top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Bankruptcy to get out of a house?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    #16
    Wow, randomly found this through a web search. Reading it really brought me back to my mindset and desperation back then. It really did suck.

    I did not quit my job, my wife ended up losing hers which would normally be a bad thing but ended up being quite timely given the circumstances. We were able to qualify for chapter 7 filed and went through the process. Lots of paperwork, shady lawyer and all.

    One interesting situation that came up. We wanted to re-affirm our car loan but toyota didn't sign the paperwork we sent them before the BK was finalized. We then had no contract but a car, and presumably an expectation of payments on it. When I called them about the situation telling them we could jus draw up a new contract with the same terms they refused and told me I could just keep making payments if I wanted or pay the balance. I replied, "Did you just spit in your hand and say 'we have a deal'? I need a contract." I was shocked that a large company like that would make such an outlandish offer, I told them to come get their car. Took a chunk of my remaining cash and actually got a car loan (over half down) literally a month after the BK.

    We stayed in the house for a few more months to save money to move. I got my pine trees and quiet. Spent a few years there mentally and financially recovering. Career has gone awesome since then, having the mental energy and positive mindset to devote to work as well as the freedom to move for the right position have been HUGE. Wifey doesn't have to work and I'm making well over what we used to make combined. The BK was one of the better major life decisions I've made. Wifey (and now family!) are happy, healthy and comfortable.

    The house itself continued to plummet in value. At one point it was at 80k down from 270k. I think it's now valued around 120k. Ouch!

    Of course the BK black mark is still there, but my credit score is above 700 again. I've gotten (and paid off) a couple of car loans since the BK. Not bad rates considering.

    So, happy ending after all. Life goes on. I learned some great lessons and think I'm better for the pain.

    Comment


      #17
      Originally posted by big_slacker View Post
      Of course the BK black mark is still there, but my credit score is above 700 again. I've gotten (and paid off) a couple of car loans since the BK. Not bad rates considering.

      So, happy ending after all. Life goes on. I learned some great lessons and think I'm better for the pain.
      Well, I guess you deserve a "congrats" for handling your situation.

      And it's true - the more time elapsed since filing, the more I'm convinced it was the right move. As of today, there is no doubt about that what so ever.
      Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
      FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
      FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

      Comment

      bottom Ad Widget

      Collapse
      Working...
      X