Discharge Finally

[SwimminUpStream]

After 5 long years, we have our discharge! However if I am reading everything correctly its truly not over yet?? We are in Florida, Middle District. Am I just reading too much into this and waiting for a "shoe to drop" LOL?

[shipo]

Congratulations! Another Chapter 13 bites the dust.

Once the discharge is ordered, then the only thing remaining is the celebration, oh, and the final review and ultimate closure of the case (mine took over four months). Your next step will be to let the dust settle over the next six weeks or so, then check your credit reports to confirm A) all of your old accounts are showing a $0.00 balance. After that, virtually all financial institutions will have updated their records and you'll be free to start your rebuild (assuming you want to reestablish yourself in the credit world), here's is a rough guide on how to get restarted: https://www.bkforum.com/forum/after-...uilding-credit

[SwimminUpStream]

We have done well without and probably will not need a credit card any time soon! Im sure in the future an auto loan will be needed as that just seems like the natural progression of life! Some accounts have already reported "bankruptcy completed" which of course dropped credit score. I guess my question is...this really is the over and the final review is just a formality?

[shipo]

A few comments:

• In 99 out of 100 cases (just guessing at that ratio) the review is just a formality.
• Getting started out now will help your auto scores when the time comes; I ended up going 2.5 years after my discharge before I bought a new vehicle; in that time I'd been approved for four credit cards, which I pay in full every month, and by the time my new ride was ready to be delivered, my FICO Auto scores were all up in the 830 range, and this in turn qualified me for a 2.49% interest rate in late 2022.
• Like you I did well without credit, in my case for nearly 7 years due to having all my cards cut off a long time before I finally decided to file my Chapter 13; that said, there are three significant benefits I get from my credit cards I could never have gotten from my debit card:
  • Renting a car at a major airport; without a credit card with at least $2,000 in available credit, the rental agencies would flat deny me a rental.
  • Renting a nice hotel room, once again, without a credit card, renting a room was a hard "No"; yeah, I could get into places like Red Roof Inn and such, but literally nothing nicer.
  • Rewards; since July of 2020 when I got my first post-bankruptcy credit card, the cash rewards I've gotten are, as of last week, standing at $3,213.20 (without paying a single penny in interest); and that is three-grand more than I would have gotten had I stayed out of the credit game.

Yeah, I know staying away from credit has appeal, but getting back into the credit world can pay dividends down the road.

[justbroke]

After 5 long years, we have our discharge! However if I am reading everything correctly its truly not over yet?? We are in Florida, Middle District. Am I just reading too much into this and waiting for a "shoe to drop" LOL?

Congratulations!

[Carmella]

Congrats!!!