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Would you do anything different NOW that you have been through bankruptcy?

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  • Would you do anything different NOW that you have been through bankruptcy?

    Of course we could all say SURE I would loved to have NOT EVER BEEN IN BANKRUPTCY but I mean like leading up to filing, while the process was going on, whether it was a ch. 7 or 13? Do you wish you had done anything different, worry less or wait to file or file sooner, stopped paying creditors sooner or paid them longer, consult more attorneys, ask more questions of the who you hired? THANKS!!!!

  • #2
    I wish i never took advantage of all those credit card offers that came my way. but because I did, I wish i had filed earlier. Unlike my thoughts of bk, the world didn't come to an end. I had a great attorney and trustee so no desire to have changed them.
    Filed Chapter 13 - 07/20/12
    Discharged 8/2/16

    Comment


    • #3
      Yes. If I had this to do over -- there is one thing that comes to mind immediately. Keep in mind that we are only one week post-341 for a Chapter 7 ... so I'm sure I will have more thoughts (in fact I already know I do but I am posting quickly from my phone).

      If I had it to do over -- I will tell you this, and I will continue to tell everyone for years to come. I would have made sure I READ the ENTIRE petition before our attorney filed it with the court. I had done so much research, spent so much time here, kept meticulous spreadsheets, had all my ducks in a row, and in the end -- we got in a hurry and we chose an attorney who did not have anywhere NEAR the attention to detail that I have. She rushed us through the signing process and we had not even had a chance to look at her "rough draft" -- let alone the final.

      Did her errors make a difference in our case? No, it appears they did not. However, I went through a lot of completely unnecessary anxiety between the time of filing and the 341 meeting -- solely because I knew there were errors on that petition. Things that she was not concerned about and did not feel the need to correct. Yet we were the ones in the hot seat, under oath. So if I had it to do over again, you can bet I would not sign my name to a single document that I had not read myself and checked the accuracy. Not because it mattered one bit to the trustee or to the outcome of our case -- but because it mattered to ME.

      Comment


      • #4
        What would I do differently? I would've stayed calm during the entire process once I made the decision to file Ch7. I lost a lot of sleep between February until I was done with the 341 meeting in May. I kept worrying that they were going to fuss over charges I made to the credit cards within 6 months of filing. I had put $3000 on one of my cards less than 6 months before filing for medical bills and a hearing aid. The hearing aid was exempt as a "health aid," but still...you sit there and think OMG they're going to somehow contest this at the 341 and dismiss my case. Everything went totally smooth though from start to finish.

        I am almost 2 months post-discharge and I am content with where I'm at. I even have one credit card that somehow survived the bankruptcy--a Kohl's card that had a zero balance at the time of filing. I made two small purchases with it a couple weeks ago and paid off the balance today.

        Comment


        • #5
          Originally posted by Chrysalis View Post
          Yes. If I had this to do over -- there is one thing that comes to mind immediately. Keep in mind that we are only one week post-341 for a Chapter 7 ... so I'm sure I will have more thoughts (in fact I already know I do but I am posting quickly from my phone).

          If I had it to do over -- I will tell you this, and I will continue to tell everyone for years to come. I would have made sure I READ the ENTIRE petition before our attorney filed it with the court. I had done so much research, spent so much time here, kept meticulous spreadsheets, had all my ducks in a row, and in the end -- we got in a hurry and we chose an attorney who did not have anywhere NEAR the attention to detail that I have. She rushed us through the signing process and we had not even had a chance to look at her "rough draft" -- let alone the final.

          Did her errors make a difference in our case? No, it appears they did not. However, I went through a lot of completely unnecessary anxiety between the time of filing and the 341 meeting -- solely because I knew there were errors on that petition. Things that she was not concerned about and did not feel the need to correct. Yet we were the ones in the hot seat, under oath. So if I had it to do over again, you can bet I would not sign my name to a single document that I had not read myself and checked the accuracy. Not because it mattered one bit to the trustee or to the outcome of our case -- but because it mattered to ME.
          Oh wow THANKS!!! I will keep that in mind!!

          Comment


          • #6
            Originally posted by teekay View Post
            What would I do differently? I would've stayed calm during the entire process once I made the decision to file Ch7. I lost a lot of sleep between February until I was done with the 341 meeting in May. I kept worrying that they were going to fuss over charges I made to the credit cards within 6 months of filing. I had put $3000 on one of my cards less than 6 months before filing for medical bills and a hearing aid. The hearing aid was exempt as a "health aid," but still...you sit there and think OMG they're going to somehow contest this at the 341 and dismiss my case. Everything went totally smooth though from start to finish.

            I am almost 2 months post-discharge and I am content with where I'm at. I even have one credit card that somehow survived the bankruptcy--a Kohl's card that had a zero balance at the time of filing. I made two small purchases with it a couple weeks ago and paid off the balance today.
            Thanks!!!!

            Comment


            • #7
              Originally posted by sophieanne View Post
              I wish i never took advantage of all those credit card offers that came my way. but because I did, I wish i had filed earlier. Unlike my thoughts of bk, the world didn't come to an end. I had a great attorney and trustee so no desire to have changed them.
              Thank you!!

              Comment


              • #8
                - Not filing earlier than when I did. I first thought of BK about two years prior to filing (I filed in 2013, thought about it as a possibility in Summer 2010). If I filed then, I'd be discharged for two years and posting about getting car loans and seeing my FICO score go up. Also, since I was getting paid less, my DMI would have been lower and my trustee is not one to raise payments regularly.

                - Not starting back up 401 K contributions 6-12 months before filing. I was sliding down the slippery slope of taking out new cards, falling behind on the mortgage, taxes. Current credit cards were being maxed out, which led to higher payments. That led me to stop stuff like 401 K contributions and the match. One of many stupid decisions I made. From what I understand, you can still make 401K contributions post-petition as long as you have one it for a period of time pre-petition. I've considered starting them up again, but with over a year away from completing the plan, I don't want to start trustee trouble, but maybe I'm not well-informed how 401K contributions are continued post-petition.

                -Attempting mortgage relief with my lender pre-BK. They won't help you unless you are 30 days behind. I tried that and the slippery slope to financial ruin quickly became a near vertical chute to financial hell. When the full story of HAMP, HARP and other programs comes out, it will be revealed that many consumers were greatharmed by the whole process.

                Comment


                • #9
                  In hindsight, I can say I do wish we'd have stopped paying the cards a little sooner. We'd never had a late payment in 20+ years of credit history, and it was a sickening thing to stop paying them.

                  BUT -- I did talk to each creditor as they called, explained our situation, and told them we were going to file. Not one person was nasty. In fact, we got a lot of prayers and good wishes from total strangers. (My husband has had ongoing health issues, so this is why.) I didn't have attorney information to give them right away -- but if I had, this process would have gone even more smoothly. That's all they really want. So they did call me back every couple of weeks to check.

                  I'm not filled with regret over it -- I'm just saying, I can see now what everyone here was trying to tell me for awhile. After a certain point, there really is no reason to keep paying. We missed our first payments in May, and filed in July. I'm positive that we could have stopped payments a couple of months sooner and used that ~$1800/mo. for necessities. We still don't have a functioning grill. Two of our bedrooms have no flooring -- they're just old, cracked, concrete slab. These things are fine, it's no big deal... but it would have been money well-spent -- vs. sending it to creditors, when the end result was going to be the same -- bankruptcy.

                  Comment


                  • #10
                    Originally posted by Chrysalis View Post
                    In hindsight, I can say I do wish we'd have stopped paying the cards a little sooner. We'd never had a late payment in 20+ years of credit history, and it was a sickening thing to stop paying them.

                    BUT -- I did talk to each creditor as they called, explained our situation, and told them we were going to file. Not one person was nasty. In fact, we got a lot of prayers and good wishes from total strangers. (My husband has had ongoing health issues, so this is why.) I didn't have attorney information to give them right away -- but if I had, this process would have gone even more smoothly. That's all they really want. So they did call me back every couple of weeks to check.

                    I'm not filled with regret over it -- I'm just saying, I can see now what everyone here was trying to tell me for awhile. After a certain point, there really is no reason to keep paying. We missed our first payments in May, and filed in July. I'm positive that we could have stopped payments a couple of months sooner and used that ~$1800/mo. for necessities. We still don't have a functioning grill. Two of our bedrooms have no flooring -- they're just old, cracked, concrete slab. These things are fine, it's no big deal... but it would have been money well-spent -- vs. sending it to creditors, when the end result was going to be the same -- bankruptcy.
                    Thank you for sharing.

                    Comment


                    • #11
                      Originally posted by switch625 View Post
                      - Not filing earlier than when I did. I first thought of BK about two years prior to filing (I filed in 2013, thought about it as a possibility in Summer 2010). If I filed then, I'd be discharged for two years and posting about getting car loans and seeing my FICO score go up. Also, since I was getting paid less, my DMI would have been lower and my trustee is not one to raise payments regularly.

                      - Not starting back up 401 K contributions 6-12 months before filing. I was sliding down the slippery slope of taking out new cards, falling behind on the mortgage, taxes. Current credit cards were being maxed out, which led to higher payments. That led me to stop stuff like 401 K contributions and the match. One of many stupid decisions I made. From what I understand, you can still make 401K contributions post-petition as long as you have one it for a period of time pre-petition. I've considered starting them up again, but with over a year away from completing the plan, I don't want to start trustee trouble, but maybe I'm not well-informed how 401K contributions are continued post-petition.

                      -Attempting mortgage relief with my lender pre-BK. They won't help you unless you are 30 days behind. I tried that and the slippery slope to financial ruin quickly became a near vertical chute to financial hell. When the full story of HAMP, HARP and other programs comes out, it will be revealed that many consumers were greatharmed by the whole process.
                      Thank you!!!!

                      Comment


                      • #12
                        I wish I'd have just filed right after my divorce in 2010 instead of limping along for several years thinking I could get back ahead. As far as the actual case, I wish I would've trusted my attorney a bit more: I had some things I was concerned about, he said they weren't a problem, but I got paranoid and lost a lot of sleep (and gained quite a few gray hairs) over them. And, of course, they turned out not to be a problem, just as my attorney said.
                        This post does not constitute legal advice. If you use this advice instead of that of a lawyer, God help you.
                        Filed CH 7: 5/11/17 341: 6/12/17 Discharge: 8/14/17

                        Comment


                        • #13
                          Originally posted by rjmwx81 View Post
                          I wish I'd have just filed right after my divorce in 2010 instead of limping along for several years thinking I could get back ahead. As far as the actual case, I wish I would've trusted my attorney a bit more: I had some things I was concerned about, he said they weren't a problem, but I got paranoid and lost a lot of sleep (and gained quite a few gray hairs) over them. And, of course, they turned out not to be a problem, just as my attorney said.
                          Thanks. Yes I have been all over the place with emotions. Sometimes relieved, some times I feel guilt not paying on our credit card bills. It is a very scary thing.

                          Comment


                          • #14
                            Originally posted by RollTide View Post

                            Thanks. Yes I have been all over the place with emotions. Sometimes relieved, some times I feel guilt not paying on our credit card bills. It is a very scary thing.
                            Don't feel guilty. You will see that in the eyes of your creditors your financial obligation to pay your creditors is less an act of personal responsibility on your part than it is a business transaction to keep them in the red. A majority or most of your creditors will sell your debt off for pennies on the dollar to a debt buying firm and you will be paying them instead of your original creditor. And as I said before maybe a creditor or two won't bother filing a proof of claim.

                            Comment


                            • #15
                              Excellent discussion. It's so great, that I made it a sticky! Keep up the good work as this helps those who file bankruptcy in the future.
                              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                              Status: (Auto) Discharged and Closed! 5/10
                              Visit My BKForum Blog: justbroke's Blog


                              I am not an attorney. Any advice provided is not legal advice.

                              Comment

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