Life after Chapter 7

[downwardspiral]

Would those who have already filed tell me what it was like? Was it easy? Was it a huge relief? How was your life after? Was it impossible to get credit? buy a car? buy a house?

Right now we are so in debt that now that we know we have to file bankruptcy I feel a huge relief.

Any stories would be great. I'd just like to know what it will be like.

THanks

[6ftladycop]

Life After Bankruptcy Chapter 7

Hello
I,m a pro se filer. No it was not easy, but with a little organization, some good advice especially from those on this website and the bankruptcy helpdesk in Illinois, I was able to get it done, discharged and closed in 7 months. I decided to wait until one year has passed before getting any cards and credit and such. I have requested my credit information again and scores. They have not arrived yet, but after that when I am able to see if fico scores have increased, I will consider doing something.

[JRScott]

I was very relieved.

I have not applied for any new credit.

I have not bought a car.

I have not bought a house.

I'm working on a lifestyle change sufficient that when I do get credit in the future that I'm able to handle it more properly and avoid any future entanglements

[Cassiopeia]

Extremely relieved, like a huge boulder lifted off my shoulders!

I wish I had done it sooner than I did. I was terrified of the stigma of BK and suffered with creditor harrassment for way too long.

It was very easy to do, I had a wonderful attorney.

I'm sorry I had gotten myself into such bad financial shape but...filing BK was one of the best things I ever did.

I reaffirmed my auto loan, so didn't have to buy a new car. Have an HELOC (own my own home) so haven't bought a house. I do have one credit card (Orchard) to start building up my credit now. I have a $500 limit and have not had it more than $200 and I pay it off in full every month.

I now SAVE money in ING religiously, and watch my pennies.

Life after BK is WONDERFUL.

[keepmine]

The most important thing you can do post bk is fix the stuff that created the bk in the first place. Establish a savings account for emergencies so you don't need to depend on a cc. Max out your 401K and live below your means.

[Cali]

Fix it if it was because of overspending.

As for the medical reasons and outsourcing high paying jobs, you get to start where you left off but sans all the debt.

The most important thing you can do post bk is fix the stuff that created the bk in the first place. Establish a savings account for emergencies so you don't need to depend on a cc. Max out your 401K and live below your means.

[zimbra]

Hello,

I think a lot depends on you attitude and mindset. For me filing was a relief, although it should have happened a lot sooner. Shortly after filing I filed for divorce, so it was stressful, but the help of a good lawyer who will answer your every question is worth their weight in gold.

I was discharged last week and had a creditor objection come in at the last hour (literally filed 30 minutes before the courts closed on the last day for objections). So I am now dealing with that...

On a positive note though, I was able to finance a vehicle less than a week after discharge. I had about a 10% down payment, which helped, but beware that the interest rate will not be the best. My goal is to work on improving my credit and refi in 6 months to a year. I haven't tried applying for credit cards yet, but will need to in the next month or so because I need one for business travel.

Just take it one step at a time and remember there are many others that have walked the same line and are here to help you out.