Today, is the 2nd anniversary of my filing.
I know we're all wired differently but, I never had any of the emotional struggles that many of you have related. When it became inevitable, I just started learning all I could about the process, retained a lawyer and just did it. No looking back-no regrets.
During the time between filing and my 341, I did take stock of my situation. I knew I was going to be more fortunate than many. I was older {52 at the time and had been in the workforce for 30 years}. As a result, I had built up a nice IRA and, a 401K that were untouchable. Plus, I had a home and the equity was below my states exemption level. I discharged $71K worth of cc debt and left bk with a net worth of roughly $90K.
I had gotten all of the foolish spending out of my system and resolved it was really time to get serious. Within a few weeks of discharge, I got a better paying job that also had a better benefit package. A few months after that, I started working pt 2 nights a week for a major retailer. The bottom line is, I've increased my income by about 40% in the year following discharge.
Yes, we budget and use coupons and don't drive unnecessarily and all the other good personal finance things you should do but, nothing helps like more money. If I could try and drive one piece of advice home to those who are just beginning this journey-don't settle for the status quo. Do all in your power to get better jobs. Don't settle for underemployment. If you have to move to get better work-so be it.
As to credit post bk. Not one of my priorities. My mortgage is at very attractive fixed rate and I never made the mistake {about the only one I didn't make} of a cashout refi or, a Heloc.
I got just a bucket load of cc offers from Orchard, Applied and a few other subprime lenders in the weeks and months post bk and I just tossed 'em. Finally, last spring HSBC sent a cc offer. No annual fee. I applied and got a card with a $2K credit limit. That's really all I need. I have a rule-no more than $100/month on it. And, I pay in full the day I get the bill.
I also got a ton of mail touting "2nd chance auto loans". In Aug. my wife's car just died. It was an 89 Cutlass with 160K miles on it. It had 8 miles when we bought it so, no complaints there.
We bought an 06 model with 18K milesfor $10K. It has a little over a year left on the bumper to bumper warranty and over 3 years on the powertrain. We applied jointly with her as the primary for a Cap1 Blank Check. We were approved for 48 months at 8.20%.
I did try twice on my on at a local Cu and my bank but was denied due to "a recent bk". That's was all the adverse action letter said.
Anyway, life post bk is good. I hope to pay the car loan off in under 3 years. We're saving money like mad-maxing out our 401K's. The majority of my spending is with cash or, my checkbook.
To all who are starting this odessy called bk, you'll look back and realize filing the darn thing is the easy part. What comes next is a lot harder but far more important.
I truely believe that this is by far and away the best bk site on the net. One big reason is, so many of us who have been through the process have stuck around and are able to help out with some real world experiences.
Best of luck everyone!
I know we're all wired differently but, I never had any of the emotional struggles that many of you have related. When it became inevitable, I just started learning all I could about the process, retained a lawyer and just did it. No looking back-no regrets.
During the time between filing and my 341, I did take stock of my situation. I knew I was going to be more fortunate than many. I was older {52 at the time and had been in the workforce for 30 years}. As a result, I had built up a nice IRA and, a 401K that were untouchable. Plus, I had a home and the equity was below my states exemption level. I discharged $71K worth of cc debt and left bk with a net worth of roughly $90K.
I had gotten all of the foolish spending out of my system and resolved it was really time to get serious. Within a few weeks of discharge, I got a better paying job that also had a better benefit package. A few months after that, I started working pt 2 nights a week for a major retailer. The bottom line is, I've increased my income by about 40% in the year following discharge.
Yes, we budget and use coupons and don't drive unnecessarily and all the other good personal finance things you should do but, nothing helps like more money. If I could try and drive one piece of advice home to those who are just beginning this journey-don't settle for the status quo. Do all in your power to get better jobs. Don't settle for underemployment. If you have to move to get better work-so be it.
As to credit post bk. Not one of my priorities. My mortgage is at very attractive fixed rate and I never made the mistake {about the only one I didn't make} of a cashout refi or, a Heloc.
I got just a bucket load of cc offers from Orchard, Applied and a few other subprime lenders in the weeks and months post bk and I just tossed 'em. Finally, last spring HSBC sent a cc offer. No annual fee. I applied and got a card with a $2K credit limit. That's really all I need. I have a rule-no more than $100/month on it. And, I pay in full the day I get the bill.
I also got a ton of mail touting "2nd chance auto loans". In Aug. my wife's car just died. It was an 89 Cutlass with 160K miles on it. It had 8 miles when we bought it so, no complaints there.
We bought an 06 model with 18K milesfor $10K. It has a little over a year left on the bumper to bumper warranty and over 3 years on the powertrain. We applied jointly with her as the primary for a Cap1 Blank Check. We were approved for 48 months at 8.20%.
I did try twice on my on at a local Cu and my bank but was denied due to "a recent bk". That's was all the adverse action letter said.
Anyway, life post bk is good. I hope to pay the car loan off in under 3 years. We're saving money like mad-maxing out our 401K's. The majority of my spending is with cash or, my checkbook.
To all who are starting this odessy called bk, you'll look back and realize filing the darn thing is the easy part. What comes next is a lot harder but far more important.
I truely believe that this is by far and away the best bk site on the net. One big reason is, so many of us who have been through the process have stuck around and are able to help out with some real world experiences.
Best of luck everyone!
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