Our 341...

[asherrem]

Hi everyone,

I just wanted to share my story with you. We had our 341 on December 12th, and it was nothing like I expected. The Trustee was very nice. We had to bring our 2 year old son with us, and the Trustee was just smitten with him. I was worried about losing our tax refund, and it wasn't even mentioned, so a big "phew" there.

I called the Trustee's office today to ask if it was ok that we buy a (cheap) car since the one we have is being surrendered, and I was told "your case was ruled no asset--you can do whatever the heck you want now, you need to get around too". I almost peed, I swear.

We ended up having to file because our medical bills got out of control. We had the obligatory credit card debt--nothing outrageous--but in combination with the medical, we couldn't afford a friggin thing. We went through a credit counseling service to bring down the payments on the cards, and that worked great for a while--cut our payments in half--but it eventually got to the point where we could pay that and the medical, but not buy groceries.

I hadn't used the credit cards in 4 years at the time we enrolled in the service, and eventhough I paid on time, my balance didn't seem to go down more then a dollar or two each month. Then they'd tack on some sort of "service" we didn't want, ask for or know about, and that would scoot the balance over the limit, and we'd have to pay an over limit fee among all the other crap. I don't feel the credit card companies got screwed in the least--they got more than what we ever borrowed from them.

I refuse to ever get another credit card. My bank card works just fine for any credit card-type needs. Hopefully we won't have to deal with any more huge medical emergencies for a while, or at least until we get a decent amount of savings going, so I'm counting on a good, clean, fresh start.

Sometimes bankruptcy happens to people who try their hardest to avoid it. You guys are good people and I learned a lot from you these past few terrifiying months, thank you.

[FilingOnMyOwn]

Congratulations. I too struggled with the guilt for a very long time of this outcome. But after doing everything in my power to prevent it, when a greedy credit card company quadruples your interest rate for one late payment, I now believe that those kinds of business practices made the decision for them, that they didn't really want to be paid back. After all, if they really wanted their money, they would make the terms realistic and fair, not outrageous and ridiculous.

[bkfiler]

whoo whoo congrats!

long time in the making and you are done with your 341!

go join the 60 Day Club thread and bring your family. can you cook? we are looking for more cooks for the BBQ!

as for credit cards, you really have no choice in todays world. you are gonna need to build your credit. you dont need to use them past building your credit. in fact you shouldnt imo. your credit history will bring you better apr's on cars and house loans, etc.

im with you however, i wont use credit cards anylonger. just dont see the need anymore. but i do have to play the game to get better scores. but i will play it smart and to my advantage, not theirs

[Leftfield]

Congratulations. I too struggled with the guilt for a very long time of this outcome. But after doing everything in my power to prevent it, when a greedy credit card company quadruples your interest rate for one late payment, I now believe that those kinds of business practices made the decision for them, that they didn't really want to be paid back. After all, if they really wanted their money, they would make the terms realistic and fair, not outrageous and ridiculous.

I totally agree with you.

Basically, that's exactly what happened with me. As far as those delinquent APR, they should only be considered as discouragement to card holders not to default the card agreement. If you call the CC company to resolve the issue and arrange a payment solution and they decline to lower the APR, then they're bassically asking not to be paid back like you said.

In my case, I never missed a single payment (prior to last month). I called CC to lower the APR with no result. I spend more than 45 min. on the phone with B of A. Transfered me almost a dozen times just to be told that there is nothing they can do for me. I argued that I never missed a payment in any of my credit cards and 19.99 APR does not seem fair. I threatened to close my checking account with them and they told me "do what you gotta do" !!!. Folks those the exact words I've been told. Same thing with the rest of my high balance CC. How F**ing greedy do they have to be?? I was like " look man, why don't you lower the f**ing APR and you will keep me as a customer"

They left me no other alternative but to file BK. Actually, I decided to file when I had no cash to pay for the first time. And as most of you know, it just goes out of control for there; fees, interest, minum past due+minimum due ... = BK