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21 year old declaring bankruptcy! Anymore pre-bk tips before filling?

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  • 21 year old declaring bankruptcy! Anymore pre-bk tips before filling?

    Hey! I asked a few questions a few months back but I forgot the name of my account.

    Background: 21 year old who joined the military at the age of 18; did my 4 years of service and am now out of the service. Some financial 'mishaps' happened, and now, I'm 1 step closer to filing for bankruptcy. I do not have a problem spending, gambling, or saving; I'll just say that my debt comes from 'mishaps' and I don't believe I'd make the same mistake in the future. Honestly, after reading all these stories here, I do feel completely pathetic and ashamed that I'm going for broke at such a young age. It really does kill me on the inside seeing how much potential I wasted. Talking with my financial counselor though, it'd take about 7 years to completely pay this entire debt. I would rather take the easy way out than waste my entire 20s trying to pay it all off.

    I've already asked my attorney on what I should do in my situation and due to my large debt (60k single no kids), and CH7 is the best option. However, due to my income, we both figured it would be better if I waited to file, considering my income is just barely over the threshold for a single person in Texas. So until now and October 1st, I'll be out of a job but have a little bit a savings left which I'm hoping will last me until OCT 1. I've already stopped paying all my credit cards and moved all my money/incoming payments to a different bank that I do not owe any money to. I do receive maybe like 10 calls and 3 letters a day from my banks asking for my payment, so I'm a bit worried about getting served before hitting my BK file date (OCT 1st approx).

    For those of you out there who have already declared BK, any tips you can spare me?

    Thank you for all your help. I'll try to keep this thread updated, only 3 months to go.
    Last edited by sketchboy; 06-29-2017, 12:23 AM.

  • #2
    First of all you should never feel horrible about filing! It's supposed to be a fresh start. I filed in DE some years back in 2010 and it was the best thing I could have ever done. It sounds like you're doing everything right. I would say if your creditors are bothering you tell them that you have retained an atty. I know when I filed I did that and it held them off for awhile. In terms of getting served, I wouldn't worry about it since you have plans to file anyways so that debt (depending on what it is) will most likely be discharged under a 7 as long as it's not criminal fines or debts, student loans, tax debt, or child support/alimony. Your attorney I am sure will help make you feel at ease - that is what they are there for! Again it's not a horrible thing to do - look at this as a new beginning!

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    • #3
      BK tips: Tell your attorney everything about your financial situation. If there is anything you are tempted to hold back, it is not worth it. When your petition is ready to sign, review everything very carefully and don't be afraid to make corrections and ask questions about anything you don't understand. You are the one who best knows your financial details and in the best position to spot errors. Don't feel pressured to sign until you have had a chance to review the petition. If you are in the attorneys office and feeling pressure to hurry, ask to be left alone for awhile to review it or take it home to review and bring back later.

      My more general tip: You are fortunate to have an opportunity to learn from your financial mistakes early in your life. Use your fresh start to develop good financial habits. Create and follow a budget. Do not ever again spend more than you have. Make savings for emergencies your initial top priority while also putting a little away for retirement and a separate savings for "wants". Once you have enough saved to cover 3 to 6 months of living expenses, continue to contribute to your emergency savings at a reduced rate so that you can increase your retirement savings. Find an online retirement planning calculator to determine how much you should have in retirement savings at this point in your life. Once you reach that amount, you may decide to decrease your rate of retirement savings and put it in your wants savings. Make savings goals and adjust when you reach them.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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      • #4
        Thank you for the words. Finally finished paying off all attorney and filing fees today. 7-17-17

        -2 grand, RIP

        Next update will be in August. After that, September, and hopefully my last one on 1 OCT

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        • #5
          Well its been a little more than 1 month since I posted but I guess I'll give a quick update:

          I can actually declare bankruptcy right now since my income is no longer over the 23k/6 month limit; however, at the advice of my lawyer, I wanted 0 complications with my filing. We absolutely do not want to get a Chapter 13. Since my income is below the threshold and I'm unemployed, the only thing we are waiting on is 6 entire months since the last time I used a CC/obtained cash advance (April 30). I have absolute faith in my attorney, given how he has achieved a 100% CH7 bankruptcy rate as long as:

          (1) income is below threshold and
          (2) 6 months since the last time of cash advance/CC use

          Right now I have about $2,000 left in my bank though..I'm a bit scared considering I don't have parents or friends to fall back on if I run out of money. Expenses for next month (September) should cost about $1200, so I'm covered until at least 1 October, but I'll need to make about ~$500 in odd jobs to cover the whole month of October.

          See you all at the end of September--hopefully I'll still be alive by then.

          https://www.youtube.com/watch?v=ZBR2G-iI3-I
          Last edited by sketchboy; 08-23-2017, 05:54 AM.

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          • #6
            So are you saying you are waiting until you file BK to work? Do you realize that waiting 6 months since your last credit card use is a very conservative approach? Did you have some large charges that are an issue? How does waiting 6 months since your last chance help keep you out of Chap 13?

            The danger with credit card use before filing is that a creditor might petition to have debt declared not dischargeable. Certain debt incurred within 90 days of filing is presumed to be not dischargeable if the creditor files a petition. If it is longer than 90 days, then a creditor must prove that you incurred the debt without the intent to pay it. That is usually pretty difficult to do. Unless there some pretty significant charges, they aren't likely to go to the expense to file.

            I don't want to contradict your attorney. Being conservative can be good and your attorney knows more about your situation than I. But if you are going to not get work and struggle financially only to put 6 months between your last credit card use and filing, you may want to discuss with your attorney the pros and cons and risks of filing now vs waiting.
            LadyInTheRed is in the black!
            Filed Chap 13 April 2010. Discharged May 2015.
            $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

            Comment


            • #7
              Originally posted by LadyInTheRed View Post
              So are you saying you are waiting until you file BK to work? Do you realize that waiting 6 months since your last credit card use is a very conservative approach? Did you have some large charges that are an issue? How does waiting 6 months since your last chance help keep you out of Chap 13?

              The danger with credit card use before filing is that a creditor might petition to have debt declared not dischargeable. Certain debt incurred within 90 days of filing is presumed to be not dischargeable if the creditor files a petition. If it is longer than 90 days, then a creditor must prove that you incurred the debt without the intent to pay it. That is usually pretty difficult to do. Unless there some pretty significant charges, they aren't likely to go to the expense to file.

              I don't want to contradict your attorney. Being conservative can be good and your attorney knows more about your situation than I. But if you are going to not get work and struggle financially only to put 6 months between your last credit card use and filing, you may want to discuss with your attorney the pros and cons and risks of filing now vs waiting.
              Hey all, I'm back and still alive. Great post here. I made a mistake in my earlier post and forgot to include 1 month's worth of income which would put me over the maximum income. Now that it's October though, I am now able to file.

              I have managed to take a few odd jobs here and there to secure enough money for October's rent (this month) and almost enough rent for next month (November). so I feel a bit safer knowing I'll still be set until possibly December 1st. I plan to file this week with my attorney, and I do hope everything goes smoothly. I have almost every document my attorney is asking for, but am still waiting for 1 income statement that I need from a previous employer. I have asked my attorney more questions on obtaining a legitimate, steady job after filing for bankruptcy, to which he said I should be in the clear, provided I don't somehow mysteriously make a massive amount of money per year. The next time I'll post is when I actually file, and after that should be the 341 meeting.

              See you all at the end of this week////

              Comment


              • #8
                Yes, I'd want to free myself of the $60K as well. All that cash that would be going to pay creditors could go to building up your retirement accounts, and just that alone will make your golden years golden. And there is nothing pathetic about a man serving his country honorably, willing to put his corps in the line-of-fire; you've EARNED the right to never be called a loser for your life up to now.

                Is it possible for you to join the reserves? The one-weekend-a-month could help keep your mess hall from going bare, and I think you could be eligible for BQ (bachelor quarters).

                Comment

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