot get out of a hole- and no amount of planning can get you out of the hole-been there- done that- not going back!


a lot of people live paycheck to paycheck- one sick parent, lack of work, illness- can ruin your best laid budget.

hang in there- it wil get better- we felt like scum when we had to- but after it was over- we felt like- pass go- collect 200.00- we have a clean slate.--the mental pressure is excruciating! So many people think it is about keeping up with the jones's--it is not- when you go to the bancruptcy court- you will see all the regular joe's there with you- people trying to hold on to their houses! good luck to you- get it over and done quick- take the mental strain off yourself- you do not need to tell family or friends- no one pins a sign on your shirt


as soon after- put 200.00 in a savings acct- go to the bank and borrow against it- open a secured card- pay off each month- start to build up your credit the very next chance you can.

we bought a house soon after- we have cars- now we pay cash or wait- nice feeling.

so many people are in the same boat- have been- more will be coming- lenders are prepared for all kinds of scenarios to get creative financing.

hang in there- pm me if you need more support

 

[HelenePA]

Dh filed about 7 years ago, all of his debt happened in a previous relationship. As hard as WE tried to pay it off it just kept getting bigger and bigger and bigger... Then Oopsie I get pregnant. At that point it was either file or live on the street with our new baby. We were able to buy a house 3 years after he filed... we are fine now.. just him and his stupid mistakes before I came along... We did NOT go on a real vacation until last year. We couldn't afford it... thankfully that has all changed.

 

[rparmfamily]

LOL this is a TOUGH crowd! Just to warn you!

Best of luck to you. I don't judge those who have filed (unless they are filing over and over again.) The judges have made it tougher on those filing Ch7 and it's not near as easy as it used to be.

 

[pilgrimage]

I'm so sorry for whatever circumstances led to your financial
challenges--illness, job loss, whatever. I wish you well and hope life gets better.

 

[Chelley00]

Dh filed after wife #1 left him with $40,000 of credit card debt.


Most people said he could have been in a house after 3 years, but we waited until 7 years to buy just because the interest rate was better after the bankruptcy rolled off.

 

[ntsammy5]

Not so tough after all. Good luck -

 

[mommytobug]

I dont have any advice for you but do wish you well. Your sig says you have been to Disney almost every year for quite a few years, so I agree with all the posters who say put on your flame suit. While I dont know your circumstances, I am saddened that you even have a trip scheduled now. I hope and pray I never have to file but I know to never say never. I am working HARD to get everything paid off and that means no Disney for a while. We are DVC owners and have rented points out the last few years. I hope everything gets better for you.

 

[Shagley]

I'm sorry for the situation that you are in that has caused you to have to file bankruptcy. But you may want to remove the list of all of your Disney trips in the last few years (including this year), or I'm sure you will get a lot of negative posts in this thread. It is kind of hard to read your post and understand what you are really going through when you have been able to take a nice trip to Disney World almost every year.

 

[AUDramaQueen]

I used to be the supervisor for the bankruptcy department at a mortgage company. I don't know if you have a house or not. But please make sure your attorney is doing everything he needs to do.

I can't tell you how many people I had to send to foreclosure because their attorney told them false information. Like you don't have to make any payments and all your debts are gone now. You still have to make your secured debt payments if you wish to keep those assets.

 

[moepanz]

I see you are from Long Island. I am too. Know that you are not alone. Plenty of people here (LI) are in the same boat they just like to pretend like they are not. Things have gotten way out of hand here. I worked for a real estate co and you would not belive the amount of foureclosures or short sales they had. I lost my job on Monday. (for all of you sig checkers I will be removing my upcomming Dec trip if I do not find a job soon) My husbands job may be in jeporady as well lay offs started there last week but so far so good He should be safe this round and the next. I wish you and your family the best and you will get thru this, most of all remember you are not the only one.

 

[Justish]

Just to comment to anyone who thinks you can't do something nice, even when your finances are falling apart...

(note: never been bankrupt, but I live precariously in that poor college student state)

If you save $50 or so of every paycheck you get for about a year, you can go
to disney. Maybe for only 3 days and it may not be a glamorous trip, but you could go, if that is the only way you and your family know how to get out of the stress of life (and believe me, it's the best feeling in the world to get to go to disney).

And... another point:
How do WE know they paid for the trip themselves entirely? My Grandmother foots the bill for everything but the airfare. That means for my family, a trip to disney costs about 300!!! (plus a little help for her on tips and some cool souveneirs)

Everyones situation is different and NO ONE should judge, lest ye be judged.

^_^

~Ally

P.S. Op- you take care of your family and if you feel that going on this trip will lift the spirits of your family and get them out of the bankrupcy depression (that could potentially put you BACK into that debt rut too!) Then do it. Don't continue to badger yourself about the past... I know rafiki said something about this....

*hits you on the head with a stick*

 

[hrslvr142]

We declared bankruptcy several years ago after dh got very ill after just starting a job and no sick time or disability. Interestingly we did it only to keep our house, we paid back every penny we owed, it just gave us a little more time to do it. We stayed in the same house we saved for several more years and just bought a different one last year. After the bankruptcy, we were very careful to pay everything on time and not get in over our head. Good luck to you, I hope whatever circumstance brought you to this decision passes and you are able to get a fresh start.

 

[flakypuff]

As I was reading this thread...I was thinking to myself... how nice everyone was.
This poor OP is stressed and heartsick...she/he needs a little lift. I am sure the OP is carrying the world on his/her shoulders....
Then I got to a little flame... just let it roll off OP...
No one but you knows what is going on in your world. Maybe someone else is giving you a trip...maybe you won it....maybe you said...What the heck....If I dont see Mickey soon just to forget this hanging over my head I may eat
all the ears off every mickey pop in the world...
If you can go to Disney....YOU GO You do what you need to do for yourself and family. The "B" is there to help...to give people a second chance. Granted maybe some take advantage of it but I will not be the judge....
Thank you OP for sharing this...I know you are very strong.... Keep your chin up.