Do you have any Regrets after filing BK?

[forgotten]

This question is for any of those out there who have closed out their BK. Looking back do you regret filing for BK? Do you wish you had found another way to pay back your debt? Thank you for your thoughts.

I paid approximatly $150,000 in interest over the course of 5 years and still owed about what I started with. Now I pay another $60k over the next 5 years in my Chapter 13... No, I think i'm good, thanks!

[krielly]

Regrets only that we put ourselves in the position to have to file in the first place.

We have about 2 more payments to go in our 5 year Chapt 13. I look at this whole thing as a very very valuable learning experience.

Our 13 has forced us to live on a cash only basis and watch our pennies. I think it has been the best financial lesson I ever could have learned.

It hasn't always been easy, but I just try to take all the positive I can from the experience.

Good luck to you!!!!!!
K

[ItsJustMe]

Yep. Only that we didn't do it sooner. Spent a year with both my husband and I working ridiculous overtime and living like paupers to pay off about 10% of our debt only to practically tear apart our marriage and put us over the Means test forcing us to wait an additional 6 months to file.

[onwards]

This question is for any of those out there who have closed out their BK. Looking back do you regret filing for BK? Do you wish you had found another way to pay back your debt? Thank you for your thoughts.

A few:

1) I wish I was more hardcore about it; I did not fully maximize the financial benefit from filing, mostly due to lingering shame about the process.
2) I wish I filed sooner, when things became obvious, rather than trying to work with my lenders. All that did was drain a bit more of the very precious resources BK is designed to protect.
3) I wish I realized all the various implications of BK - all the delicious detail that goes with it, including post-filing education - so that I could have taken better actions post-filing.
4) I wish I understood BK to be what it is - the one big safety net this country has to offer. It would have save many sleepless nights.

But no regrets about the filing itself, no.

[blessed]

I had exactly zero experience with any kind of bk and had no clue that it could help me. I thought you had to lose your house and cars and that it was expensive to work with an attorney. I honestly didn't know what bk was for, I mean I knew but I didn't know. If that makes sense.

I didn't think "just a little CC debt" was worthy of bk. 31k worth of CC debt later, I started making phone calls and learned that it really was an option. I had no idea.

We filed and I can sleep at night. We can pay our bills without worry and have a bit to save. If we're careful we'll have the savings account safety net ready to catch us instead of using a CC for every little emergency life throws us.

[meateater]

I regret the mess I made out of my finances that resulted in me being unable to pay my bills. Although I wish I had been able to avoid bankruptcy, I do not regret filing as it was the only option within my control to resolve the situation. I had no assets whatsoever, but had I waited, things could have gotten worse. If I had it to do over, I would've not made a mess of things. But, if I found myself back in the mess, I would file again.

[Lissy]

I have been of the mindset that I created this mess and it was my responsibility to fix it.

By filing BK, you are fixing it. Filing doesn't make you irresponsible. I admit that irresponsibility with my money helped me get to this point, but I look at filing BK as the only responsible way to get out of the mess I've made. It's definitely been an eye-opening experience and I will NEVER use a credit card again. Ever.

[jennordhavn]

No regrets here!

[Faust]

I regret I paid $12,786 to my credit cards from january 2007 to september 2009 and only 6,335 was knocked out of my principal balance due to high interest and fees. My regret is I should have done it in 2007, I could have been a 12K richer.

I hear ya on that one!

[chriselle]

I regret I paid $12,786 to my credit cards from january 2007 to september 2009 and only 6,335 was knocked out of my principal balance due to high interest and fees. My regret is I should have done it in 2007, I could have been a 12K richer.

[rogue182]

Thank you everyone for your comments. It seems as if most people only regret not filing sooner. The reason I asked this question is because I am meeting with a lawyer on Friday and I am looking for a reason not to file (haven't found one yet). I have been of the mindset that I created this mess and it was my responsibility to fix it. But is seems like the more I try the deeper I get. I have never been behind on my bills but that is because I have been using credit to make up the difference each month. A little here and a little there added up fast than I thought. I have been hoping for things to turn around but reality hit in early March when I had to borrow money from my 17 year old daughter to pay my mortgage. I know that without debt I make enough to pay my bills including my mortgage. I may even be able to invest in making my business grow.

Thanks Again

[tigergem]

My only regret is not doing it sooner.

[BCA2009]

No regrets, I just wish I would have qualified sooner. Which brings up a point about being over the median.

Two years ago when this train wreck started, I had no credit card debt, I had two car notes and two boat notes (never own two boats, by the way unless they are paid for).

I made a bad real estate investment the prior year and wasn't able to sell it like I had anticipated. Poor decision on my part and I'm not blaming anybody other than myself.

But when I got sick and was out of work for 5 months, the writing was on the wall, especially when I took a new job making much less. I knew there was no way that we could pay all of our debts, but we tried anyway racking up almost 40K in CC debt to make up the slack each month so we could make all the payments on every thing.

Had we qualified for BK then we could have gotten out of the Land and boats and never ran up the CC debt. As a matter of fact the economy was much better then and the banks could have gotten more for the repo'd/foreclosed property also.

But like most other people on this forum the BK laws and moral expectations dictated that we just keep on trying, which dug us deeper, and every party involved is now in a worse position.

I know there has to be rules and threshholds at some level, and I could have made better decisions along the way. But it just seems like the way it is now, you are forced to get in worse shape, even after you know that you are in trouble. You have to hit absolute rock bottom before you can start to rebuild.

Maybe that is the way it should be, but it sure doesn't seem that way looking thru my current rose colored glasses. (sorry for the derailment of the thread!)

[wantout]

Only regret is not doing it sooner.

[SMinGA]

Not major regrets, but things I have learned that I wish I knew before starting the process. Would have helped me to make better decisions along the way.