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Have any of you every filed a chapter 7?

I am just wondering if it helped, what was the outcome after you filed? Any info on how everything went. Hubby and i are 100's of 1000's of dollors in debt. So i have an appt with a Bankrupcy lawyer on tues.

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michelle.coppes

Asked by michelle.coppes at 6:48 PM on May. 13, 2011 in Money & Work

Level 15 (1,968 Credits)
Answers (6)
  • my MIL and FIL have. i dont know much on the story but they used credit cards to pay off stuff like the house and then it kept on going and going and they couldnt stop but they got themselves in a rut and eventually filed. i dont ask much questions on it but it seems as though they seem to be ok now
    americansugar80

    Answer by americansugar80 at 6:51 PM on May. 13, 2011

  • Yes. The outcome was that I had no more debt. I was able to get a small limit credit card through Orchard Bank a few months later and over the years built up my credit to the point I was able to get financing for a brand new Jeep with a low interest rate. I've said it again and will continue to say this: Consider it a reset button. Learn from it and don't get yourself back there because it is easy to get there again. Your life will go on. It is not as big of a deal as some would let on. Anyone can find themselves in out of control debt.
    Izsarejman

    Answer by Izsarejman at 6:51 PM on May. 13, 2011

  • I filed 10 years ago. It was a relief to be rid of the debt. BUT....you have to change your lifestyle to avoid ending up back where you started. I would recommend Dave Ramsey.
    kansasmom1978

    Answer by kansasmom1978 at 6:52 PM on May. 13, 2011

  • Is that the same as bankruptcy? Then YES, we filed and we were relieved to get beyond that enormous debt. We were able to buy a house five years after bankruptcy.
    meooma

    Answer by meooma at 6:55 PM on May. 13, 2011

  • We did .... in October it will be 6 years. It was a huge reset button for us. Make sure you trust your lawyer and have good communication. Keep a pen and paper w/ you at all times to jot down questions. Do EVERYTHING he/she tells you to.... and about 90 days after you should get a secured credit card to start getting good credit going again.
    hibbingmom

    Answer by hibbingmom at 6:55 PM on May. 13, 2011

  • I work for a mortgage bank and I see peoples credit reports with bankruptcy on it and they didn't' seem to have to get it.

    I would only do it if you are over $15,000 in debt. It may benefit you guys currently, but in the long run it can hurt you. Don't plan to do anything with your credit for a while. To me it is a big hold back. Credit gets you a lot of things that cant be paid for up front.
    I guess the lawyer will tell you the ins and outs anyway. Good Luck.
    MommyDimples

    Answer by MommyDimples at 9:36 PM on May. 14, 2011

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