when do you regret having filed a BK???

[sealpup]

I agree with Mere- thank you all for sharing. It make me less stressed to read everyone's comments. Nearly 3 years ago we got to the point where we could no longer make our min. payments on the multiple cc we had. I had my hours cut back at work and we had increased expenses. The cc companies didn't want to work with us and our interest rates l went up. Without doing much reseach we signed up w/Freedom Debt Relief. Biggest mistake ever! I should run some numbers, but we are probably more in debt now than when we started with them even though we haven't incurred any new cc charges since then. Then my husband lost his job and was unemployed for over a year and they took our $ and dumped us b/c we could no longer pay them $700 a month for their "services" (or rather lack thereof). I wish we would have filed BK to begin with. We'd be so much better off now. We hadn't even considered BK until a month ago- we were very misinformed- we'd lose our house, our vehicles, etc and we didn't want to be one of "those" people that filed for BK. I'm over that now. We paid a retainer fee today to a BK lawyer that we met with for almost 90 minutes (free consult) and did a lot of research on. He's a little more than what my husband would like to pay but I feel comfortable that we made the right decision. I am confident that at the end of this we will be happy we did this- and happy (in reference to another post) that we put our family first over the banks (not to mention JDB!). Not sure yet if we will be in a 7 or a 13, which makes me kind of nervous (we are under median and also pass the means test, but have arrears on our 1st mortgage)- but either way it will be nice to get this weight lifted off of us- not cringing everytime the phone rings and everytime someone unexpected knocks at the door, or worrying about the next ball dropping- like the house or cars needing major repairs.

[yang0837]

NOPE! No regrets about filing, just about getting myself into this mess in the first place. I just bought a car, 3 months after discharge. Interest rate is 15%, but I bought something I could afford, was in my monthly budget, and most of all, I love it!

[papie]

Every time I apply for a new finance position......

[Mere]

This is a great thread, I am getting ready to file at the end of the month, and I too wonder about future regrets. To be honest, I am so disgusted with the credit card companys and all of the fees they add on every month. I tried to negotiate with them to put me on a fixed monthly payment, no deal...they told me to default, and then call back and settle (great advice) not!!!
So now they are either going to get some of their money if we are a ch.13 or none if we are a ch.7, that's what they get for being so greedy, we had every intention of paying them back, but they made it too hard for consumers to keep up. At this point I hope I live on a cash basis for the rest of our lives...does that sound unreasonable?
Thank you guys all for posting, it gives us prefilers hope, that there is a positive to making this very hard decision.

[NeedOptions]

My minimum payments to my credit cards were over $4500/month!! Let's just say I have 0 regrets on filing. In fact, it is the best thing I've done from a financial point of view.

[carlsbadmike]

My bankruptcy filing was actually a relief and I was very thankful when it was discharged. The bankruptcy was caused from a failed business which could no longer support me, due to the recession. It's such a relief to be debt free and have a fresh start.

[nelkre]

I started receiving offers about vehicles even before the discharge. They know 99% of filings of bankruptcy get approved. They know you can't file another bankruptcy for many years and you have better cash flow than before the bankruptcy. So the car dealers know you are a good bet. I receive about three offers per week and my chapter 7 hasn't been discharged yet.

[helpmeout]

While I do regret the need to have filed, I don't regret having filed. If that makes sense. It was the only way out of the hole I got myself into. I am on my way to being in a better financial place.

BTW, I bought a car 3 weeks ago. I would have preferred to pay cash, but I was fortunate to get a loan with a decent interest rate.

[helpme2010]

Like many on this board, I wished I had filed earlier (say a few months), but probably like many on this board, I really wanted to try to work things and pay off the creditors, plus I was afraid of what bk would do to my credit history. But once I saw how mean the credit card companies were, how they would call me over and over and over 5-10 times a day everyday, even when I called them or tried to work out an arrangement, I knew they were just trying to stress me into compliance.

I also saw how the credit card companies were going to nail my credit report anyways, so I figured enough is enough already. I was tired of them tacking on more and more fees and penalties, instead of trying to work things out with me.

It is a huge relief not to have to deal with all that anymore.

[tobee43]

although at first this was so scary...we were feeling as though someone was always breathing down our necks....with time that feeling begins to lift and you are on your way to a better life.

chances are you will not need a "credit" check for your son's pre school if you now can pay CASH!!! we never did use our cards for luxury items...however, now, i prefer using cash for everything....it's time passing that will help build your credit back up for you. i guess there is something to be said about time heals all wounds...or at least i hope so!

[angles]

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.
ST

This is so true. I am a big proponent of family first, banks second. Admittedly I fell into this category for about a year and my family suffered for it. This year after filing, I can’t tell you how proud I was to see my son participate with the cub scouts and to learn from those experiences. If we had not filed and continued to play into the banks game we would not have had the money to pay for many of the trips he went on. Even though the costs were only gas and food money we would not have had it if we did not file.

[LimpDisc]

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.

[helpme2010]

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.

[screentest]

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 money....build 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.
ST

[frogger]

The only regret I have is not doing it a few years ago.