After Discharge, what has surprised you about post-BK life?

[RNY09]

I'm just curious....for those of you who have been through all this and have come out on the other side....What has surprised you or has been easier/more difficult than you anticipated? I'm sure most of you did a lot of reading beforehand and felt like you knew what you were getting into by filing BK, but is there anything in hindsight that you wish you had known before going through with this that may have influenced your decision?

It's great having you all here to learn from!

[AMISLANDER]

I'm just curious....for those of you who have been through all this and have come out on the other side....What has surprised you or has been easier/more difficult than you anticipated? I'm sure most of you did a lot of reading beforehand and felt like you knew what you were getting into by filing BK, but is there anything in hindsight that you wish you had known before going through with this that may have influenced your decision?

It's great having you all here to learn from!

Everything I read on this board was EXTREMELY helpful. The posters were supportive; if I hadn't found this site, I have no idea what I would have done.

Over two years later, it's nice to be able to BREATHE! It was about what I expected in regards to the ease/difficulty factor, but...now....it seems like just about EVERYONE is declaring or thinking about bk in my circle of people. (just a pioneer, I was...).

Emotional support is key to making it through to the other side.

The threat of seven years on your record really means dittly squat at this present time in history....the cc's are jacking people's interest rates regardless of their credit timelyness (sp). And, when the rates keep going up on cc's they're only raising the bar on people who are trying to pay down debt and now, with a doubled payment, will be falling on their faces....gee, that was smart (directed to Chase & BOA). Just another new wave of filers.

Ugh...don't get me started!

[RNY09]

Interesting feedback. For me, the thought of immediately being debt free sounds so comforting, but then I wonder in the back of my mind if there is some gosh-awful backlash that I'm not taking into consideration. I don't ever want any more credit cards, so I don't care that they will be hard to get. I just worry that my mortgage lender or insurance company will flip out and raise my rates or something. I don't want to be five years down the road, regretting that I took the "easy" way out. Then again, what other options to I have? I agree....the credit card lenders seem to be taunting everyone into filing. What are they thinking? People want to pay what they owe, but when they won't give anyone a decent break, it's near impossible. Wouldn't you think they would rather get at least their principal back even without 35% interest???? Now they'll get nothin'.

Last week I talked to a collections department and told them I planned on filing soon. Mind you, I'm about six months behind. The person there had the nerve to tell me, "Well, you need to know, because I'm sure you're not aware, that filing bankruptcy is going to hurt your credit rating for ten years!" As if I'm going to say, "Ohmygosh.....REALLY???? OK, well then, in that case, here's the $10,000 I owe you!!!!!" Not to mention the fact that my credit rating has already been trashed by their lack of being willing to work with me a year ago.

Anyway, I'm rambling. Must be the heat....

Thanks for sharing your thoughts.

[daedalus]

like checking the mailbox again

We just filed Ch. 7 on 6/11, and I was just thinking today that I don't fear opening the mailbox anymore. Basically, we just get utility bills and a small amount of junk mail (no more credit card offers ). I haven't felt this level of peace about our finances in many years. Also, we are on a "cash diet". It helps us make sound choices, and I feel so much better at the end of each day knowing that we only spent what was absolutely necessary and we can account for every dollar.

[Over our heads]

I find the fact that I actually LIKE paying the bills now to be quite surprising.

Sure, life cash only can be tough sometimes, ex: my oldest's birthday is next week, and due to the way bills fall we won't be able to take him out to eat like we would normally do.
It kinda stinks, but at least we won't be paying off that meal for the next 10 years.
I had such a sense of relief once we were finally filed (6/10) it was just amazing. My hub thinks I am crazy, but there is just no worries now. He even took a paycut, and it is still ok.
According to a future look, our credit will actually be better 12m out that it was 3 months before. Who cares!

[Never_Again]

Wow, where can I start here?

I was very averse to bankruptcy, due to the fact that I really wanted to do the right thing, and pay my bills. I worked hard for two years to do this, but it just was not going to happen.

Now, I am thinking that I should have filed two years ago, and been well on my way!

The day I retained my lawyer was when it all started to get better. I remember going home and taking the phone off immediate forwarding to the voice mail. It rang about an hour later. It was Household Bank (Beneficial) on the line, looking to make a payment arrangement. I told them that I had retained a bankruptcy attorney, and here was his name and number. They thanked me, and said to make certain that they were included. The other calls were similar.

I did have a couple of strange calls, one was from a bank that I owed $1500.00 to. Keep in mind, my total unsecured debt was $140,000. They said, "If this is the only bill you have that you are filing for bankruptcy over, we can assist you with a payment arrangement." It was almost laughable! "Yes, I payed $1500 in filing and legal fees to discharge $1500." I think that she was genuinely trying to help. I heard the same thing from two other creditors, including one who had begun legal action. (Did they realize that their legal action probably pushed me to filing?)

And yes, opening the mailbox was much easier now. We really did not receive much for mail.

We are almost a year post filing. I said at the time that I did not want any more credit. Most people, they say, may feel that way at filing, but it seems that many are just in a rush to get another credit card. You can see it on these boards, by the number of people who post in the rebuilding credit forum, and the questions that they seem to have. Hey, everyone has to do what is right for them, and it is their own judgment. As for me, I STILL do not have a credit card, or a loan, or anything. Well, I do have my home mortgage still, but that should be paid for in nine years.

I purchased a vehicle for cash that works quite well for my family. Is it perfect? No. Do I have the title? Yes! I will never have a car payment again.

As for credit score, I have said that I really don't care what my credit score is! However, curiosity did get the best of me, so I checked with MyFico. My score, before bankruptcy (I had applied for a loan to refinance my house, and roll loans into it... mortgage originator showed me the report and the score... actually talked to me about talking with a lawyer) was 490. For about two years before, it had held around 550, and dropped to the 490 level. I really wasn't getting anywhere with bills. I checked it last month, and it was 620. I financed a business loan with a score of 620 eight years ago! And you know the beauty of it... I still really don't care what the score is. I have to laugh about the people saying "your credit score will be ruined." Chances are, if you are considering bankruptcy, it is already in the tank, and you can't hurt it a great deal. You might even help it, as your debt to income ratio will take a very positive turn.

My family operates on a budget (call it a spending plan if you will). I get an incredible amount of strength from knowing what money is coming in, what money is going out, and what the plan is for each dollar. This is so much more important than credit rebuilding as to your financial future. If you do not emerge from bankruptcy with a plan, you will be in real trouble, as you do not have credit in the short term to smooth out the bumps and valleys! Remember, bankruptcy does not increase income.

So, life rolls along well. Bankruptcy is not for everyone, but I am thankful for the fresh start that I have been able to make. To not make the absolutely most I can out of this new start would be immoral!

Nothing has snuck up on us. But then again, if I still wanted to live a life consumed with "stuff," I might not feel this way. You do need to change your whole lifestyle to make it really work.

[Flowers]

It is now enjoyable to keep my checkbook in order and pay bills. No more bounced check fees, or being in the red.

[pa308]

Almost a year post filing and I have found a few things about life on the other side, some others have already mentioned, some unique.

Living on cash is difficult but not impossible. You would think that the money that is not going to reduce debt would leave me with a great pile of money, but unfortunately that has not been the case. I have been trying to build an emergency fund of cash but it always seems to be one step forward two steps back.

As someone else mentioned, I can now look through the mail without a sick feeling in my stomach. The piles of mail are much smaller now and I find I am filing things much better than pre-7.

I can answer the phone without fear (except for the darn blood bank) of who is on the other end.

There are negatives too though. I still worry whether anyone will find out that I filed, I do realize its public but we have not shared with our families. Or employer finding out.

I do still have student loans and our mortgage to pay off so we arent fully debt free but life is a little better.

[PoorGrammyinBK7]

One year ago today we filed. No longer have the constant sick worried headaches and stomach aches and super late nights, with tears and frustration. Life is so much more calm!!!!

We are the exception but still have some credit cards. Two Visas have survived so far - I know they may be closed one of these days, but not yet. We also got another new, smaller credit line Visa. We had very good credit prior to filing (about 750). Maybe that has something to do with it - I don't know. A small business that failed was the problem for us. We had always been current on all our bills before BK.

We still have our home (condo) and cars - none were reaffirmed.

I guess the biggest surprise is that we still have those VISA cards - at least for now. They have been helpful when we needed to do some car repairs and buy meds that we couldn't afford at the time. We do have a small balance on one but it will be paid off in 2 months.

We have learned to really count our blessings - and we have so many (not materially so much). We appreciate family time together, health and good days so much more - the important things in life!