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

[sunshinepa]

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?

While I don't feel monetarily wealthier since filing, I do feel comfortable again. I managed to keep my home (didn't reaffirm), my car and everthing else. I actually can now do some of the things I did before cc payments took my life. I have a bit in savings although it's not what I had 3 years ago, I am healthy and truly blessed with loving family and friends. What more an one ask for afer BK?

In 19 days I hope to be discharged and put BK behind me but I am still "sweating" a last minute AP on a large balance transfer. Hopefully, it will NOT happen and I will be done so I can move on with my life.

[tobee43]

Here ya go!

http://www.bkforum.com/showthread.ph...lanning-thread

thanks such a great thread!!!

[ValleYum]

Here ya go!

http://www.bkforum.com/showthread.ph...lanning-thread

Yay! Thanks!

[keepmine]

Here ya go!

http://www.bkforum.com/showthread.php?17149-The-bk-pre-planning-thread

[tobee43]

I looked for keepmine's thread too, tobee43, and could not find it. I remember it though. It was so useful.

hopefully keep will post the link!!

[ValleYum]

I looked for keepmine's thread too, tobee43, and could not find it. I remember it though. It was so useful.

[tobee43]

You may want to look at a thread I started in the sticky section of the Chapter 7 subforum titled pre-planning a bk.
I general, you should have reliable transportation, a place to live and a bank account in good standing before filing. Also, be sure it's been more than 90 days since you used a credit card for anything other than nonluxury charges and it's been over 70 days from a cash advance.
You should spend down any cash you can't exempt. If you anticiapate a tax refund, delay filing until, you spend that down if, it can't be exempted.
If you have enough time, consider moving non exempt assets like,cash into an exempt asset like a IRA or, contribute up to the employer match on a 401K.
If you're unemployed/underemployed, you may consider waiting until, you have a job with healthcare benefits. In other words, a basic safety net in place.
Long story short-try and time your filing so it'll put you in the best possible position to begin life post bk.

keepmine, can you put the link up to that thread?? i do remember it, but just couldn't find it again. what you list should humble us all into the reality of what we really need to be comfortable in our living.

i very much agree with many of the PP'ers, our society has develped a mentality of "we want it now", instant gratification sort of population. full of wants and desires which need to be gratified instantly without working or striving for goals.

goal setting has become an action from the past, and perhaps, will return into our social structure. people will or will be forced to SAVE for that special vacation as opposed to implusively picking up one of the many pieces of plastic and charging their every want. or, instead of a HUGE car payment to drive that "dream" car ( what is a dream car anyway), pay cash and own what they actually can afford.

[keepmine]

People keep talking about pre-planning your bk. What would you do if you were going to pre-plan? I know that there's probably nothing I can do but declare at some point but I'm waiting as long as I can....

So what should I do in the meantime? What is this 'pre-planning'?

You may want to look at a thread I started in the sticky section of the Chapter 7 subforum titled pre-planning a bk.
I general, you should have reliable transportation, a place to live and a bank account in good standing before filing. Also, be sure it's been more than 90 days since you used a credit card for anthing other than nonluxury charges and it's been over 70 days from a cash advance.
You should spend down any cash you can't exempt. If you anticiapate a tax refund, delay filing until, you spend that down if, it can't be exempted.
If you have enough time, consider moving non exempt assets like,cash into an exempt asset like a IRA or, contribute up to the employer match on a 401K.
If you're unemployed/underemployed, you may consider waiting until, you have a job with healthcare benefits. In other words, a basic safety net in place.
Long story short-try and time your filing so it'll put you in the best possible position to begin life post bk.

[ValleYum]

People keep talking about pre-planning your bk. What would you do if you were going to pre-plan? I know that there's probably nothing I can do but declare at some point but I'm waiting as long as I can....

So what should I do in the meantime? What is this 'pre-planning'?

Moe? Have you read any of the "Stickies" in the forums?

Here are a couple from the Chapter 13 forum you may find interesting....

http://www.bkforum.com/showthread.php?11328-To-file-or-not-to-file

http://www.bkforum.com/showthread.php?34708-Payback-%28it-doesn-t-matter%29

http://www.bkforum.com/showthread.php?37719-What-is-your-best-advice-for-a-successful-13

Hang in there!!

[moe]

People keep talking about pre-planning your bk. What would you do if you were going to pre-plan? I know that there's probably nothing I can do but declare at some point but I'm waiting as long as I can....

So what should I do in the meantime? What is this 'pre-planning'?

[fileda13]

I am glad (for lack of a better term) that I filed for C13. Had to time it now. For the next two months my wife takes home no money and I'm already at the bottom of the deep end.

I never felt wealthy because I could pull out plastic. All credit cards did was make me feel materialistic (and trust me, I enjoyed it).

[discouraged]

Remember when folks had to have a 10% down? Well, I only put $2000 down on this place, which was 98,000 when I bought it (a fixer-upper), valued at 124,000 and now the thing is valued at 65,000.

Couldn't get a car loan, but got a house loan - Crazy!

[StrawberrySu]

When I think about it - there is no way I should have been able to buy a house. Yes, I had a decent income but did not have savings. There is no way I should have been able to get a loan in the first place and that is what finally plunged me into bk. The house payment along with the home loan to remodel the place, put me way over what I could afford. Yet, I did it for even a year after I was unemployed. Then, because I bought a a house, my cc's jmust kept extending my credit.
]
Insanity!

Discouraged, here is another example of shouldn't have been able to buy a house. My nephew at 24 bought a house with his fiancée. He earned $11/hr, and had a car loan already. The mortgage company (boiler room, truly) based the income qualifications on his and his fiancée's income to qualify him, but she wasn't on the loan. I said to him that they couldn't use her income if she wasn't on the the loan, and that there was no way he could qualify for a $145k house. But he did. He got the house, married her and now is divorced, foreclosed, and bk'ed in a matter of two years.

[discouraged]

When I think about it - there is no way I should have been able to buy a house. Yes, I had a decent income but did not have savings. There is no way I should have been able to get a loan in the first place and that is what finally plunged me into bk. The house payment along with the home loan to remodel the place, put me way over what I could afford. Yet, I did it for even a year after I was unemployed. Then, because I bought a a house, my cc's jmust kept extending my credit.
]
Insanity!

[banca rotta]

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).

Exactly!!!!! Just another reason every other word out of my mouth is a rant on the fed and the monetary system in general.

Money or actually currency is created simply by getting into debt. The fed loans base money into existence and once the banks have it through fractional reserve banking they create even more credit out of nothing so we can indulge.

If we take the Dave Ramsey advice, work hard, save money, stay out of debt the money or currency supply implodes and causes massive recessions.

When this happens the govt gets into more debt and hyper-inflates the currency which distorts the free markets by keeping prices high even though we all have less money.

In a nutshell the debt/credit based monetary system just as with globalization has failed the world's middle class and must be restructured.

Trouble is the wealthy don't want to fix it for obvious reasons.