New member, freaking out .... a little

[KeithG]

1st i have to say it is great to have a site like this and the tons of support that come with it.

I am 99% i will be filing chapter 7 soon, i have spoken to a lawyer who did my wife's uncle and father and he come highly recomended. Although like most lawyers he is making the BK seem like we go to court and its done.

I AM FREAKING OUT!!!!!!

everyone i have talked to so far has said that it is no big deal however today i talked to a person who filed about three years ago and (he said) he was told by the judge that he is not allowed to have a credit line for 5 years, is there any truth to this? can a judge order this? i thought after the discharge i could start rebuilding.

i apoligise for the legal question / bad spelling / over all length. i tryed to call the lawyer three times but he has not gotten back to me, any help would be greatly apricated.

P.S. i Live in Michigan if it makes a difference

[Scoutitout]

That doesn't seem right to me under a Chapter 7, but I'm no expert. Maybe he's in a Chapter 13, they are sometimes 5 years and during that time your finances are pretty much controlled by the court. Still seems weird though to me.

[aces67]

As far as I know that's wrong. If you file Ch 7 you can start rebuilding your credit as soon as you get discharged.

[liz417]

Maybe he's in a Chapter 13, they are sometimes 5 years and during that time your finances are pretty much controlled by the court. Still seems weird though to me.

Good point, maybe this person was in a 5 year repayment plan, therefore no credit unless the trustee approves. That would make sense. Otherwise, you could start rebuilding your credit (if that's what you want) right after your discharge.

I think the hardest part is FINALLY REALIZING that BK is the only option. You're over the hardest part already

[hyg1974]

I believe that once your chapter 7 is discharged, you are free to apply for credit or do whatever you want. In a Chapter 13, you may not use credit for the duration of the plan, which is most often 5 years.

[AngelinaCatHub]

Keith, you have been very misinformed. IF a Judge said what you implied he did, I would not want him as my judge in a parking ticket. I could get 'life'.

He is wrong. Your bk will affect your credit score of course, but your future "New Start" will also.

You have made a business decision, in that you have to bk to get 'right' again. Go for it, you are not a new case here. Most of us were in your place with all the questions, worry, guilt, and anxiety. It DOES get better.

Remember one thing, in your new start, what got you there? Credit. What the hell you need it for? Go with that attitude, and go cash, build up with a card and pay it off monthly. You will be fine.

I personally will not even look at my score as it means nothing to me. Cash is king and if I don't have it, I don't buy it. My opinion. 'Hub

[KeithG]

thanks for the info, i am planning on being cash only but it would still be nice to have some credit incase of emergencys, that is what is scaring me now, if somthing where to happen me and my wife have literly $100 to make until next friday

[2manybills]

That's what I thought too Keith. But I've realized in this process that depending on cc's for as a cushion is what got me into the mess we are in. When I filed destroyed all of the cards, it was actually very freeing. I agree - Cash is King!

[zpbk13]

Cash is King is me and hubby's new mantra as well. I don't need a credit card for emergencies because I intend to save up cash for an emergency. We haven't used our cards since December/January and didn't even realize it until the other day. Never thought I could go six weeks without using credit and here we are more than six months out and haven't used a card. It is definitely a feeling of freedom!

[NoMoreCards]

As nice as it would be to only use cash, the very real possibility of something coming up is haunting.

I am supposed to sign my Chapter 7 papers tomorrow morning. I have 67.00 in my bank, and today I found out I need a root canal and a crown to the tune of 2400.00. I do not have the cash for this. At this point, I don't know how to do it. But the bottom line is, things do come up at the worst possible times.

[zpbk13]

Nomorecards - I see your point. I'm not saying I don't have fears we will have a real emergency and not have enough cash to take care of it. I do have concerns about that. But most of our cards were maxed out anyway so we were in a situation where most cards were maxed and we were struggling to make minimum payments and had no money for an emergency fund because we were drowning in the credit card debt with balances that never seemed to go down.

I hope you find a way to pay for your dental procedure.

[debtmonster]

How do root canals cost $2400? Do you have a bunch of root canals to be done? Mine was $750. I paid cash many years ago. It was a beautiful thing.

[NoMoreCards]

How do root canals cost $2400? Do you have a bunch of root canals to be done? Mine was $750. I paid cash many years ago. It was a beautiful thing.

Root canal AND crown. And I agree, they were $750 years ago, but not anymore. This is the price I got this morning. I have called a different place for the root canal, and they want 1300.00.
And it is only one, but a molar.

[debtmonster]

Why would the price go up? The effort it takes do to a root canal and crown is still the same as it was years ago. I would go to a different dentist.

[jribe]

if the other guy filed a chapter 7- the judge could not order that. Chapter 7 is full liquidation. He could if he filed a 13 i suppose. You're a lot more restricted when you file a 13- basically have a babysitter for 3-5 years. It sounds like that's what he was encountering...

1st i have to say it is great to have a site like this and the tons of support that come with it.

I am 99% i will be filing chapter 7 soon, i have spoken to a lawyer who did my wife's uncle and father and he come highly recomended. Although like most lawyers he is making the BK seem like we go to court and its done.

I AM FREAKING OUT!!!!!!

everyone i have talked to so far has said that it is no big deal however today i talked to a person who filed about three years ago and (he said) he was told by the judge that he is not allowed to have a credit line for 5 years, is there any truth to this? can a judge order this? i thought after the discharge i could start rebuilding.

i apoligise for the legal question / bad spelling / over all length. i tryed to call the lawyer three times but he has not gotten back to me, any help would be greatly apricated.

P.S. i Live in Michigan if it makes a difference