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

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Why Are/Have You Filed BK?

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  • Had a revolving line of credit (10+ credit cards) $270,000 worth. Paid every month 3 to 4 times minimum payment and some months paid some cards off.. We had a credit score of 790.... Used credit card to buy materials and parts for our very sucessfull classic car restoration company. During the downturn AMEX decided I had too high of limits and without warning lowered my limits on all 3 of my cards the day after I paid $70,000 off. Suddenly I found myself without enough capital to finish some of my projects and missed payroll. Had to lay off and forgo buying parts for restorations... Other credit card companies decided since my line of credit was lowered and my credit score dropped to mid 700's they needed to do the same and started cutting me off more. Of course credit score then dropped again... Well it just fed on itself until my business was basicly destroyed due to lack of funding until I sold one of the cars I finally managed to finish. But now I have such bad credit due to low credit score I decided to quit the treadmill and let em ride until the banks sold the loans. Payed off the banks that would take $20 cents on the dollar and now face bankruptsy due to harrassment by Frederick Hanna and other compaies that won't deal...


    • I've been in debt since college - nearly 20 years. Illness, family responsibilities and now a separation which left me holding the bag for all of the bills and pays nothing toward child support. Got sued by citibank in May, paid a partial settlement, but there are tons more (fiveish?) plus student loans, and I see an attorney on Tuesday. Garnishment or another lawsuit would break me - the paycheck doesn't stretch far enough and I'm broke two weeks a month, can't get another job because I need FMLA.

      I didn't want to do this, wanted to pay all of the bills. Just can't.

      How am I even going to pay a lawyer?!


      • I feel your pain...

        I can totally, so much...
        I want to pay back my creditors, too....would prefer to be working at a great job, fiscally responsible once again, healthy, and putting my financial life back into shape!!
        Good luck to you!!


        • My husband and I were both employed at decent paying jobs. We got caught in the rat race of thinking we needed nice things. We bought a 2 bedroom home in 2006 with plans on only staying 3-4 years and then selling and moving up, we got a pretty good interest rate with an FHA loan, but the payments were almost double what we had been paying for rent. This was the first mistake to start our downward spiral of poor decisions. Soon after we moved in the value started to drop. We then made poor choices by getting hosed at a dealership on a car that I thought I needed to make my 50 mile commute to work everyday and using a vehicle that was paid off as a trade in on a truck, then gas prices started climbing so we decided it would be cheaper to get a small loan from a credit union and buy a gas efficient car than to put gas in the truck (seriously, the loan payment, gas and insurance was cheaper than gas for the truck at the height of the gas crisis), but low and behold the car we purchased was just at the age where everything started to break. Just before we got the car I decided to get a cc with a pretty good limit and good apr for emergencies only on top of one my husband already had that was quickly approaching its limit due to his need to rebuild an old truck. So we made another bad choice to use my cc to fix the car. Then thinking that we would be getting a good amount back on taxes went ahead and purchased some furniture on a loan with no interest for one year. No one told me that the interest is all tacked on when that year is over. Then for the first time in our lives we actually owed on taxes instead of getting any back. We had obviously pissed of the credit gods. So with our good paying jobs we were living month to month completely strapped. Then we decided to start having children and some might think that this was an irresponsible choice considering our financial situation and yes maybe so but biological clocks were ticking and having our daughter has been the best thing ever and has finally snapped us out of our stupidity. Unfortunately we will be paying the price now with a foreclosure/bk. But with having her we can no longer afford for me to work and pay childcare, the money simply isn't there with all of our other debt. So we made a big decision and decided that I would stay home, we would give up our home which we've never had $1 of equity in and file bk to free ourselves of our stupidity because we simply cannot afford to live on my husbands salary alone. We have finally had that "a ha" moment of realizing we don't need nice things. We just want to live simply, purchase used things on craigslist and finally be free. We were young, naive, stupid, greedy and selfish and really have nothing to show for it. We are ready to start over and live the way our grandparents lived. I'm not grateful for the hard times we are facing with a bk but I am grateful for the lesson and grateful that though it might have taken a while we finally caught on.


          • Punkin81 - there is NO perfectly perfect time to have kids. People that judge others are generally doing so simply so they can look better in comparison as to one specific issue - usually they are much uglier all around.

            I, too, was actually grateful for the chance to scale back and have been surprised by how much happier I am now, in the middle of BK. First, just admitting BK was the only option and that it was way past time to stop the bleeding (we had been paying bills with ccs for months) was a giant relief. Nonetheless, I was still ashamed, sad, angry, and a little bitter (you can read my story a few pages back).

            However, now it is a much different story. My 341 was last week, no distribution/no assets, so I am in the 60 day club now just waiting the end. At some point during my 341 I had an epiphany of sorts - all this anxiety, fear, and shame wasn't productive or reasonable and I was simply wallowing in it because I thought that would make me less objectionable. In other words, I was steadfastly refusing to cut myself any slack (or focus on the positives) because I thought that would make me a "bad" person.

            And then I realized, miserable or elated, I am still BK. Walking around in a cloud of shame doesn't make me any less BK just as dancing a jig of joy doesn't make me more BK. Hardly anyone knows and those that I have told, do not care. And if other people are talking about it, they are doing so behind my back and I don't know about it (or care). And really - when have these people ever come over and fed my family? Never.

            So, I am now firmly in the 'BK was great for me and my family' camp. I, too, have pulled out of the great $ race. Even though we lived pretty simply before, we live MUCH more simply now. And I like it. I feel so much more at peace. Like you, I have learned a valuable lesson - and I think you will realize as you go forward that this lesson isn't one of shame or guilt, but a second chance. Best of luck to you.


            • hang in there!

              Your story sounds very similar to ours. I can tell you, being almost one year past filing, that the fear up to filing is nothing compared to the relief of the weight that carrying all that debt brings. Our children are one of the reasons that we got to the point of our decision. The stress and anxiety being brought into their lives because of our stupidity wasn't fair to them. Our lives are so much more joyful and my husband and I are so much more communicative about EVERYTHING! You will make it through and the hardest is over. Lord Bless you in all of your future endeavors!


              • I got my first CC in college...Chase, then AMEX, Citibank, and many many more. I never had them all paid off at once. 20 years later, a husband, child, 3dogs, moving from one state to another then another, then back to the original state. Getting a degree in a field that I didn't really enjoy, working shitty jobs that a high school graduate could get, being laid off, fired, having a baby, working part time, and married someone with no ambition to move up or get a better job. Depression, father and best friend dying, shitty jobs, keeping up with friends who made 100K+, shopping to feed my depression, more and more, robbing Peter to pay Paul. Husband has an affair. I have an affair. I found my former high school flame on Facebook, fall back in love with him. Decide to leave my husband. Then former flame uses my credit card (i let him use it to buy gas to go to a funeral in another state) and he lied about a bunch of stuff, his grandmother never died. He charges up $15,000 in one month. I found out because his wife called me to tell me that he was still married and used my credit card to support his CRACK habit. Discover card never questioned why so much was charged in such a short time period. Got a divorce. Ex husband moves in girlfriend. Child is devastated. I have a new job, moved out and trying to move on. I got the 401K from the ex, he got the house with no equity, but I got the 85K in credit card debt...didn't realize how big it was, I just wanted out of my marriage. I could not make the payments because I was lied to about how much money I could make with my new job. So, what's a girl to do? Filed in June. The 541 Meeting is over and just waiting for November 1st. After that, will be looking for the crack head and maybe destroy his life like he destroyed mine. it 2011 yet? I am gonna write a book one day, but first, I need a vacation. Glad to have found this place and ready to live a stress free life with no credit cards.


                • Two reasons for me: 1. I got sued and that scared me. 2. Too much debt that makes it impossible for me to pay back even by my age of 80!
                  Filed chapter 7 Jul 13, 2010 341 hearing Aug 12, 2010 Trustee's report of no distribution Aug 20, 2010 Discharged Oct 13, 2010 Closed Oct 28, 2010.


                  • Bad financial decisions and too much credit card debt.
                    Filed Chapter 7 October 5, 2010 -341 held Nov. 8, 2010- Report of No Distribution Nov. 12th, 2010- Discharged 1-10-2011 Closed 1-28-2011


                    • Started out with nothing. Put myself through college as an adult using credit and carried old credit throughout my adult life. Bought an older home that needed a total rehab and refinanced several times over to restore this home.

                      Started to do quite well in 2003 then late 2007 my bonus income decreased and I depended on credit to make up the shortfall until June 2010. Should have adjusted my lifestyle but thought things would change and they did...

                      Late in 2009 my many creditors raised interest rates, minimum payments, and cut credit lines. (they did me a favor)

                      No one to blame but myself...Let this be my life lesson.
                      Retained Attorney June 25, 2010, Filed Chapter 7 Nov 3, 2010 (170k unsecured), 341 Dec 2, 2010 (1 minute of nothingness), Discharged Feb 1, 2011


                      • Long term unemployment and lots of debt. Lesson learn-no credit card debt or debt. Now I will try my best to be debt free.
                        Filed Ch 7 8/12/10
                        341 Meeting 9/15/10
                        Discharged 11/15/10


                        • Divorced 9 yrs ago (after 30 yrs). Keepin myself afloat with my wallpapering business (30+yrs).
                          Doin ok till construction industry kinda fell apart...gee, can't imagine why someone would want to put food on their table when i could be wallpapering for them. LOL

                          Using my savings to pay bills. Citi payment due on sunday (dec 2009) I paid it on friday but not early enough in the day. Hit with charges, raised payment from 1.99%/ $220. TO 29.9%/$530.

                          ALL other CC's followed. Total CC payments went to $1300. Made them for about 2 months. Decided that i wasn't a magician anymore making those payments on about $500 -$700 monthly income. Income has gone down to $35. in Aug and $75 in Sept.
                          filed: 8/10 ...341:10/8/10 ... Discharged & Close: 12/9/10
                          "Nothing is easy to the unwilling" Thomas Fuller


                          • Originally posted by tyson24 View Post
                            Bad financial decisions and too much credit card debt.
                            Filed August 20 341 on September 23 Report of No Distribution - September 24 Case Discharged and Closed on November 23!!!


                            • Originally posted by tyson24 View Post
                              Bad financial decisions and too much credit card debt.
                              Me too. It never seemed like I made enough and I was always using credit cards. In reality, I had a "I need it now" attitude and I was trying to live a lifestyle that I couldn't afford. It cycled out of control and purchases to make me "feel better" about myself really just made me feel worse. I was in pure denial.

                              Then I bought a house. I thought it was a sound financial decision, and no one told me any different. The mortgage was less than my rent at the time. However, the house was a fixer-upper and I didn't have the money to fix it up. (Insert more credit card use here.) Pretty soon my credit card debt became larger than my mortgage.

                              I also always had to have a new car. Dumb. Period.

                              I had had it with my career in insurance and went back to school to become a nurse. Instead of searching for the best deal and figuring out what I could afford, I went to the best school in the area. And quit my career to do so. I lived on credit and student loans until graduation. More dumb.

                              I eventually woke up and realized where my life was headed. I looked to the future and saw I will ALWAYS live paycheck-to-paycheck. Heaven forbid if I got sick or became disabled. I would have no retirement. I would have nothing. I had a serious panic attack then and there. I hated myself to say the least. I was a "smart kid". How did i grow up to be so dumb? I hid my financial mistakes to everyone. I lied every chance I got. Even my mom had no idea.

                              I had to do something. I couldn't even afford to get groceries. I lived on cereal and PBJ basically so I could pay my bills. I did this. Ugh.

                              I came clean to my boyfriend who luckily understands my financial difficulties (divorce, medical bills from his special needs child, foreclosure). I met with a lawyer.

                              I will be filing chapter 7. I'm scared. I will by no means be entirely out of the woods (student loans), but at least I'll be able to breathe for the first time in my adult life.


                              • 1. I got laid off
                                2. Used credit cards just to make ends meet.
                                3. Credit card companies raised interest rates and lowered credit limits.

                                I asked the cc companies for help and they wouldn't budge. I decided I should house, feed, and clothe my family first so we made the decision to file bk. It was the best decision for us considering our situation. We held on for way too long in this cycle and I feel relief now even though my bk is just beginning.
                                Filed Ch. 7 on 9/30/10---341 11/12/10---Report of No Distribution 11/16/10

                                Discharged 1/21/11 Closed 1/26/11


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