Is there life after filing Chapter7 ?

[lastresort]

I will file for bankruptcy in about 10 days. I have a lawyer which is trying to qualify me for Chapter 7. My understanding is that if I do qualify, my debts will be erased. I am loosing the house which has no equity in it at all because I live in Florida and house prices dropped dramatically here in the past couple of years. I already have a rental lined up where I will be moving with my family next week. None of my credit card payments and all other payments have been late as of October 1st. Now they start being late. My credit card debt is over 100k and I never had a late payment in my life. I owned numerous rental properties in the past 7 years. I did well for a while and after that I became greedy and bought more.I lost everything.

QUESTION: If I qualify for Chapter 7 is it true that I will not owe anything anymore? What are the chances that I will be able ever in this lifetime to build another business?

I even placed an ad on Craig's list to ask people to send me success stories after bankruptcy no matter how unrealistic that might sound. I need to grasp onto something. I need to believe in something or else I will not be able to go through this.

[keepmine]

Actually, you have to be discharged to have all of your debts erased. Also, things like student loans and court ordered child/spousal support survibe bk.

Oh yes, there is life beyond bk.

http://www.bkforum.com/showthread.php?t=17790&highlight=keepmine

[ameliabedilia]

Well, since I have not filed yet (doing so tomorrow) I can't tell you about life after bankruptcy, but I can tell you that I think most people have major misconceptions about it.

I thought I would never ever get a credit card or car loan for the length of the bankruptcy- 10 years! If I had known that was not the case, I would have filed several years ago instead of shuffling money around every month, putting every extra money we ever got to the credit cards, only to rack the balance up again. Most of the time the cards were used for living expenses, medical expenses, etc..., not even anything frivolous or fun!

When I finally did some research I realized that I have thrown money away for years, when I could have just waved the white flag a long time ago, and would now have money in savings, for my kids' college, etc...

Look around this site a little- it truly can be a stress reliever!

[Boscoe]

Life does not end, it is a new beginning. But you need to be disciplined and be fully committed to not allowing what got you to bk to ever happen again!

[JollyGG]

There is definitely life after BK. We actually have more money now than we ever did and almost no debt.

Shortly after discharge my husband got a new job making around 5k more a year, and we paid the car off.

But even before the new job and the extra money not going to car payments life was better. Actually having things like new clothes, home repairs, car repairs in our budget seems like a luxury after trying for so long to pay all of our debt and not having the money for those things.

We now have a budget that actually balances.

We sometimes still mess up and overspend, but we are determined to never be bankrupt again and we get back on track.

[Cassiopeia]

I am finding that life after BK is absolutely WONDERFUL!

[ad_25]

We are paying out lawyer still and plan to file in January. However, since we are late on our house payment and a few credit cards, we can't find a place to rent. We have posted an ad on craislist with no repsonses and emailed our sob story to anyone who has a rental that looks like it would fit for us. I can say try to find a place before you file. I'm in California right now and we're stuck at my parent's house with two kids and no luck on a rental.....other than that, It'll be nice to not stress every day wondering how we're going to pay the bills. It will be a relief to get this over with and find a place to live. Best of luck to you!