Filing chapter 7 next spring. Any advice?

[Dtbrisc]

So as my title says, I will be filing for chapter 7 next Spring to get a fresh start. Just had open enrollment at work and was able to sign up for group legal insurance which starts in January so my Attorney fees will be covered and I will just have to pay the filing fees and for the required credit counseling classes.

Looking forward to getting a fresh start after these rough past couple of years. Does anyone have advice for what to do post Chapter 7?

[justbroke]

What to do? Eat. Pray. Love. (Sorry, I had to do that...)

Enjoy the fresh start. Learn how and continue to save and budget.

[Buchajo]

I am looking at the same thing too. The writing is on the wall. I would imagine I will be seeing an attorney by March if I can hold out that long. Unless the attorney I hire tells me differently, I don't plan to wait extremely long to file after that. I'm in extremely deep over my head and don't have a hope in heck of getting out of this without filing.

As far as what to do after everything is said and done... start saving money regularly! Every paycheck. Every month. Credit cards and personal loans are all a big game rigged against the consumer. I had to learn this the hard way. Having savings stashed away can be extremely helpful in cutting way down on any reliance upon credit cards, loans, etc. Bad financial things will happen guaranteed. You can prepare for that in advance or be swamped later when they hit you unprepared.

Here's the thing.... not long after your case is finalized and over with, you'll be eligible for some credit again. That's when you'll get to practice what you've learned. Some credit is okay. It can be useful. But at the end of the day, the most successful people aren't using their credit cards to pay off an unexpected car repair, unlike a fair amount of average people might be expected to do. That's the difference. Living within one's means - which seems to be harder and harder - is also advisable.

[Layla55]

That’s right buchajo. Saving up for events like car repairs, vet bill, air going out is so expensive these days most people can’t pay at point of service.. so you charge it, and you never get it all paid before something else gets tacked on the credit. You need a substantial amount saved these days.