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We are trying to do as much as research as we can and also trying to exhaust all other options before resorting to bankruptcy. Can anyone share negative or positive experiences after bankruptcy regarding keeping cars, getting jobs, bettering their credit, etc. Has this made anyone’s situation better or worse?
My husband and I are both in school, and we have a young child. We both work. We have gone through debt management programs to lower our credit card bills. We have also tried to lower the rates on our car loans. We are still overwhelmed. Please share positive/negative experiences. Thank you.
What is the difference between ch 13 and ch 7?

3 Thoughts on Can anyone who has gone through bankruptcy share your experiences with me?
  1. Reply
    a b
    October 18, 2011 at 5:37 am

    I filed chapter 13 in March. It took all of my debt away but my car. I owed $ 14000 on it, but the fair market value was $ 8000, so that’s what I get to repay to keep it. I could have given up the car, but i needed something to drive and didn’t have money for a down payment. My lawyer said if I wanted a new car I could file 13 first, save some money, then switch to 7, give up my car and buy a new one. That’s what I am getting ready to find out how to do.

    30 days after you file, there’s a meeting with the creditors. IT’S NOTHING! Sounds scary but creditors don’t show up.

    It was very refreshing to me bc I was very overwhelmed. Places will still give car loans (not all but just ask). I read somewhere that you can get a loan easily bc banks know you can’t file again for 6 (or whatever #) years so they know they’ll get their money.

    Good luck!

  2. Reply
    S P
    October 18, 2011 at 6:33 am

    I filed last year chapter 7, discharged in 02/08 I have since begun to re establish my credit, had a brand new harley davidson loan with my hubby with so so credit, and just traded in for a larger bike, with no problems but showing proof of income. Interest rate is a little higher, but, not way out in the ballpark either!! You can review excellent information on bankruptcy at http://www.usbankruptcy.gov This is their official website and it will tell you what each chapter of bankruptcy is and what the requirements are for it. As far as jobs, yes, if you work in the finance industry, and can hurt chances of being hired if a company checks credit, now…I do loans and had no problem obtaining my job. Have had excellent paying jobs even though it shows on your credit report for 10 years. So, it really depends on the individual company and what they require. It can be difficult to obtain an apartment if renting as some check credit as well. You say you’re in school…if you need a school loan and you have filed bankruptcy, you can forget about getting additional money to fund your schooling. In a chapter 7 you are allowed to keep a vehicle, you would “re affirm” the loan and continue to pay per the norm. A chapter 13 plan pay, you would continue to pay thru the plan which most run about 5 years, can run less time, depending on income. If you have any questions, feel free to email me. Good Luck!

  3. Reply
    what
    October 18, 2011 at 7:30 am

    The shame, and pressures of bankruptcy were more in my mind than was actually involved. I went with an attorney. He provided all guidance, and even went with me into the proceedings. I paid him $ 200 down, and payments after that totaling $ 500 I think.

    I gave him all the bank information, my house, my debtors. When they learned I was in bankruptcy proceedings, I never heard from them again–RELIEF.

    About 1 1/2 months later, we went to the court. He verified my ID, asked if all my bills, and balances were there, asked if any creditors were present to negotiate or reaffirm a debt, and only one furniture company made the effort, so I paid them later on.

    After 20 minutes, the judge (or trustee) signed away everything. The after math is like a huge burden off my shoulders. Yes I lost my house, but that was expected. I kept my car (I had paid off long ago), I kept my household stuff (no one wants that stuff-appliences, beds, TV, kitchen).

    My credit score went down to may be 600, IDK, and they all told me I would have a difficult time getting loans for ten years. Well, yes the credit companies have me on file for ten years. But two years later, I bought a new house. I got two loans, one for 80% at 6.5%, and one for 20% at 7.5%. Not bad, actually really good. But my $ 100,000 HELOC at a very large bank (Bank One) dissappeared. The $ 20,000 in credit card debt my ex ran up, fell away, I only owed the furniture company $ 800.

    I got my life back, I am now 8 years out, and my new home is about 5 years plus, and I will be paid off this mortgage next year June. Debt free, and able to pay cash for everything after. I don’t care to have credit cards, my 1994 Ford Explorer is paid in full, and I really don’t have any further use for loans, credit cards, or credit beureaus.

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