1 Year After Filing - Our Over Median Chapter 7 Story
Since I got some great information before and during our Chapter 7, I thought I'd come back and share whats happend since. We filed an over median Chapter 7 on 12/7/2011. We had a really high 1st and 2nd mortgage that we were current on and allowed our DMI to be negative. We reaffirmed 2 vehicles and kept current on 3 private student loans during the bankruptcy and we were discharged 3/23/2012!!
Fast forward a few months and we had stopped paying on our mortgage, trying to get it modified or possibly do a short sale. We met with a realtor and listed our house, got an offer a day after its first showing and escrow closed on a successful short sale on 11/26, about 90 days after we accepted the offer. So it wasn't smooth sailing, but we got it done....our first house is now owned by a nice couple who will take care of it and we didn't have to go the foreclosure route. It actually worked out perfectly as we found a much bigger house, in a better area with a pool to rent for $800 a month less than our mortgage!
As far as credit wise, I have been keeping tabs on our credit through Identity Guard and my wife's is already in the low 700's, mine is hovering around 650 (I had the majority of credit cards, she only had one). Both of us applied for, and got approved for Capital One credit cards with $2,000 credit limits each (separate accounts) and we put a couple hundred on it each month (gas and groceries) and pay it off in full each month.
I'm still unemployed
But optimistic I'll find something soon, hopefully Congress extends unemployment a little while longer, but if not I'll figure something out, we'll do ok on just my wife's income though.
Overall its such a relief to have this behind us. Most everyone here told us it would be such a good feeling afterward, but when you're going through the stress before and during, its hard to see the light at the end of the tunnel. But trust me, its a GREAT feeling to have made it through! Thanks again for everyone's help as well!
Fast forward a few months and we had stopped paying on our mortgage, trying to get it modified or possibly do a short sale. We met with a realtor and listed our house, got an offer a day after its first showing and escrow closed on a successful short sale on 11/26, about 90 days after we accepted the offer. So it wasn't smooth sailing, but we got it done....our first house is now owned by a nice couple who will take care of it and we didn't have to go the foreclosure route. It actually worked out perfectly as we found a much bigger house, in a better area with a pool to rent for $800 a month less than our mortgage!
As far as credit wise, I have been keeping tabs on our credit through Identity Guard and my wife's is already in the low 700's, mine is hovering around 650 (I had the majority of credit cards, she only had one). Both of us applied for, and got approved for Capital One credit cards with $2,000 credit limits each (separate accounts) and we put a couple hundred on it each month (gas and groceries) and pay it off in full each month.
I'm still unemployed
But optimistic I'll find something soon, hopefully Congress extends unemployment a little while longer, but if not I'll figure something out, we'll do ok on just my wife's income though. Overall its such a relief to have this behind us. Most everyone here told us it would be such a good feeling afterward, but when you're going through the stress before and during, its hard to see the light at the end of the tunnel. But trust me, its a GREAT feeling to have made it through! Thanks again for everyone's help as well!
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