A Lesson to Be Learned the First Time

[$$only4ever]

I was reading a blog on the internet the other day about an individual who filed Chapter 7 in May 2000. In 7 years since his discharge, this individual has managed to run up $125,000 in credit card debt and $80,000 in auto debt (2 vehicles), plus 2 $500,000 mortgages.I found this to be very frightening that in a 7 year time period, he had acquired an enormous amount of debt and he was looking at filing bankruptcy again, but was upset because he could not file a chapter 7.

I thought that I would share this information with everyone; not to be judgemental, but I guess to make everyone realize that there is a life after bankruptcy but if you are not careful, you could be back in the land of bankruptcy sooner than you think. After I read this article, I thought I will never get another credit card again. I don't know about anyone else, all I know I never want to be in this position again. Actually, I got a sick feeling in my stomach after I read this article.

[TomJ1]

He posted a thread on this board:

http://www.bkforum.com/showthread.php?t=16172

[$$only4ever]

I did not realize that he had posted on this forum. I had read it somewhere else. I hope that he finds a solution to his problem.

[JollyGG]

But the good news is that there is credit after bankruptcy. For everyone out there who thinks it will take ten years to ever again get a decent mortage or car loan there is hope. Now I don't recomend getting back into debt again, but I'm sure you can see that there are people willing to lend to us after bankruptcy and our credit will heal alot sooner than we fear.

[$$only4ever]

I thought that too Jolly GG, but that it also scares me!

[lrprn]

I thought that too Jolly GG, but that it also scares me!

For some of us, the "spending without thinking about how we are going to pay the piper in the end"habit can once again raise its ugly head after closing if we aren't careful. This is one of the few advantages of Ch 13 over Ch 7. We 13ers get 3-5 long years to practice living within our means and on a tight budget because we can't survive otherwise.

When you emerge debt-free after just a few months in Ch 7, it's all too easy to slip back into old bad money patterns. That's why we caution here about getting back into big debt quickly right after discharge and closing unless you have no choice. Give yourself a chance to learn to live within what you make first, then start rebuilding slowly.

This situation is the perfect example when NOT changing your ways that brought you to bankruptcy in the first place can lead you right back there again very quickly.

[$$only4ever]

no credit card ever again, pay cash for everything....don't have the cash .....don't buy.

[BKOnce]

Before the new law, I have knew at least few people who did INTENTIONALLY abused BK system... yes, you heard it right!!... ABUSED by taking advantage of how easily to trick CCs for more bigger debts (after clean slate) and filed couples of C7s again after... (Stupid CCs, seeded your own actions, then fruited your own effects)..

Now, with new law, CC companies win in their favors... and BK/CC abusers please watch out your bare back!!...

[guzzie]

don't and won't go through this again!!!! my family would kill me...lol......guzzie

[HenriettaHen]

Personally, I like how they court me, these predators.

Every time I ignore them, my credit rating goes UP!

"Who will be the Lucky One?" is the game they are playing with me.

I keep all the applications they send me on file, and reply to NONE.

As If!

Death to coyotes.