My wife and I were discharged a few weeks ago from our chapter 7. We got rid of 100% or our debt and will be giving our house back to the bank as it was included in the bankruptcy without reaffirmation. We gave back two cars and about 50k in unsecured debts. We are giving up our house as it is much more than we need or want at this time.
For all those who thinks life is ending during the bankruptcy...life is really just beginning.
We have been approved for a very nice, luxury apartment whenever we are ready to move. Moving from our house into this apartment will be saving us almost $900 per month and we get swimming pools, work out facilities and a far better location than our current home.
We have also just been approved for an auto loan with Roadloans for up to $25,000. Your next question: But what is the interest rate? 13.79% for 72 months. We have two paid off cars at the moment but we will be selling one for cash...1995 Nissan Altima with 198,000 miles. We only plan on buying a used vehicle around $15,000 and about a 48 month term. We love not having a car payment but there are many benefits to getting a reasonable car loan...and we will actually be able to travel out of town. We were totally shocked to get this kind of financing after two reports and bureaus in the mid 500's. Job time and incomes saved us...and our payment history is good too.
Our goal is never to have more than one practical car payment, no credit cards ever again, we currently have $3,000 in our savings for emergency and we will be living 100% based on just one of our incomes. Our negative process is over and aside for the credit report disputing...its all good from here!
The light at the end of the tunnel is financial freedom to make better decisions and to re-prioritize your financial life and future. We feel great about our decision to file and have learned a lifetime of lessons!
UPDATE!!!!
JUST PURCHASED A 2003 TOYOTA, 21K, BEAUTIFUL CONDITION...DEALER FINANCED WITH WFS AT 12.5% FOR 5 YEARS. AVERAGE SCORES....545...CREDIT REPORTS STILL A MESS AND A LOT OF ACCOUNTS REPORTING INCORRECTLY. PUT 1,000 DOWN TO PAY OUR SALES TAX AND NOW CAN SELL OLD CAR FOR CASH TO PUT IN BANK.
Good luck to you all and Happy Holidays!
For all those who thinks life is ending during the bankruptcy...life is really just beginning.
We have been approved for a very nice, luxury apartment whenever we are ready to move. Moving from our house into this apartment will be saving us almost $900 per month and we get swimming pools, work out facilities and a far better location than our current home.
We have also just been approved for an auto loan with Roadloans for up to $25,000. Your next question: But what is the interest rate? 13.79% for 72 months. We have two paid off cars at the moment but we will be selling one for cash...1995 Nissan Altima with 198,000 miles. We only plan on buying a used vehicle around $15,000 and about a 48 month term. We love not having a car payment but there are many benefits to getting a reasonable car loan...and we will actually be able to travel out of town. We were totally shocked to get this kind of financing after two reports and bureaus in the mid 500's. Job time and incomes saved us...and our payment history is good too.
Our goal is never to have more than one practical car payment, no credit cards ever again, we currently have $3,000 in our savings for emergency and we will be living 100% based on just one of our incomes. Our negative process is over and aside for the credit report disputing...its all good from here!
The light at the end of the tunnel is financial freedom to make better decisions and to re-prioritize your financial life and future. We feel great about our decision to file and have learned a lifetime of lessons!
UPDATE!!!!
JUST PURCHASED A 2003 TOYOTA, 21K, BEAUTIFUL CONDITION...DEALER FINANCED WITH WFS AT 12.5% FOR 5 YEARS. AVERAGE SCORES....545...CREDIT REPORTS STILL A MESS AND A LOT OF ACCOUNTS REPORTING INCORRECTLY. PUT 1,000 DOWN TO PAY OUR SALES TAX AND NOW CAN SELL OLD CAR FOR CASH TO PUT IN BANK.
Good luck to you all and Happy Holidays!
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