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    Today is the day!

    I am finally going to start the process on filing Ch 13. I'm equal parts excited and nervous.

    I have a question for the group. How long did it take you to " bounce back" from Ch13? My wife and I want to get back into buying income property and I'm curious how long it takes to get your score back up to the point you could qualify for a mortgage in a investment.


    Thanks!

    #2
    Congratulations for starting the process. It takes a little time after your case is completed before you can get back into the investment purchases. I think you might want to take one step at a time. Good luck as you get started.
    Filed Chapter 13 - 07/20/12
    Discharged 8/2/16

    Comment


      #3
      Bouncing back is a fairly long and drawn out process. The following is kind of a chronology of my process:
      • 2012
        • My wife's business failed and left us in a LOT of debt.
      • 2013
        • I discovered my business partner had spent over $100,000 in my name for a niche business he started; a business which didn't yield a single penny of income
        • Due to the financial burdens, my wife and I sold our house of 11 years at a significant loss and separated.
        • I found a smokin' deal on a "Care Taker" apartment on a horse farm where part of my rent was offset by taking care of the horses and pitching a ton (literally) of poop per week.
      • 2014
        • My estranged wife filed for a Chapter 7, which had the effect of dumping the remaining portion of our joint debt on my shoulders.
        • I was where you, RAnthony83, are now, namely starting the process for filing a Chapter 13.
      • 2015
        • My filing was complete and my attorney submitted my case in late January.
        • My confirmation hearing took place in March and then I settled in for the long grind.
      • 2017
        • My car, then 16 years old, succumbed to rust and other corrosion; there went 100% of my meager savings plus the next month's income for food and such.
      • 2018
        • I got a large tax return and the Trustee said, "I'll take that, thank you very much!"
      • 2020
        • Last payment in February and Discharge in March.
        • My wife moved back in with me in April after staying in contact over the years.
        • I applied for a few Secured Credit Cards; all declined, including Bank of America, where I'd been banking for many years.
        • I was finally approved for a CapitalOne Secured Credit Card, however, after using it for only two months I closed it after discovering they play games by triggering anti-fraud protocols (where they hold your payments for up to 12 days) if you pay more than once per month (and with a credit limit of only $1,000, I had to pay almost weekly).
        • I changed banks and got a Secured Credit Card through my new bank with a $5,000 limit.
        • Even with all of the machinations, my credit score for both Equifax and TransUnion is now hovering around 720; the lone fly in the ointment is my Experian score which has bounced around between 600 and 625 and is currently 607.
        • Even though my Chapter 13 was discharged in March, I've been pretending I am still in it and have been paying my savings account instead of the trustee.
      • 2022
        • If all goes as planned, my wife and I will have saved enough for a down payment on a new home; that plus the 2-year window for obtaining an FHA mortgage will have passed which should make it relatively easy for us to obtain a mortgage.
      So, basically ten years from the time our financial melt-down hit full stride to when we are back in a home of our own.
      Latent car nut.

      Comment


        #4
        Originally posted by shipo View Post
        Bouncing back is a fairly long and drawn out process. The following is kind of a chronology of my process:
        • 2012
          • My wife's business failed and left us in a LOT of debt.
        • 2013
          • I discovered my business partner had spent over $100,000 in my name for a niche business he started; a business which didn't yield a single penny of income
          • Due to the financial burdens, my wife and I sold our house of 11 years at a significant loss and separated.
          • I found a smokin' deal on a "Care Taker" apartment on a horse farm where part of my rent was offset by taking care of the horses and pitching a ton (literally) of poop per week.
        • 2014
          • My estranged wife filed for a Chapter 7, which had the effect of dumping the remaining portion of our joint debt on my shoulders.
          • I was where you, RAnthony83, are now, namely starting the process for filing a Chapter 13.
        • 2015
          • My filing was complete and my attorney submitted my case in late January.
          • My confirmation hearing took place in March and then I settled in for the long grind.
        • 2017
          • My car, then 16 years old, succumbed to rust and other corrosion; there went 100% of my meager savings plus the next month's income for food and such.
        • 2018
          • I got a large tax return and the Trustee said, "I'll take that, thank you very much!"
        • 2020
          • Last payment in February and Discharge in March.
          • My wife moved back in with me in April after staying in contact over the years.
          • I applied for a few Secured Credit Cards; all declined, including Bank of America, where I'd been banking for many years.
          • I was finally approved for a CapitalOne Secured Credit Card, however, after using it for only two months I closed it after discovering they play games by triggering anti-fraud protocols (where they hold your payments for up to 12 days) if you pay more than once per month (and with a credit limit of only $1,000, I had to pay almost weekly).
          • I changed banks and got a Secured Credit Card through my new bank with a $5,000 limit.
          • Even with all of the machinations, my credit score for both Equifax and TransUnion is now hovering around 720; the lone fly in the ointment is my Experian score which has bounced around between 600 and 625 and is currently 607.
          • Even though my Chapter 13 was discharged in March, I've been pretending I am still in it and have been paying my savings account instead of the trustee.
        • 2022
          • If all goes as planned, my wife and I will have saved enough for a down payment on a new home; that plus the 2-year window for obtaining an FHA mortgage will have passed which should make it relatively easy for us to obtain a mortgage.
        So, basically ten years from the time our financial melt-down hit full stride to when we are back in a home of our own.
        Thank you for the detailed time line! I' m glad things are coming full circle now for you!

        Comment

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