New filer here

[spr250]

I just filed on 18 Oct and got an email with my 341 on 5 Dec. So a couple of questions. I will have two secured loans that I had to keep. One is at $1200 a month @ $115 a month (Secured by household items and my work tools, I am a mechanic so needed), and the other is Snap On (I know I know) thats over 7K. With cross collateralazation, I didn't want to start over while risking my job. So has anyone have experience what I could be looking at after discharge on rebuilding my life since I have 2 immediately reporting? Next question, I burned NFCU for a CC at 3K. I enjoyed banking with them and does anyone know if I pay them after my DC, if they will let me back in (not withstanding the wait of proving I am a good boy again). To help rebuild faster, has anyone paid back Capital One. Two CC for the tune on $1400. I know I wouldnt get a card anytime soon but looking for repairing the relationship with them. The reason I had to file was due to having a heart attack 1 Aug. until then, my payments was on time. Sucky thing there was I thought I didn't have insurance but I apparently I was covered by the VA. Signed me up when I got home from my 1st tour. Anyhoo, my next question is, I looked at my paperwork, and I am missing a collector. The one calling me is based in Canada, they do have an office in Florida though. From research it's from when I had an Anytime Fitness account. So should I tell my lawyer about it (did lack info beside a number and company name) or will it be included anyways since I am a no asset CH7? Also, when should I file my VA disabilities claim? I have my Intent To File in, but knew better to wait until its safe to finish.

I can wait for a few months after DC to clean up my reports but I will need a new vehicle since mine is going bye bye and its dead ( they better grab a tow truck). With my wages, I can afford a new one with atleast a 9% APR and 10K down and with what I know for sure I can get for my VA claim, I will get about 1k a month. Which would be used to pay for the truck and insurance anyways so my work pay isnt used.

Thank you for taking the time to read all that and any help you can provide.

[justbroke]

First, welcome to BKForum.

Did you file Pro Se? Because that could affect some things.

I will have two secured loans that I had to keep. One is at $1200 a month @ $115 a month (Secured by household items and my work tools, I am a mechanic so needed), and the other is Snap On (I know I know) thats over 7K. With cross collateralazation, I didn't want to start over while risking my job. So has anyone have experience what I could be looking at after discharge on rebuilding my life since I have 2 immediately reporting?

I don't understand the question. Are you asking about your credit score or are you asking about your continuing payments? I assume that you mean that you are going to complete the paperwork to reaffirm the debt. If you are reaffirming, the payment amount will usually stay the same, as will the terms. The key will be to continue those payments.

Next question, I burned NFCU for a CC at 3K. I enjoyed banking with them and does anyone know if I pay them after my DC, if they will let me back in (not withstanding the wait of proving I am a good boy again).

Navy Federal won't kick you out. You can have savings and checking accounts but can't have any credit products.

To help rebuild faster, has anyone paid back Capital One. Two CC for the tune on $1400. I know I wouldnt get a card anytime soon but looking for repairing the relationship with them.

There is zero reason to repay any creditor. It does not help you with repairing the relationship (with the exception of Credit Unions -- CUs). This will not help you rebuild any faster by paying off discharged debt. Those negative entries will remain on your credit report for 7 years from the last major derogatory event. After about 6 months, you should be able to easily obtain credit from other sources. From what I know, Capitol One is not BK unfriendly and are not known to blacklist, so you could also obtain credit from them.

The key is you must pace yourself and not rush back into credit after filing.

The reason I had to file was due to having a heart attack 1 Aug. until then, my payments was on time. Sucky thing there was I thought I didn't have insurance but I apparently I was covered by the VA. Signed me up when I got home from my 1st tour. Anyhoo, my next question is, I looked at my paperwork, and I am missing a collector. The one calling me is based in Canada, they do have an office in Florida though. From research it's from when I had an Anytime Fitness account. So should I tell my lawyer about it (did lack info beside a number and company name) or will it be included anyways since I am a no asset CH7?

Yes, you should tell your lawyer about this. If you are a no-asset case, it's moot, but it's nice to have it all nicely wrapped up. Your attorney may just call them and tell them about your case, or you could call and give them your attorney information (while also telling them that you filed bankruptcy). That debt will be discharged.

Also, when should I file my VA disabilities claim? I have my Intent To File in, but knew better to wait until its safe to finish. I can wait for a few months after DC to clean up my reports but I will need a new vehicle since mine is going bye bye and its dead ( they better grab a tow truck). With my wages, I can afford a new one with atleast a 9% APR and 10K down and with what I know for sure I can get for my VA claim, I will get about 1k a month. Which would be used to pay for the truck and insurance anyways so my work pay isnt used.

I don't know the procedures for VA disability claims.

[spr250]

Justbroke, I have a lawyer. As for the two loans, yes I am reaffirming them. My question is, what will my credit report roughly rebound to since I have 2 reporting postive and not be heavy hitters like a mortgage or a $10k+ auto loan. Its all I can seem to find though.

Navy Federal repayment is to get back into their good graces again. IE, auto loans/mortgage in the future.

Figured that for Capital one but had to confirm. I know slow is key. Like I said, only reason I had to file was for my recent heart attack medical bills. before then my score was mid 600s and was only that low due to usage on my cards and low credit age. Otherwise I was happy with my score and my bills were payed on time with no issues. Im not looking for a ton of credit but what I had before filing. 2 small amount cards for day to day (Cap1) and my Navy one was $3k which was good for big emergencies. I know I can get different cards at a point but figured stick with the devils you know. So I am not trying to bury myself in debt again. but just to get where I was before. I was happy there. 2 CC that was used for daily living, and one as an emergency. I am probably gonna get some flack for being happy with a total of 3 cards and a score of 660s but I dont really need the credit. I worked hard to rebuild when I was young and dumb.

Basically I just want to get back to what I had before, 2 CCs ($1k-ish) for daily use, 1 CC for emergenies ($3K-ish) and my score around 660s. Really reaching for the stars on that one eh? LOL. Other that a vehicle come spring/summer and maybe a mortgage sometime in a few yrs, don't really need high scores or high limit CCs. I know it seems like I am rushing but after the yr I had, I just want normalcy. My daughter attempted suicide in Jan. (she lived and is doing alot better now), I am estranged from my biodad but my aunt found him comatose in a hotel room and we figured he wouldnt have survived the week. That was 4th of July weekend. Followed by my heart attack in Aug. Now with a BK. Its not so much rushing but regaining some semblance of a controlled and normal life. One where my mental health is being stressed.

Thank you for your reply. I have been reading between here and MyFico and been learning alot on how to handle things and then posted when I couldnt find the answers to my questions. Any advice is greatly appreciated.

PS. Sorry about the repeats, rambling and such. LOL.

[justbroke]

Justbroke, I have a lawyer.

Yeah, I saw that near the end, but forgot to remove my references.

As for the two loans, yes I am reaffirming them. My question is, what will my credit report roughly rebound to since I have 2 reporting postive and not be heavy hitters like a mortgage or a $10k+ auto loan. Its all I can seem to find though.

The recent bankruptcy will have more impact than any positive reporting. Your scores are likely in the low 500s. If they are higher than the low 500s, you get "some" bounceback after discharge. But FICO scores are fickle and there's no way to guarantee what will happen.

Navy Federal repayment is to get back into their good graces again. IE, auto loans/mortgage in the future.

Yes, NFCU does not like losses and if they have a loss they will not grant you any more credit products until they consider that you have repaid the debt.

Figured that for Capital one but had to confirm. I know slow is key. Like I said, only reason I had to file was for my recent heart attack medical bills. before then my score was mid 600s and was only that low due to usage on my cards and low credit age. Otherwise I was happy with my score and my bills were payed on time with no issues. Im not looking for a ton of credit but what I had before filing. 2 small amount cards for day to day (Cap1) and my Navy one was $3k which was good for big emergencies. I know I can get different cards at a point but figured stick with the devils you know. So I am not trying to bury myself in debt again. but just to get where I was before. I was happy there. 2 CC that was used for daily living, and one as an emergency. I am probably gonna get some flack for being happy with a total of 3 cards and a score of 660s but I dont really need the credit. I worked hard to rebuild when I was young and dumb.

It happens. We all learn. I have significant income and always "thought" I could just pay just about anything off within a one month (despite the amount). Lesson learned. I started revolving!

Basically I just want to get back to what I had before, 2 CCs ($1k-ish) for daily use, 1 CC for emergenies ($3K-ish) and my score around 660s. Really reaching for the stars on that one eh?

Within 6 months after discharge, you should be in the mid-600s all things considered. Within a year, it is quite possible to get into the very low 700s, and certainly within 2 years post discharge.

However, it all depends on your usage of credit after filing. It depends on keeping your balances below 29% (and 10% for the best scores).

PS. Sorry about the repeats, rambling and such. LOL.

Ramble on!

[spr250]

Thank you for the prompt input and was excited to see that you responded. Ive noticed that you have a lot of info and are quite helpful here. Yeah my scored dived as soon as I was told to stop paying but started rising back up as the creditors update my accounts. As for the 2 kept loans and Navy Fed., short term isnt so much a thought but more towards the future. Instead of having new HPs to replace what I had, its moreover about using them and time to repair. Ex Army, I enjoy having plans in place. I know the BK is the biggest baddy you can have but my thought was with those 2 reporting and time, I can see my scores go back up quicker than a completed redo. Navy Fed, is more about the future. Using the perks that I earned in the future for updating vehicles as needed and a home my children can be proud of. The stress of it all is making me stressed out and keeping my Nitros close by. Wouldnt be so bad if the wait times werent there. I understand the creditors need their due process as well as accuracy of my claims. The way I see it, if I am in a combat zone and I know we are going to be attacked, lets make it happen and get it done. Rip the bandaid off and deal with it. Plus after this is done, I may have to go for more custody for my daughter since her stepdad is basically being a pedo by taking her door off the hinges, busting in on her while she is changing/showering. Plus threatening violence against her if she says anything about his drug usage. Her mom plays a mom when it looks good but otherwise doesnt care and tells my little girl to deal with it. I know thats not bankruptcy related, but for me it is. The sooner I get this done, the sooner I can get my daughter out of there all while trying not to having another attack. Like I said, tough yr for me. Luckily, I have great parents and my sons mom as been understanding. Damn waiting.

Oh question, I am surrendering my truck. Its junk. Instead of waiting for them to come take it, can I just turn it in now and volutarily before my 341 or do have to wait until the trustee/court say so?

[justbroke]

I like your strategy about keeping NFCU happy, because they are a great credit union.

I'm with you on trying to raise your daughter in a happy and safe environment. As you know, custody is so territorial and the custodial parent can be difficult to deal with. Just get through this period of your (post cardiac) recovery and keep planning. I'm one to like to have a plan for just about everything... even going shopping!

Oh question, I am surrendering my truck. Its junk. Instead of waiting for them to come take it, can I just turn it in now and volutarily before my 341 or do have to wait until the trustee/court say so?

You can try to make arrangements with the creditor, but it largely depends on whether it's exempt and that the Trustee doesn't want it.

[spr250]

So I went through my PACER account and noticed none of utilities are included save one. Why is that? There is one that I do want gone. Face it, the reconnect fee and down payment is far cheaper than playing catch up. lol

[justbroke]

I'm trying to understand by "[I] noticed none of the utilities are included." Are you talking about the Claims section of PACER? Since you just filed I would say to wait the entire 60 days to see if anyone files.

But, and here's the most import part, it doesn't matter if you are a no asset case. All unsecured creditor debt will be discharged (period). (Of course there are some exceptions for secured debt as their lien almost always passes through the bankruptcy untouched.).

In most Chapter 7 cases, not a single creditor files a claim. This is because most Chapter 7 cases are no asset cases and it is quite literally and figuratively a waste of time and money for a creditor to file a claim in a no-asset Chapter 7 case!

[spr250]

Ok. I was just worried that maybe my attorney messed up and didn't include them. So just for a recap in my stupid terms, even if its not seen in any report, since its unsecured, no asset CH7, its included already? Yeah in PACER and what my atty turned in, none was listed at all (other than my other debts). There is just so much to know so when I see something "missing" or different it makes me worry that it wouldn't be included. Thank you for the help. I understand alot of these questions get answered alot, well probably with each poster. I have been on forums where all they say its there, search for it. 2 weeks later, still not found. So thank you very much for taking the time to answer just not mine, but everyones questions. You do help calm a very stressful time. Just wanted to let you know in case not everyone appreciates your advice.

[justbroke]

Theoretically, a Chapter 7 discharge will discharge all debt that could have been included at the time of filing. There is an exception and that is generally where the Chapter 7 becomes or is an asset case. When it's an asset case, creditors must have a chance to file a claim. If it's a no-asset case, then there is no money to distribute.

Your attorney may not have scheduled (listed) certain utility accounts to help avoid a potential problem with "new" deposits. This is because the utility is entitled to offset old deposits with what you owed them, and they are allowed to request a new deposit. It can get a bit complicated, so you don't include a utility company unless you really need to do this and do it strategically.

Bottom line is that a no-asset chapter 7 case discharges all debt prior to filing. (As I stated earlier, it does not change any liens that you may have, especially where the lien is consensual.)