Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Any other new filers having a hard time feeling "wealthier" than before filing?

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  • Any other new filers having a hard time feeling "wealthier" than before filing?

    I realize with the amount of debt I had (well still have as I have yet to file) my net worth was severely negative.

    Yet with credit cards if I had a car repair, pet emergency, emergency housing repair - I would have been able to pay for it.

    I decided to file awhile ago and stopped paying/using my credit cards. After the BK, this terrible debt I will be in will be gone.

    Not having the cards, and my net worth now being zero with the most minimal money in my bank account (no savings even, just what I can hang onto in my savings account) I am always worried about the next emergency.

    I actually still feel greatly in debt because it is such slowing going trying to save up to pay my attorney fee.

    I realize when the BK is done, a net worth of zero is infinitely better than being in the red with credit card debt.

    Yet I don't know when I will fell true relief financially - things keep happening that deplete what little I am able to put away. I am truly living paycheck to paycheck.

    I've gone from one worry that was constantly on my mind for years (CC debt), to another (no rainy day money).

    Tips on coping?

  • #2
    I am feeling the same way especially if i do not get a chap 7. stopped paying my bill a long time ago. Even if a chap 13 i have no money.


    • #3
      We are in the planning/stragey stage of chp 7, husband only filing as he has majority of debt in his name including an out of state rental that is upside down and we subsidize monthly. We are just starting to stop making payments to his CC and missed our first 2nd mtg payment on the rental yesterday. This part is killing us even though it is freeing up some money as we go along. We do not feel any wealthier because we feel so horrible about not paying. But then if we look at the reality of the situation we really were not paying the debt with our own money but actually paying/moving money from account to account to keep up. Once we retain our attorney (some time after September) I think it will get better, I hope anyway...


      • #4
        I so hear you. I HATE feeling so poor. We are having a lot of trouble saving for the atty. Had hoped to use tax refund but of course my ancient beater needed a ton of fixing. Need to scrounge up cash to pay tuition so we can continue to get health insurance. Already living pretty low maintenance and not much fat to cut. We've been lucky so far that everyone is well and pray daily for continued miracles.

        I know it's heresy, but really miss my cc's...

        Keep On Smilin'


        • #5
          Thanks for all the replies, I thought I would get flamed for missing the "safety" of my CCs. Of course, I do know no debt is the right way and learned to late that credit cards and their interest rates are evil.

          If by some miracle i can make it until my next tax refund, I will be ok. It's a long wait though. The one I just received a few months ago - I stupidly, STUPIDLY used it all towards CC minimum payments. I regret it every day.


          • #6
            You're learning something about preplanning your bk. You want to time your filing for when it'll give you the most benefit.
            Simply put, if you can't support yourself on your income, it's hard to see how bk is going to help. You don't want to live paycheck to paycheck post bk.
            Budgeting is a must but, at the end of the day you have to increase your income. Were I you, I'd start looking for a better paying job or, start looking for a pt/weekend job.


            • #7
              keepmine is right. You may have felt more wealthy when you could rely on the credit cards. But, it was all an illusion. Kind of like drugs that make you feel better without resolving the real problem. Once you stop the drugs, you still have to face the problem.
              LadyInTheRed is in the black!
              Filed Chap 13 April 2010. Discharged May 2015.
              $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


              • #8
                I have a hard time seeing the "Fresh Start" theory for most people. Since we are moving, and can use Fed Exemptions, we are allowed to have a lot of cash. If I couldn't go into bk with a safety net of cash, I don't think I could do it.....not sure what my alternative would be. But since most filers can't have much cash on hand, and then DMI has to be so low .... what do you do when you get an extra large utility bill, or an unforeseen car repair is needed? I don't know about the exemptions for most states, but i think Ohio only allows $425 cash. How can you get that "Fresh Start" when you are only one emergency away from being in the red? I feel like everyone should be allowed at least $5000 in cash, if they can accumulate it.


                • #9
                  I'm with the OP and strawberry - we didn't have time to pre-plan...soooo things are VERY VERY tight. I just had to fork out $70 for a USED tire for spouse's car. By payday we'll be down to zero...I'tll be a long time to Sept :-)


                  • #10
                    It IS tough but I, for one, am finally starting to see the benefits. I'm still unemployed but not giving my money to the mortgage company, home loan and cc's, I have been able to seep most of my money in the bank. I did what everyone suggested here and stocked up on 6 months of necessities prior to filing so cash looked dismal but I knew I could at least survive for 6 months. That was an allowable expense.

                    Once my attorney was paid and my case filed, the rest basically now just sits in the bank and I use it as I need it. Sometimes I would say to myself, WHY don't you have more moeny, but then I realize that I had paid the attorney so had to calculate that into my thinking.

                    You learn how to live down when you are so broke - thrift stores, the dollar store, etc.

                    Just hang in there - it does get better.


                    • #11
                      Bankruptcy is the front lines of the class war between the ultra rich and the middle class.
                      filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!


                      • #12
                        I still don't have much money, but it sure is nice not owing several million dollars.
                        All information contained in this post is for informational and amusement purposes only.
                        Bankruptcy is a process, not an event.......


                        • #13
                          peace of mind is priceless. Your "worth" shouldnt be measured by how much money you have or what you "thought" you had by using credit..... but instead by your health, family and true friends in your life.


                          • #14
                            It takes time...The main reason people get into debt is the "need/want it now" mentality (I don't mean that in a judgmental, but it is a reality for most, not all, but most filers) and that psychological addiction isn't going to break just because of filing BK. So the same sort of "want it now" mentality lingers for the relief BK ultimately brings, but that relief takes time.


                            • #15
                              Except the whole economy is based on "need it/want it/now!". If people started saving it would be an immediate depression (not that it isn't already).
                              filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!


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