Bankruptcy

GeNeTiKFiGhTR · Mar 12, 2014

Hello all. Has anybody ever applied for bankruptcy? Went through a rough divorce a couple of years ago. I am about to apply for chapter 7. Can I get some feedback from anybody who has experienced this? How beneficial was it for you? How long after were you able to finance a vehicle or apply for a credit card? Any help is appreciated. Thanks bros.

Sent from my iPhone using Tapatalk

pesty4077 · Mar 12, 2014

GeNeTiKFiGhTR said:
Hello all. Has anybody ever applied for bankruptcy? Went through a rough divorce a couple of years ago. I am about to apply for chapter 7. Can I get some feedback from anybody who has experienced this? How beneficial was it for you? How long after were you able to finance a vehicle or apply for a credit card? Any help is appreciated. Thanks bros.

Sent from my iPhone using Tapatalk

It is not the end of the world. You can get a car with in 3 - 6 months after. House in 2 years. You will get credit card offers right after you file that BK. I would suggest a secure credit card to build up your credit. If you have a car and 1 credit card, you can possibly get a 700 FICO in 2 years with no late payments and low money to owe ratios. You do not need to dismiss everything in BK either. Get an Attorney to advise you.

GeNeTiKFiGhTR · Mar 12, 2014

pesty4077 said:
It is not the end of the world. You can get a car with in 3 - 6 months after. House in 2 years. You will get credit card offers right after you file that BK. I would suggest a secure credit card to build up your credit. If you have a car and 1 credit card, you can possibly get a 700 FICO in 2 years with no late payments and low money to owe ratios. You do not need to dismiss everything in BK either. Get an Attorney to advise you.

Thanks for your quick response bro! I do plan on getting an attorney. Good to know that it is not the end of the world and that there is a light at the end of the tunnel.

Sent from my iPhone using Tapatalk

monopoly · Mar 19, 2014

What is the amount you are trying to get away from, if you don't mind me asking?

As someone who works in commercial finance I can tell you it's always in issue. Even people that have totally re-established 5 or 6 years later, we hear from the guys in credit "oh well you know, they had a prior BK...."

GeNeTiKFiGhTR · Mar 19, 2014

monopoly said:
What is the amount you are trying to get away from, if you don't mind me asking?

As someone who works in commercial finance I can tell you it's always in issue. Even people that have totally re-established 5 or 6 years later, we hear from the guys in credit "oh well you know, they had a prior BK...."

PM sent

Sent from my iPhone using Tapatalk

brokr741 · Mar 20, 2014

My ch7 was the best thing I ever did a few years ago. Since discharge I now have scores over 700, 100k in unsecured credit card limits and bought a brand new BMW with 3 miles on it with no money down. I have removed all of the negative accounts that was included in my bk and the only negative that remains is the bk itself. There is life after Bk so don't sweat it. My advise, make sure all the bk accounts report correctly after discharge and when you start rebuilding open accounts at a few credit unions as they have more relaxed approval guidelines and give higher starting limits. Good luck

andymahn · Mar 28, 2014

Unfortunately, I had to go Chapter 13 (didnt qualify for chp 7)- it sucked- 5 years of paychecks geeting tapped.

GeNeTiKFiGhTR · Mar 28, 2014

Thanks for responses guys. I went ahead and started the chapter 7 process. Looking forward to fresh start!

Sent from my iPhone using Tapatalk

Deleted member 121863 · Mar 28, 2014

GeNeTiKFiGhTR said:
Thanks for responses guys. I went ahead and started the chapter 7 process. Looking forward to fresh start!

Sent from my iPhone using Tapatalk

good for you! If you google the banks you owe me to, along with the word "default", I`m sure you`ll find quite a few. Banks default, give bank, stop paying on bad investments all the time. In the worst cases they just give the whole bag of crap to the govt for taxpayers to pay the bill. When an individual makes a PERSONAL BUSINESS DECISION not to pay on a loan that does not make sense, or just because they can`t, they often get labeled "immoral", and other not so nice terms.