Like many of you here, I went bankrupt about 3 years ago. A lot of people thought I was being irresponsible with my money causing me to go bankrupt, but that was not the case. I graduated with a business degree from Northwestern and had worked for 10 years as a finance manager. My company was bought out in 2007 and I lost my job. To make a very long story short, I went from making a six figure salary living in a nice home supporting my three children quite well to struggling to pay for my groceries. Luckily, I found another job about 6 months later, but my salary was about half of what I had been making before. I could no longer make my mortgage payments. My student loan debt which was about $50,000.00 was crippling me financially as well. So in 2009, I decided to file Chapter 7. After my bankruptcy was discharged, I felt a huge burden lifted off of me. However, I still struggled as I needed to rebuild my credit but I didn't know where to turn. I got a secured credit card and started using that to re-establish credit. My credit score was rising, but in 2010 my son got very sick and had to have minor surgery. Insurance didn't cover all of the costs, my ex-husband refused to help pay for any of his care. I desperately needed money fast, but didn't want to get caught in the payday loan trap. I found a great website, [URL removed by moderator] and I got approved for a personal loan (NOT a payday loan) through their site. With this loan, I was able to pay for my portion of my son's medical care.
Additionally, after about 18 months of making regular payments on the loan, my credit score is 750 according to Equifax! Today I am doing fairly well financially considering all that I have been through. When I filed Chapter 7, I thought it would take 7+ years to rebuild my credit, but after 3 years I am almost back to where I was prior to losing my job. I hope my story can inspire someone as I am living proof that bankruptcy is NOT the end, but rather a new beginning.
Additionally, after about 18 months of making regular payments on the loan, my credit score is 750 according to Equifax! Today I am doing fairly well financially considering all that I have been through. When I filed Chapter 7, I thought it would take 7+ years to rebuild my credit, but after 3 years I am almost back to where I was prior to losing my job. I hope my story can inspire someone as I am living proof that bankruptcy is NOT the end, but rather a new beginning.
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