So, I did have a Chapter 7 I recently was discharged from and saved about $100,000, which is decent.
In addition, I filed a Chapter 13 about 15 years ago, and that saved me about $150,000. However, when I did the Chapter 13, I was able to get an incredible loan modification on my house, with an interest rate of 3%. I still have this home and only owe about $200,000 and its worth about $600,000. If I don't file the 13, the house would have been lost. My mortgage is so incredibly low that it has set me up for the next 30-40 years, assuming I live that long, which I expect to because I put my health first above all. I also have some additional income from my home by doing some Airbnb, which almost allows me to live rent free.
When I put it altogether, I see that the BK mentality that I have had has probably been a +1M move for me. And, I didn't plan a thing. I was downsized both times I filed and was not able to secure adequate employment. Also, I really didn't have a ton of debt when I filed compared to others that "saved" much more initally.
The reason for this post is to encourage others to file BK if they seemed overwhelmed in life.
BK has really put me in control of my financial life, and I am very thankful for the laws that protect us from the predatory world of creditors...creditors that still make money hand over fist by taking advantage of others with predatory loans and interest rates.
File on if needed and do it with no sense of shame or guilt. You are looking out for your life and your future. Protect yourself, your family, and your future by utilizing BK has much as needed.
In addition, I filed a Chapter 13 about 15 years ago, and that saved me about $150,000. However, when I did the Chapter 13, I was able to get an incredible loan modification on my house, with an interest rate of 3%. I still have this home and only owe about $200,000 and its worth about $600,000. If I don't file the 13, the house would have been lost. My mortgage is so incredibly low that it has set me up for the next 30-40 years, assuming I live that long, which I expect to because I put my health first above all. I also have some additional income from my home by doing some Airbnb, which almost allows me to live rent free.
When I put it altogether, I see that the BK mentality that I have had has probably been a +1M move for me. And, I didn't plan a thing. I was downsized both times I filed and was not able to secure adequate employment. Also, I really didn't have a ton of debt when I filed compared to others that "saved" much more initally.
The reason for this post is to encourage others to file BK if they seemed overwhelmed in life.
BK has really put me in control of my financial life, and I am very thankful for the laws that protect us from the predatory world of creditors...creditors that still make money hand over fist by taking advantage of others with predatory loans and interest rates.
File on if needed and do it with no sense of shame or guilt. You are looking out for your life and your future. Protect yourself, your family, and your future by utilizing BK has much as needed.