I posted a two year post bk update previously. Here we are five years post bk. Since we are trying to find a way to buy a house, I thought I'd post another. I still read this board, and recommend it
to others quite a bit. I don't know what I would have done going through our bk without the support and guidance available here!
I finally found another source of help for budgeting which I would also recommend to you guys, and that's Dave Ramsey's program. His Total Money Makeover website and budgeting tools have
helped me so much. Our income has never gone back to pre-bk amounts, and I really have seen a huge difference in our money since using this program. So we think we are ready to buy a house.
So we've been looking at cheaper ones in our area. We started feeling out our loan officer from our bank. We never defaulted on any of our bank loans there, so we thought that might make a
difference. We were told that even five years out from bk, they need double the down payment. So there's that.
I know this sounds stupid, but as long as you don't need a bank, there's no lasting effects from bk. Well, let me clarify that. As long as you don't need a whole bunch of money from a bank, there's no
lasting effects from bk. Because we were able to borrow 3,500 for a car from this bank. Cell phone companies, dish companies, insurance companies, really no problems. If we wanted to, we could have
as many credit cards as we had before. I get cashable checks in the mail from loan companies for several thousand dollars all the time. (I shred them) Our biggest problem is income. If we had the
income that we had before bk, we would be just fine. I would have no problem saving up double a down payment. So consider that in your journey. If you are able to resume the income that you are
used to, and learn to live on cash and debit cards (don't go back to the credit cards!!!), you will be fine.
I still stand by my two year update post. Selling our house was the best decision that we could have made. The stress of worrying about making that house payment was horrible. I do not regret selling
the house. I do however, miss the house. I miss the nice neighborhood and I miss having a house without wheels.
But you can move forward from the decisions that bk forces you to make. Time passes and you can move forward. Looking back through my older posts brings me right back to the anxiety, good Lord the crippling anxiety and stress. It was the only decision we could make, and I
don't regret it one bit. Anyway, just an update, and a bit of advice for what it's worth. Hang in there you will get through it and come out on the other side.
to others quite a bit. I don't know what I would have done going through our bk without the support and guidance available here!
I finally found another source of help for budgeting which I would also recommend to you guys, and that's Dave Ramsey's program. His Total Money Makeover website and budgeting tools have
helped me so much. Our income has never gone back to pre-bk amounts, and I really have seen a huge difference in our money since using this program. So we think we are ready to buy a house.
So we've been looking at cheaper ones in our area. We started feeling out our loan officer from our bank. We never defaulted on any of our bank loans there, so we thought that might make a
difference. We were told that even five years out from bk, they need double the down payment. So there's that.
I know this sounds stupid, but as long as you don't need a bank, there's no lasting effects from bk. Well, let me clarify that. As long as you don't need a whole bunch of money from a bank, there's no
lasting effects from bk. Because we were able to borrow 3,500 for a car from this bank. Cell phone companies, dish companies, insurance companies, really no problems. If we wanted to, we could have
as many credit cards as we had before. I get cashable checks in the mail from loan companies for several thousand dollars all the time. (I shred them) Our biggest problem is income. If we had the
income that we had before bk, we would be just fine. I would have no problem saving up double a down payment. So consider that in your journey. If you are able to resume the income that you are
used to, and learn to live on cash and debit cards (don't go back to the credit cards!!!), you will be fine.
I still stand by my two year update post. Selling our house was the best decision that we could have made. The stress of worrying about making that house payment was horrible. I do not regret selling
the house. I do however, miss the house. I miss the nice neighborhood and I miss having a house without wheels.
But you can move forward from the decisions that bk forces you to make. Time passes and you can move forward. Looking back through my older posts brings me right back to the anxiety, good Lord the crippling anxiety and stress. It was the only decision we could make, and Idon't regret it one bit. Anyway, just an update, and a bit of advice for what it's worth. Hang in there you will get through it and come out on the other side.
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