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when do you regret having filed a BK???

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  • when do you regret having filed a BK???

    I understand that I won't be able to buy a new car for a few years, and won't qualify for an FHA loan for a couple years, but other than those, when/where will this BK show up that I will cringe for having done it? For example, my son is 2, when we want to send him to pre-school, will the BK pop up and deter it? ?

    Thank you all.

  • #2
    Who said you can't buy a new car? My kid started pre-k this year only a year after BK. I paid the fee and she is enjoying school very much. Other people here have reported buying cars without to much trouble. Maybe paying a bit more for interest but still getting one. FHA is the only thing that has the set 3 year rule unless your BK was because of catastrophic life changes such as death of spouse, long illness job loss, etc etc.

    I rarely regret filing BK, do I wish I could have not done so, sure, but do I regret it, not at all.
    3/2/09- Filed: chapter 7 / No asset
    4/1/09- 341 Hearing: 1 creditor showed up Got to love family feuds
    4/2/09- Trustee Report of No Distribution Filed
    6/24/09- Discharged and case closed


    • #3

      Had I not filed last year, all the recovery I saw this year would have gone back to the creditors, keeping me as stressed and living on the edge as I had been before then. Instead, I was able to not only maintain a balanced cashflow - that is, no new debt - but also save a bit, which gives me more peace of mind than I can explain in words.

      And our furnace blew up recently; we need to put a new one in. Guess what. I can pay for it. In cash (well, using a credit card, but pay it off when the bill comes). All $2500 of it. Like, wow.


      • #4
        As far as I know, the FHA rule is 2 yrs.


        • #5
          It's your choice to regret decisions you made. I don't regret them. Every decision I made has made me a better person.

          And who said you can't buy a car? I see you are new to this forum. Plenty of people buy cars right after their bk. Search around on this forum and you will see that BK is not the end of your life, it is a fresh start.
          I may be smarter than an attorney, but I'm not one. No legal advice here, people.
          Filed Ch. 7 pro se on 10/22/10 341 on 11/19/10 Report of No Distribution Filed on 11/19/10 Discharged 1/19/11 Closed 2/2/11


          • #6
            You have to keep the long term in view when you make a decision like filing. Whether a 7 or 13, the end is you will be virtually liquid, and hopefully able to sustain any new debt you take on later in life.
            Ch 7 filed 8/15/11 341 9/22/11 Discharge 11/28/11
            The rebuilding begins


            • #7
              Originally posted by RLOPE View Post
              I understand that I won't be able to buy a new car for a few years, and won't qualify for an FHA loan for a couple years, but other than those, when/where will this BK show up that I will cringe for having done it? For example, my son is 2, when we want to send him to pre-school, will the BK pop up and deter it? ?

              Thank you all.
              My only regret is the time I have to wait for the discharge so I know employers interviewing me and doing a credit check won't see I am in the middle of a BK and get scared away.

              Other than that, there is nothing I am regretting about doing this. BK is preventing me from endless lengthy years of owing these creditors an ever-increasing amount of money at high interest rates.

              I see BK as a fresh start and will give me the opportunity to move to a neighborhood that will be much closer to my girlfriend, family, and jobs. I know there are plenty of negatives, but I am focusing on the positives (this really helps you see a positive light out of a negative situation and that really helps you to be more excited and happy about the experience).


              • #8
                3 years if you had a foreclosure (fha). Well I guess I do regret bankruptcy because I can't get a high security clearance, at least not right after the bk. I might be able to obtain top secret later on. Although my present position doesn't require clearance but I am not as busy because of it.
                Filed: 6-7-2010 341: 7-15-2010 DISCHARGED: 9/17/2010


                • #9
                  I am new to the forum... and learning tons. Thanks for the welcome. IT IS SUCH A RELIEF TO EVEN KNOW THAT THINGS WILL INDEED GET BETTER.... and this forum facilitates that.


                  • #10
                    No regrets whatsover. I'm still young enough, so I have time to catch up. It's a lesson learned.
                    Filed August 20 341 on September 23 Report of No Distribution - September 24 Case Discharged and Closed on November 23!!!


                    • #11
                      no regrets here either - when you're pushed up against a wall due to job loss and your 2nd mortg. wont work with you by any means whatsoever... then you pull the trigger and such is life. They had their chance and didnt think any work out was acceptable... so be it - now they can get pennies.


                      • #12
                        The only regret I have is not doing it a few years ago.
                        All information contained in this post is for informational and amusement purposes only.
                        Bankruptcy is a process, not an event.......


                        • #13
                          No regrets except I should have done it sooner. I slaved away at the insurmountable debt for years working every bit of overtime I could handle and still NEVER made a dent. Then, in their ultimate wisdom....the CC companies raised all my interest rates to above 30% and that was it! With a failing business and a recasting mortgage, they left me with no options and made the choice for me easy and I am very thankful.

                          Life post BK so far has been great. I have been able to save a savings....payoff one car and prepare to move my family into a new rental home sometime next summer. My credit score 1 week post bar date was 705 so I am not expecting much credit trouble if I NEED it in the future.

                          Side Note:

                          We have neighbors that are destitute and should file BK. They would rather pay their CC bills than feed their kids. We have loaned them money this year to purchase their kids school supplies, clothes, food and will help them for Christmas this year. Every time I recommend they file BK and get rid of their debt for the health of their family...they give the typical disgusted look and comment how only "such and such" type of people file BK. They are complete slaves to the big banks and are exactly the type of people that the banks depend on to keep the money rolling in. While they just barely squeak by, the banks are making Billions in profit every quarter. I did not share our BK with them, I just keep it close to the vest.

                          After they pay all their bills they literally have $200 left over for food, gas and misc for a family of 5. 3 kids under 10. Very sad situation.

                          No regrets for me so far.
                          Filed 7 - 7/8/10, 341 - 8/17/10 - Continued, Presumption of Abuse Filed - 8/27/10
                          Report of No Distribution 9/27/10. Discharged 2/7/11 Closed 02/25/1
                          10/12 EXP. 681


                          • #14
                            Originally posted by Pandora View Post
                            no regrets here either - when you're pushed up against a wall due to job loss and your 2nd mortg. wont work with you by any means whatsoever... then you pull the trigger and such is life. They had their chance and didnt think any work out was acceptable... so be it - now they can get pennies.
                            I agree 100%. I tried really really really really hard to work with the credit card companies like Discover to just allow me to pay a lower monthly payment. They refused to work with me, but instead thought that calling me 6-10 times a day to harass me would instead somehow change my mind. I told them their bad credit marking would cause me to not be able to get a job because employers would see this on my credit report. They didn't care.

                            I assume the creditors thought they could just harass me all day everyday and that eventually I would break down and borrow or steal the money to pay them back. Now they get NOTHING, ABSOLUTELY NOTHING FROM ME (PLUS THE LOSS OF ALL OF MY FUTURE BUSINESS AS WELL)!

                            Had they been compassionate and worked with me, they would have been fully paid back, especially when I got a job again.

                            I didn't choose to be in this position, it's just the way it happened.


                            • #15
                              Originally posted by frogger View Post
                              The only regret I have is not doing it a few years ago.

                              Frogger is exactly right!

                              I would only add this...

                              I bought a new car 1 week after discharge. A 2009 Dodge Caliber with a great warranty and I got a great deal because I refused to pay any moore then my budget allowed.

                              My next step is to leave my underwater house behind.
                              Stopped Payings CC's: 8/14/2009 | Retained Attorney: 9/23/2009 | Filed CH 7: 12/7/2009 | 341 Meeting: 1/21/2010 - Complete | Discharged: 4/9/2010
                              "One person pretends to be rich, yet has nothing; another pretends to be poor, yet has great wealth."


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