Looking back would you file BK again?

[pilesofdebt]

Hello everyone!

My husband and I are pondering BK and still have a lot of decisions to make and information to sort through. In my search to help us make the right decision, I thought I would post this question to all of you out there who have filed BK. Are you happy with your decision and, if you could turn back time, would you still have filed BK? Has it made your life better or worse?

There are so many factors to consider when filing such as the repercussions and effects it has on your life/credit years later....I know for us we are surrounded in an enormous pile of credit card debt and half of the income we had before the economy turned. Believe me, I know this is a personal decision and the experience you had with BK might not be the same for us, but I am just curious to see how other people view BK after filing it.

Thanks so much for taking the time to answer this!!

[backinstride]

Happy with the decision? I don't think anyone is happy about it. But yes, looking back, I would seek relief under the United States Bankruptcy Court under my set of circumstances. As painful as it was - because this was the second time, after I had worked diligently to rebuild my credit and had scores in the 700s- the alternative for me was impossible to handle.

My credit went south this time because of a separation/divorce. I know your situation is different, but I had to file because of my husband. What I would not do again EVER is have joint credit with another person, even if it is my husband. Never say never... but yea, I really don't think I will ever have joint credit again.

[Flamingo]

Debt causes bankruptcy...an event triggers the start (i.e., job loss, cut hours, major medical event, divorce) where there is not enough money to pay the bills. The major sign of insolvency is when one starts to rob Peter to pay Paul and both Peter and Paul eventually run out of cash and the result is inevitable.

Without BK (Chapter 13) and the 70% loss of income we experienced one year before filing, we would have lost everything. While we seriously tried not to file, we could not recover from that loss of income. It was hard to get through but we have our home and have adjusted to the point where if something like that happens again, we would not even have to consider filing. That is key as to bankruptcy - to learn how not to be in that position again.

[AngelinaCatHub]

Oh yes I would do it over, only sooner. We were being milked to death in harassment law suits by my enemy. Lawyers fees over our heads, and CC's filled up. We attempted to do everything but bk. Never entered our minds until my enemy was successful in harassing the employment with many process serving goons, and phone calls, etc. We lost both jobs. Went originally for a 13 as my credit score was an unbelievable 820.

When the lawyer looked at our paperwork and asked us about the lawsuits, she said, "well these lawsuits would stop". We both literally, and I do mean literally broke out crying in her office. The look on her face was shear terror. We explained that was why we were here. The law suits. She informed us (she did this rarely) that the suits would be tolled and probably discharged. She said we were candidates for a 7 and so that is how it went. On the last day of objections, my enemy files an Adversary Procedure against us to screw our bk up. We fought it to be moved back to State and then this guy got a massive heart attack on April Fools day. He is now in very bad shape. Seems Karma is real.

We paid far too much money out for no good reason and bk would have stopped that sooner. 'Hub

[frogger]

We lost We fought it to be moved back to State and then this guy got a massive heart attack on April Fools day. He is now in very bad shape. Seems Karma is real.

Karma is real. Sometimes it doesn't happen as quickly as we would like, but everyone is going to get their rewards one way or another...

[Bandit]

Debt causes bankruptcy...an event triggers the start (i.e., job loss, cut hours, major medical event, divorce) where there is not enough money to pay the bills. The major sign of insolvency is when one starts to rob Peter to pay Paul and both Peter and Paul eventually run out of cash and the result is inevitable.

Without BK (Chapter 13) and the 70% loss of income we experienced one year before filing, we would have lost everything. While we seriously tried not to file, we could not recover from that loss of income. It was hard to get through but we have our home and have adjusted to the point where if something like that happens again, we would not even have to consider filing. That is key as to bankruptcy - to learn how not to be in that position again.

A great and honest post.

This is the most important thing but also key to remember that no one is exempt or above from having a BK or a second BK no matter how hard they might try to avoid one. I see so many people who think that just because they were irresponsible and abusive with credit that everyone else is too, when that is not true. Half of the people were probably abusive and the others it was due to a serious unforseen change in life, like of those you have mentioned.

Yes, I would file a BK a second time and I would do it a third time if I had to. However! it wont be due to me being irresponsible and abusive, rather due to circumstances completely out of my control.

[OhioFiler]

A great and honest post.

This is the most important thing but also key to remember that no one is exempt or above from having a BK or a second BK no matter how hard they might try to avoid one. I see so many people who think that just because they were irresponsible and abusive with credit that everyone else is too, when that is not true. Half of the people were probably abusive and the others it was due to a serious unforseen change in life, like of those you have mentioned.

Yes, I would file a BK a second time and I would do it a third time if I had to. However! it wont be due to me being irresponsible and abusive, rather due to circumstances completely out of my control.

Such as what? I am curious as to what circumstances are completely out of your control?

[Bandit]

Such as what? I am curious as to what circumstances are completely out of your control?

Divorce, Loss of job, loss of health insurance, medical bills, accidents, law suits...you know, the things that Flamingo listed above.

[JRScott]

I have no regrets.

I've fundamentally changed how I live and no longer use credit of any sort. Now some might think hey that means you have nothing, well to some people that's probably true, I don't have TV or cable, that is by choice more than anything, I simply don't find TV appealing with its current content. I watch news at work and that's about all (Some old 80s/90s reruns occasionally too).

however I bought a brand new computer in Feb of this year. Paid for in full, no payments nothing, and its pretty good computer I think should do me 4 or 5 years I'd think easy.

I've also made some improvements to the home, slowly as money allowed.

Just applied for some health insurance but depending on the cost I may or may not be able to get it. I'm on a tight budget and it has been very hard finding a plan that will fit in the budget.

I hope to replace my 19 years old car in another couple years.

[MichiganMan]

Sooner

Much sooner. I waited to the point of near mental breakdown with stress.

[OhioFiler]

Divorce, Loss of job, loss of health insurance, medical bills, accidents, law suits...you know, the things that Flamingo listed above.

Most of those are not out of one's control. Optionsfor each one that are within one's control: Stay married, find a new job, COBRA, savings, be careful, avoid conflict.

[Bandit]

Most of those are not out of one's control. Optionsfor each one that are within one's control: Stay married, find a new job, COBRA, savings, be careful, avoid conflict.

In other words, tie up your spouse who demands a divorce and keep her locked in the basement so you can have control over your marriage and things like that. Gotcha!
& you can tell the rest of that "CONTROL" you have, to the millions who have no health care.

[OhioFiler]

In other words, tie up your spouse who demands a divorce and keep her locked in the basement so you can have control over your marriage and things like that. Gotcha!
& you can tell the rest of that "CONTROL" you have, to the millions who have no health care.

Why is your wife so interested in leaving you? If one works hard one can stay married. Divorce isn't a given even if one partner wants a divorce. I don't think anyone is truly surprised when their spouse asks for a divorce. Most see it coming. I submit you can keep it from getting to that point if you try.

Millions have no health care? Absurd. Everyone in this country is eligible for health care. I can walk into any hospital in this country and get care.

[Bandit]

Why is your wife so interested in leaving you? If one works hard one can stay married. Divorce isn't a given even if one partner wants a divorce. I don't think anyone is truly surprised when their spouse asks for a divorce. Most see it coming. I submit you can keep it from getting to that point if you try.

Millions have no health care? Absurd. Everyone in this country is eligible for health care. I can walk into any hospital in this country and get care.

That's nice.

[ProjMgrNewb]

My situation is unique, so I don't know that my response should be any sort of litmus test for you, but my answer is NO. If I knew then, what I know now, I would have ran far, far away from bankruptcy.

My reasons:

1) Attorney. Thought I found an excellent one. Well known in the community, came from a "law family", handled plenty of bankruptcy cases. He totally seemed to have his act together. Ha! Minutes before my 341 meeting he starts telling me all these things that are wrong with my case. Then, a week and a half later he's arrested on obscenity charges (thought he was talking to 12 yo girls on the net, but it was the cops).

2) Bankruptcy laws. I prayed and prayed that I would be eligible for a Chp 7, and thought I was based on a) the filing paperwork that was drafted by attorney and b) my expenses (health issues, high medical costs). I told myself up front that if I wasn't a solid 7, then I would find another way to deal with the situation and not subject myself to a Chp 13 and 5 years of living on crumbs with the inability to even plan for emergencies.

3) My career. I've been working as a contractor for the same organization since 2000. I made a solid name for myself for 8 years, and a new contractor came in last year. This new contractor has been very good to me and has put me on the fast track in their company. For this job, I have to hold a security clearance. I knew that the clearance would go under re-investigation if I filed, but again, if I were a Chp 7, I felt that it would be worth it and in a few months everything would be over. That is indeed not the case.

All I can say to you is that, bankruptcy is purely situational. Get educated, do your homework, interview (and I'm not saying this jokingly) several attorneys before picking one, get your information in order (if you need pay stubs, get them ahead of time... if you need anything from an outside source, get to working on it ASAP), and even then, get to praying if you're the praying kind.

Just my $0.02,
ProjMgrNewb