Life after BK

[zpbk13]

Just wanted to add my congrats to the OP as well. Sometimes I wonder just what our life will be like in a year, two years or five years from now. You show that it can be done. BK can be fresh start. You just have to be smart and that is something DH and I have not been until now. I used to feel that we were at the mercy of the credit cards/banks. Now I realize that it's the other way around. We don't NEED their credit but if we do decide to take advantage of an offer or purchase a vehicle, we should operate from a strategic position of power. Wow! Thanks for sharing your experience!

[Inthestorm]

I'm wondering (and worrying...constantly) how nice things would be with a 50+ SELF-EMPLOYED husband who will probably never get a "real" job. I don't think the housing market will ever go back to what it was, so he'll never be as successful and once-upon-a-time. And a wife that really has no decent job qualifications...? This is why we have not filed yet. Way too many fears...

[backtoschool]

I'm wondering (and worrying...constantly) how nice things would be with a 50+ SELF-EMPLOYED husband who will probably never get a "real" job. I don't think the housing market will ever go back to what it was, so he'll never be as successful and once-upon-a-time. And a wife that really has no decent job qualifications...? This is why we have not filed yet. Way too many fears...

As someone who worked for an imploding industry (wall street) and was laid off in January, I decided to use my bankruptcy as one step in an overall life overhaul. As my nickname suggests, I am going back to school to get a second graduate degree in a different field. I start in a week. I moved from nyc to the midwest, and in doing so, have left behind 80% of the expenses that got me into this financial mess. Freeing oneself from debt opens up new options. The money that has been going towards the endless bills can now go towards something new. I hope to have a success story to post on this board several years down the road, and I am grateful for the chance to start over and hit the reset button not just on my finances, but on the lifestyle and value choices that were the underpinning of my finances.

[Inthestorm]

I'm wondering (and worrying...constantly) how nice things would be with a 50+ SELF-EMPLOYED husband who will probably never get a "real" job. I don't think the housing market will ever go back to what it was, so he'll never be as successful and once-upon-a-time. And a wife that really has no decent job qualifications...? This is why we have not filed yet. Way too many fears...

[j2t]

These updates are so encouraging. Good job no it all and cindylou. I'm looking forward to rebuilding after a fresh start.

[Ann]

Yes, congratulations to all who have come here to share their post bk stories. We need to hear from those that have picked themselves up and gotten on with their lives after bk because it gives ALL of us hope and inspiration that we really need right now. Especially for those of us (myself included) who are only in the very early stages of planning out our bankruptcies. So again, thank you for sharing with us!

[whipster1]

Thanks for your post-BK update. Looking forward to looking forward for a change.

[Never_Again]

To those wondering about his ability to get a car loan and mortgage loan so close to bankruptcy, remember, the credit policies of most lenders were much looser then than they are now. Not saying it still isn't possible, just might not be as easy.

[backtoschool]

Since I have already received 5 car offer letters in the mail since I filed, I will assume that car loans are out there close to discharge, but at ridiculous interest rates.

[no_it_all]

To those wondering about his ability to get a car loan and mortgage loan so close to bankruptcy, remember, the credit policies of most lenders were much looser then than they are now. Not saying it still isn't possible, just might not be as easy.

True, but as I posted, I will be closing on my mortgage in ten days, which is almost three years since my bankruptcy. I wouldn't call that "close". As a matter of fact, I am getting a mortgage at what is arguably the most difficult period in history to get a mortgage! You are right about one thing though, it wasn't easy. Nothing worthwhile ever is.

[backtoschool]

True, but as I posted, I will be closing on my mortgage in ten days, which is almost three years since my bankruptcy. I wouldn't call that "close". As a matter of fact, I am getting a mortgage at what is arguably the most difficult period in history to get a mortgage! You are right about one thing though, it wasn't easy. Nothing worthwhile ever is.

Three years since discharge is well within the timeframe to be able to get a mortgage. FHA mortgages are available 2 years after bankruptcy. Congrats on closing on your mortgage in ten days!

[Inthestorm]

Again, I'm just wondering how much tougher it will be for self-employed...??

[justplaintired]

I like this thread, very encouraging. I am not worried about getting credit personally. It totally scares me, but for others who want it or need it, this thread should bring them hope. I may change my mind (I doubt it but never say never), but if ever we need it, it is a good thing hearing success stories.

For IntheStorm, I am unsure of how self employment is handled, but let's hope that things turn around and dh job picks up. Either way, whether self employed or not, bills don't go away. A fresh start just might have to include a job change for dh. Sad I know, but I was self employed for over 20 yrs and when the economy took a dump, I had to find other employment, but as it turns out, I like it, and a I love a steady paycheck.

[killinstinct]

Congratulations noitall and thank you for sharing. I hope to return with as heartwarming a story as yours someday soon...

[2manybills]

Congratulations to all of you that shared your stories. It's awesome to know that life can turn around and it does not have to be spent with the debt monkey on your back.