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How did things go after you filed for Ch. 7 bankruptcy?

I'm going to file for Chapter 7 bankruptcy. I wanted to hear from those who have and how things went after wards, good and/or bad. I always thought bankruptcy was the worst thing someone could do so I would really like to hear tips, stories, and advice. I've been fighting filing for it for 2 years now but I think it's probably the smartest financial move I can make at this time. How soon can you apply for and use credit? How long before you were able to get a home loan? Etc.

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Anonymous

Asked by Anonymous at 11:31 PM on Jan. 27, 2011 in Money & Work

Answers (8)
  • I haven't filed (yet) but my mom has. Three times. She was able to get and use credit, including a home loan 5 ish years after her last bankruptcy. She said the whole process was relatively painless, but it's not a cakewalk, it's work and it's not fun. Her advice was to make sure to hire a good lawyer, keep all your paperwork in order and make sure to keep appointments.
    Ati_13

    Answer by Ati_13 at 11:45 PM on Jan. 27, 2011

  • You'll reading some answer here.   Sorry you are going through this. 

    musicmom08

    Answer by musicmom08 at 12:13 AM on Jan. 28, 2011

  • things went AWESOME for us afterwards..... we wondered why we'd spent so much time beating ourselves up and hesitating. It was discharged in 2005 (will be 6 years this Spring) and within 2 weeks we got one of those crappy secured credit cards and learned how to use it correctly. Make a small purchase and pay it off immediately, often. A year later we got a "real" unsecured credit card which we use for only things like rental car holds and about 6mos after that we got a truck with an interest rate we could live with and a monthly payment we felt was fair. It was a necessary evil for us but we don't regret it a BIT. 1 sucky thing was that we did have to hire a company to help us finish clearing up our credit report. There were lots of things discharged off in the bankruptcy that due to their laziness, fraud, or errors remained on the credit report. We paid a company to deal w/ that drama for us in the way of letters/calls
    hibbingmom

    Answer by hibbingmom at 1:07 AM on Jan. 28, 2011

  • It has a bad stigma about it but it was not a big deal. We have not opened up anymore credit cards. We got rid of everything . The funny part is they keep sending you offers almost immediately in the mail.You still keep your house and car and it does not pay any equity loans or mortgage. Not that bad but my lawyer made it seem so dramactic. I had to pay her 1200 in total but she cleard up our mess.....
    Anonymous

    Answer by Anonymous at 1:33 AM on Jan. 28, 2011

  • I think more moms should come forward and talk about this even under anon.
    Anonymous

    Answer by Anonymous at 1:35 AM on Jan. 28, 2011

  • My ex husband and I filed just over 7 years ago....he broke his back and workers comp was pathetic and things got way out of control very quickly. After filing a huge weight was off our shoulders, no more collections agencies calling and we still made good and paid off a few of them that were excused, for example the car and a loan from our credit union.

    7 years later, we are divorced, he's out of work in in deep debt again. I'm re-married, happy and other than the house debt free....lesson learned from me, obviously he didn't learn a darn thing.

    I had 1 credit card since.....not because I couldn't get any, but I didn't want any. I prefer cash or don't spend! My husband and I bought a home last year
    Mom2Jack04

    Answer by Mom2Jack04 at 9:07 AM on Jan. 28, 2011

  • Fine. I filed in 2005. Was able to apply and get approved for an Orchard Bank mastercard with a limit of $500. A few years later, I got another Orchard Bank card and a Capital One. I kept them active enough to build up credit. A few weeks ago, I was approved for a car loan at a low interest rate. I regret nothing!! It was the best thing to do at the time. I considered it a reset button and got my act together. I never watn to be in that place again. It's not as bad as you think it will be. It is something to learn from and accept the consequences. Life will go on and it is NOT the end of the world.
    Izsarejman

    Answer by Izsarejman at 9:19 AM on Jan. 28, 2011

  • I'm glad it has a bad stigma. Refusing to pay for debts that you legally and morally agreed to is not something to be done lightly.
    But really it's very doable and not a huge problem afterwards. My DH filed after his divorce. He got a credit card with a small limit on it after a couple years (didn't really try before that) 10 years later it is now off of his credit and his credit score is 801. But, he did have me to lean with good credit if he needed anything. For example, I purchased our home in my name only.
    Candi1024

    Answer by Candi1024 at 10:28 AM on Jan. 28, 2011

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