My chp 7 bk was discharged in July of last year. I had $50K of debt, $25K on a car and $25K unsecured credit cards and loans.
In November of 2006, I had taken a $4000 cash advance, but by April of 07 I was totally out of money and had to file. I was worried that the creditor would object even though it was out of the time frame because it was so large of an advance, but lo and behold, they didn't and my BK sailed right through.
I did NOT re-affirm my car loan and have been continuing to pay on it ever since. It was through Ford Credit and I have been paying by snail mail because they will not let me pay on the website anymore. No big deal really, it's more of a pain to them when you think about it. They obviously are doing it out of petty retribution. I remember back when I used to hang out on this forum the issue of re-affirming a car loan would always start a long and tangled discussion. First of all, yes, under the new rules of BK you are required to affirm a secured loan. But if you have a good aggresive attorney like I did, he will bend the rules for you because it is never in the interest of the filer to reaffirm, unless you want that creditor reporting your payments to re-build credit. I was NOT the least bit interested in rebuilding credit, credit is what got me into this predicament to begin with. Anyway, I still have my car, they aren't trying to repo, and I won't say anything further on the matter as I'm sure it will cause an upleasant debate.
So, was it worth it? You bet. I have more money now than I've ever had. I have not had to pay minimum balance fees in my bank account for a long time now. I was able to pay for reconstructive cosmetic surgery that was not covered by insurance. And I have remembered the lessons I learned about living frugally, and I still mind my money today.
Back when I was going through this process I told myself I would never use a credit card or get any kind of a loan again. Well, I've learned that that's the wrong attitude to have. You have to rebuild credit afterward because it is needed in so many different areas. In looking for apartments I am surprised by how many require not only that you have a good credit score, so will not allow BK at all.
My B of A Visa survived the BK and I've been using it and paying more than the minimum on time each month. My APR is only 14% and they send me convenience checks every few weeks. It has a $6000 limit, my balance on it right now is about $1400, and they have been reporting my payments every month.
What is my FICO? I don't know. I hope someone here can tell me how to find it. I went to myfico.com and the price was $50. I won't pay that much to find out. Back in September of 06 my FICO was 733 when I bought my car. I'm sure it dropped quite a bit by April of 07 when I filed.
In November of 2006, I had taken a $4000 cash advance, but by April of 07 I was totally out of money and had to file. I was worried that the creditor would object even though it was out of the time frame because it was so large of an advance, but lo and behold, they didn't and my BK sailed right through.
I did NOT re-affirm my car loan and have been continuing to pay on it ever since. It was through Ford Credit and I have been paying by snail mail because they will not let me pay on the website anymore. No big deal really, it's more of a pain to them when you think about it. They obviously are doing it out of petty retribution. I remember back when I used to hang out on this forum the issue of re-affirming a car loan would always start a long and tangled discussion. First of all, yes, under the new rules of BK you are required to affirm a secured loan. But if you have a good aggresive attorney like I did, he will bend the rules for you because it is never in the interest of the filer to reaffirm, unless you want that creditor reporting your payments to re-build credit. I was NOT the least bit interested in rebuilding credit, credit is what got me into this predicament to begin with. Anyway, I still have my car, they aren't trying to repo, and I won't say anything further on the matter as I'm sure it will cause an upleasant debate.
So, was it worth it? You bet. I have more money now than I've ever had. I have not had to pay minimum balance fees in my bank account for a long time now. I was able to pay for reconstructive cosmetic surgery that was not covered by insurance. And I have remembered the lessons I learned about living frugally, and I still mind my money today.
Back when I was going through this process I told myself I would never use a credit card or get any kind of a loan again. Well, I've learned that that's the wrong attitude to have. You have to rebuild credit afterward because it is needed in so many different areas. In looking for apartments I am surprised by how many require not only that you have a good credit score, so will not allow BK at all.
My B of A Visa survived the BK and I've been using it and paying more than the minimum on time each month. My APR is only 14% and they send me convenience checks every few weeks. It has a $6000 limit, my balance on it right now is about $1400, and they have been reporting my payments every month.
What is my FICO? I don't know. I hope someone here can tell me how to find it. I went to myfico.com and the price was $50. I won't pay that much to find out. Back in September of 06 my FICO was 733 when I bought my car. I'm sure it dropped quite a bit by April of 07 when I filed.
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