Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

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"Being bankrupt"

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  • "Being bankrupt"

    There's so much stigma around the idea of "being bankrupt" or "going bankrupt". The truth is that I have way more money now than I did 2 months before I filed. I was drowning in crippling debt payment and paying my utilities late to make sure I didn't bounce my rent check. BOA was calling every two days. I didn't realize how sick with anxiety and stress I was until I finally filed.

    Now that I've filed and have my 341, I feel like I can breathe again. I have a budget that I know I can stick to... as long as nothing catastrophic happens. Which I sort of know it will, so I'll be tightening my belt and putting money into savings every month. I know I have Christmas and one other major expense in December, so I'm also saving for that. Pay yourself first. (After the Trustee!)

  • #2
    It sounds like you Chap 13 is going just as it should. My experience was the same. It was a huge relief. I had some unexpected expenses, but was able to handle them by setting aside as much cash as I could from the begining. I hope that the rest of your Chap 13 goes as smoothly as mine did.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


    • #3
      Thanks for the words of encouragement.

      It's a total change in mindset. The top that I wanted for $79 that has been out of stock for months is now finally available! Yeah, I can't have it. I wanted a restaurant grade strainer for making my own yoghurt. At $35-59, I can't have it. My back is sore from my messenger bag and the ergonomic backpack that I wanted is on sale for $99. I can't have it. Daughter wants her cracked phone screen fixed. Not in March. Maybe April.

      I've never lived like this because I have always made a decent living. A job loss and a divorce and no experience budgeting is what got me here. But I'll make it.


      • #4
        WTG Newlife13. You're going to be successful because you understand what's needed to be successful. It is amazing how fast you can breath that sigh of relief when you do the budget thing and really stick to it. This got me through the BK and it's how I live now. I still look at what's a true need versus a want. Keep going the way you are, you'll be done and in great shape before you know it
        Filed Chapter 13 - 07/20/12
        Discharged 8/2/16


        • #5
          Great attitude! We filed our 13 back in 2005, just before the laws changed. We could have filed 7, but FOOLISHLY didn't want to give up our RV, so went with a 5 year 13. Looking back, while it was tough at times, I'm very greatful. We learned a 5 year lesson that to me is priceless. Have I made some foolish financial decisions since? Absolutely, but none I couldn't rectify on my own by buckling down. Needs vs wants......Again, great attitude!!!!
          You can't have your cake and eat it too. But you can dip your finger in the bowl and lick the icing


          • #6
            Also, I called my cable provider today and negotiated a $27/mo reduction in my total monthly bill with additional services added. I had to re-up a 2-yr agreement but the savings after 12-months outperforms that cancellation fee by $100+. So, who cares? Yeah to $324 savings a year! Every little bit counts. :-)


            • #7
              For me it's been rough. I have had it real bad for about five years trying to pay cc and selling things to do it. I always thought something would happen to fix things. I had my meeting last Monday and I was so stressed for months leading up to that but it was uneventful and less than 15 minutes. I don't know why but I have had a lot of anxiety still. My chapter 7 was simple and done but I still feel stressed. I can't wrap my head around the fact that I am now "bankrupt". I think I have been so stressed for so long it's hard to stop the train. Looking back my only mistake is I should have done it much sooner.
              I have to keep reminding myself it's over.


              • #8
                Viper1 You would be surprised (or maybe not) about how many people say the same thing "Why didn't I do this earler". I'm glad your on yur way to recovery and a better life
                Filed Chapter 13 - 07/20/12
                Discharged 8/2/16


                • #9
                  I'm in a 13, so I have 58 months to go! But, my financial situation is so drastically improved that it's like Night & Day. I have set down my 1-yr, 2-yr and 5-yr financial goals and feel confident about meeting them.

                  Edited to add: Goal #1 is $10,000 emergency fund. I'm 30% there. Goal #2 is $1,000 in separate savings account by December for a downpayment on a large kid expense and a very lean Christmas. I'm on target to hit that, too. It's requiring an insane amount of belt tightening, but I feel amazing! :-)
                  Last edited by newlife13; 03-20-2017, 02:08 PM.


                  • #10
                    newlife13 I'm in Ch. 7 and have my 341 tomorrow, soooo nervous! But like you I have had to say "no" to lots of things right now. I have 4 kids with me (21, 20, 15, 14), older ones do still live at home, while they go to college/work and start saving/planning on starting their lives. But I too have had to cut back on some things like cable, my satellite radio, setting a budget for groceries that we need not just the fun junk food we really don't. After taking my 2nd online BK course, I did learn what necessary spending was and discretionary spending is, so now I am REALLY trying to live on a consistent budget. I hope to get things pretty well laid out once my 341 and discharge (I pray) happen, so that I can start saving money and get ahead of my bills, not that I am behind on them. But I would like to be able to pay them before the due date and NOT wait until the day they are due or take advantage of the grace period. I just want to get on with my life and get a fresh start. I've been stressed out so much lately, just trying to stay afloat.


                    • #11
                      One of the most welcome surprises of bankruptcy can be that once you don't pay thousands a month to debt you suddenly have cash flow. This why you get advertisements from car dealers about their deals for BK filers, etc. Creditors already know that as long as you have an income you then have ready cash for the first time in years, especially if you filed chapter 7.


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