I need advive, please share your experience!!!

[Skujulius]

Hello All!!
Im 23 with over $60K in cc debt.
I have many questions regarding BK.
I'm considering ch7 because i see no end to my minimum payments.

First question??

Had anyone ever regret filing BK?
Can i keep my car that i am still paying for?
What if i have very little assets: an old car that doesn't run(needs transmission work), laptop, some clothes, not much else, i live with parents.

An attorney told me he will go to the 341 meeting with me and I never have to go to court?? is this true?

will the creditors try to get anything out of my parents for my financial mistakes?

again thank you everyone in advance

I want to start over and live smarter and have Hope in God only!!
God bless you and your families!!!

[zpbk13]

I am certainly no expert but I can share me and my husband's experience so far. We stopped paying credit cards in January and filed last Wednesday. Our 341 hearing is September 21st. I do not regret filing one bit. I do regret getting myself into this mess and co-signing for a vehicle for a family member that stole my identity but that's a story for another day. Sigh.

We plan to keep one of our vehicles by doing a ride through which means unless the finance company takes something off the principal (or is it principle) of our loan, we will not be reaffirming. Our attorney assures us that doing a ride through is fine. We bought a new vehicle before our credit tanked and have a 1.9% interest rate - you almost can't do better than that.

It is my understanding that yes your attorney will be with you at your 341. I know ours will be and she even had me come to court (I work near the courthouse) to witness some 341s to ease my mind a bit and see her in action.

Our attorney says we are a no asset case. We have nothing that anyone would want. We do own a home but are underwater so no one would want it. We own a timeshare but again who wants a timeshare these days? So we are planning on keeping it as it's just about paid for.

We too want to live smarter and hope this bk brings us a fresh start. But we know we have to be careful. Like the expression goes - guns don't kill people; people kill people. Credit isn't bad in and of itself but I can't shoot myself in the foot if I don't have a gun in the house and I can't abuse credit if I refuse to get into the credit rat race again. I wish you and yours all the best!

[hamburgervol]

"Had anyone ever regret filing BK?"

I think those that regret BK are the ones that turn right around after discharge a get right back into the same shape they were in before they filed.

"an old car that doesn't run(needs transmission work)"

I kept an old non running car. The trustee asked about it but quickly lost interest when when he realized it was only a restoration project(a shell). If the trustee can't sell/auction it they don't want it. Same goes with you're used clothes and laptop.

[Skujulius]

Thanks for the replies folks.

Ok this is frustrating but i see no end other solution that bk in my case.
I just hope everything works out.

can an employer not hire me because of my bk?

[zpbk13]

A lot of people have that concern about employment. I honestly don't know. We were in such a deep financial mess, we couldn't allow fear of the future to paralyze us and keep us from filing. Could I possibly be turned down for a position in the future because of my bk? I guess so, but I'm also overweight, over 40 and african american so I figure I have quite a few strikes against me and if my bk further possibly disqualifies me from a particular job, then so be it. I figure it can't be any worse than a credit report full of negative reportings and possible judgments, respossessions and/or liens.

Have you retained an attorney yet? My attorney has done a lot to put some of my biggest fears to rest and she has proved more than her weight in gold to us with helping us along this process. A good or great attorney can make all the difference in the world!

[Chowder]

Had anyone ever regret filing BK?

I regret not filing earlier.

[JRScott]

Thanks for the replies folks.

Ok this is frustrating but i see no end other solution that bk in my case.
I just hope everything works out.

can an employer not hire me because of my bk?

If the job requires you to be bonded and you cannot find anyone willing to bond you then yes it can cause you to not be hired. However that is not an automatic with bankruptcy and some folks do still find a way to be bonded and continue in the financial sector.

[pookieny]

I regret not filing on a larger amount of debt

j/k

[shabam]

I have to ask, how did you get and spend $60k at such a young age?

[Skujulius]

real estate investing seminars, courses, coaching programs,
wrong place at the wrong time,
i was just waiting for this one deal that can pay for it all
and slowly this debt accumulated

[Ann]

real estate investing seminars, courses, coaching programs,
wrong place at the wrong time,
i was just waiting for this one deal that can pay for it all
and slowly this debt accumulated

At 23 you have time on your side!!! Use the bankruptcy to gain control of your finances and use the whole process as a way to a better life!!! Learn from it and I bet when all is said and done and you look back you will be glad you did. I WISH I would have come to my senses much much earlier in life and not wasted so much valuable time and money on worrying and paying on credit cards and personal lines of credit that I knew deep down would never go away!

[needachance]

You're not the only one that got into a mess because of a "business" scam. Ours was Amway, that got the whole process started. We had seen the light on Amway and started paying off the debt, doing really well, when hubby lost his job and we lost our insurance and our kids got sick with epilepsy. After lots of medical bills and years of scrimping and being poor just to pay minimum payments, here we are. Only regret is that we didn't file YEARS sooner.

You learned your lesson, go forward and be smart...cash only.

[music12]

no regrets. the smartest decision of my life. the relief is beyond description.

my problem was not credit cards but a particular company that was claiming to be a creditor and going after me in ways that paralyzed my life. all of that simply stopped, just like that, the moment i filed.