Unsecured CCs Approved - 2 Days After Discharge

[LSUTiger32]

You sound jealous?

Yes, you figured me out!

[FTWORTH]

Kumbaya my lord......

You sound jealous?

[LSUTiger32]

Kumbaya my lord......

[Logan]

Of course I agree with you Logan. There are many reasons why people end up in bankruptcy. If a person's mortgage(s) caused them to file does that mean they should never buy a house again? If medical bills caused them to file does that mean they should never see a doctor again?

Many people who file for bankruptcy did not overspend on their credit cards. But for those that did overspend on their credit cards, being afraid of credit is not going to heal the personal inner conflicts that cause most pre-bk credit card overspending in my opinion. Those personal inner conflicts that caused the credit card overspending will just display themselves in other areas of one's life post bk if left unaddressed as the root cause. I believe that learning how to use credit responsibly is part of my post-bk lesson. In our society, credit is necessary unless a person is independently wealthy (ie multi-millionaire), or lives in a shack in a small village where people trade chickens for services, and there is no broader economic context.

Of course this is my opinion and ymmv.....

We're on the same page backtoschool. You probably saw the argument about me contributing to my ROTH instead of paying my car loan down at a faster rate. I'm sure you've seen the stock market gains over the last week...gains in the market move in waves and this is a big wave. I will be taking profits on my non dividend stocks very soon to make sure I keep these profits.

Like you said, credit is a tool and while I would like to have my 4.5% car loan paid off I must also save for retirement. In the last year my 401K is up 14% and my ROTH is now up 18% and with compounding interest over time that is a big deal--I just wish I understood this more when I was younger because at 43 I don't have as much time to take advantage of the compounding interest.

Another side note about dividend investing. It was suggested that I should have paid off my car a year ago and then invest in a bigger lump after it is paid off. Since I'm targeting dividend stocks and you get a payout every quarter for each share that would mean that investing today at higher stock prices I would forever have less shares and forever be receiving less dividends that are being reinvested. Take my stock NWE for example. I have many contributions in the 25-27 range and one as low as 23.99. Todays price is in the 29's and rising. If I were to buy today instead of spread out over the year (I did make some larger contributions at the end of last year) I would have less shares which would mean forever less dividend payouts and less money reinvested into the stock.

For those bouncing back from BK, I was 2 years out of discharge when I started this...it takes time to bounce back.

Logan

[backtoschool]

Not everyone went BK because of credit card debt. I was laid off and divorced at the same time which led to my eventual BK. Unlike you I was never ever contacted by a creditor and when I did call the lender for my car loan to have them pick it up it took them 3 months to finally get to me which meant a free car for 3 months.

I agree with your comparison about the drunk in rehab but not everyone who has a drinking problem has to go to rehab or AA. There are many who abuse alcohol at some point in their lives that can continue to drink without any problems. Credit can be the same.

As for me, I pretty much use my credit card for everything for various reasons and did not and will not go into BK because of credit card abuse.

Logan

Of course I agree with you Logan. There are many reasons why people end up in bankruptcy. If a person's mortgage(s) caused them to file does that mean they should never buy a house again? If medical bills caused them to file does that mean they should never see a doctor again?

Many people who file for bankruptcy did not overspend on their credit cards. But for those that did overspend on their credit cards, being afraid of credit is not going to heal the personal inner conflicts that cause most pre-bk credit card overspending in my opinion. Those personal inner conflicts that caused the credit card overspending will just display themselves in other areas of one's life post bk if left unaddressed as the root cause. I believe that learning how to use credit responsibly is part of my post-bk lesson. In our society, credit is necessary unless a person is independently wealthy (ie multi-millionaire), or lives in a shack in a small village where people trade chickens for services, and there is no broader economic context.

Of course this is my opinion and ymmv.....

[calco86]

So if I am not a asset case it should go by quicker then?

[Logan]

I am sorry, nothing personal but anyone who just discharged one hundred freaking thousand dollars in credit card debt just should not be worried about fixing their credit score two days after their discharge. The idea that these courses that we are forced to take during bankruptcy encourage this makes me sick.

No one wants to hear the comparison but it is like a drunk going through rehab and taking a cab from the rehab facility to a bar. "Give me a jack and coke and make it a double.....I learned my lesson."

Not everyone went BK because of credit card debt. I was laid off and divorced at the same time which led to my eventual BK. Unlike you I was never ever contacted by a creditor and when I did call the lender for my car loan to have them pick it up it took them 3 months to finally get to me which meant a free car for 3 months.

I agree with your comparison about the drunk in rehab but not everyone who has a drinking problem has to go to rehab or AA. There are many who abuse alcohol at some point in their lives that can continue to drink without any problems. Credit can be the same.

As for me, I pretty much use my credit card for everything for various reasons and did not and will not go into BK because of credit card abuse.

Logan

[backtoschool]

I wonder what the longest open BK is. I'm over a 1 year and it's still open. No update for months and the final date for creditor claims was in August. As part of the BK case, do they log the asset distribution?

It takes awhile for the trustee to issue checks to all the creditors, and then they have 90 days to cash the checks. If the checks are uncashed (some of my checks were for amounts under a dollar so I can't imagine they all got cashed) then the trustee redistributes the money to the remaining creditors, etc. This is what takes so long. Yes there is a matrix that the trustee will file in your docket of how the money was distributed amongst your creditors.

[CCsAreEvil]

I wonder what the longest open BK is. I'm over a 1 year and it's still open. No update for months and the final date for creditor claims was in August. As part of the BK case, do they log the asset distribution?

[backtoschool]

Question for you..

We filed on: 10-26-2010
Last Day of Objections: 1-21-2011
Last Day for proof of claim: 4-?-2011 ----- What is this? I thought when the discharge is granted case is closed?

I hear a lot of people talking about pacers. What is it?

I was an asset case. So I had more steps to getting my case closed. A proof of claim is a date that creditors have to file for part of the asset distribution. Discharge is what relieves you of your debt, but the case can still be looked at by the trustee, until it is closed.

Pacer is an online system where you can look up bk filings and docket reports.

[kartoons19]

Question for you..

We filed on: 10-26-2010
Last Day of Objections: 1-21-2011
Last Day for proof of claim: 4-?-2011 ----- What is this? I thought when the discharge is granted case is closed?

I hear a lot of people talking about pacers. What is it?

Pacer is a government website where you can look up information on your bk case. Here is a great thread on how to use Pacer.
http://www.bkforum.com/showthread.ph...Guide-amp-Tips. Hope this helps.

[calco86]

It is not the same LSU. Credit is a financial tool, not a drug (for most) and buying a home requires established credit (for most). Please do not judge others that are in different situations than you.

Question for you..

We filed on: 10-26-2010
Last Day of Objections: 1-21-2011
Last Day for proof of claim: 4-?-2011 ----- What is this? I thought when the discharge is granted case is closed?

I hear a lot of people talking about pacers. What is it?

[tanya0525]

tanya...be expecting some guests!! LOL!!! we'll be ON R way!!

looks like i'll be going to washington state to a garage sale!!

ROAD TRIP!!!!!!!!! Back2school....start packing...i'm picking you up on the way!!!

Lol. The last time we had one...he was sooo pissed because I wouldn't let them go. I'm sorry, I have sacrifed so much during this BF. I needed to keep just one thing from my old life...ok maybe 20 .

[backtoschool]

I would rather get run over by a truck than use a knockoff handbag.

Roadtrip to tanya0525's garage sale sound just about right. If the number in your username is your birthdate tanya0525 then we have the same birthday.

[tanya0525]

goes to show...you can TAKE the hangbag away for the woman...BUT you can't take the woman OUT Of the hangbag...where there IS a will there IS a way...we WILL manage...however, i'm NOT doing knockoffs..k PLEASE...

Amen to that!!!!!! I wonder what vises men have?? Please don't say porn...lol.