How is life after BK for you?

[Redfox282]

Just joined and im thinkin of filling for BK and was wondering if anyone regrets it or thought it was the best idea. I was also wondering if i should even fill my biggest dept is 9k for a repoed truck that i was upside down on and 2k in back rent for my old apartment and 2k in medical bills and 1.5k in CC dept and thats it, doesnt seem like alot compared to others i have read about on here but i cant pay it back with the job i have now.

[tigergem]

Well, of course it is entirely up to you, but considering that an attorney costs a couple of grand, and then you have the BK on your record for 10 years... plus what if something catastrophic happens and all of a sudden you have medical bills and then can't file on them because you already filed? I guess if you aren't being sued or garnished, I would leave it alone on 14.5k debt.

I don't know what to suggest in the meantime. I'm guessing if you can't pay because of underemployment, that any type of settlement is out of the question right now. But maybe you could make small payments to hold them at bay? I'm not sure what to advise, really.

I filed under threat of a suit (no surprise there). I wish I had filed a couple of years sooner, but if I had... well... from the time I first thought about it, procrastinated and finally filed, I had racked up another $10k in medical bills. So I guess everything works out.

[AngelinaCatHub]

Brother, at this time, I would say you have no need. BK is a serious thing and should only be done when all else fails. Some of us even sacrificed our retirements not to bk then had to anyway. You REALLY have no debt. I would go to each of your creditors, 'fess up, and tell them you will pay them all. Take the smallest one and work on it first. Then next then on.

As far as your question, I had no choice. You do. I am glad I did it. It cost me more money than you owe though. It was stressful far beyond explanation. Use your "NEW START" if and when you really need it. Otherwise, learn right now and try never to need it. It is not a badge of glory. It is a business decision and a serious one. 'Hub

[Hope2File]

We were very recently discharged, so I can't attest too much to whether it was a good or bad idea long-term. We have been struggling with bad credit and "old" bills for over 10 years. I also wish I had at least looked into it years ago, we wasted a lot of money not only on things we didn't need but also in trying to pick off old debts that we either weren't obligated to pay or we could've gotten away with settling for less than the full amount. I read Dave Ramsey's book recently. I would recommend that if you have debt and are thinking about BK, its just a good read and helps you to think a little differently. Good luck in whatever you decide.

[Redfox282]

yes they are trying to garnish my wages for the 9k auto loan and i am underemployed iv been laid off from my normal job for about a year and a half now. but with the bill have now i have no extra to pay my debts. I looked around and BK is only 1100 where i live (indiana). As of now i work part time and i dont even think i make enough to get a garnishment but im not 100% on that.

[nc73]

yes they are trying to garnish my wages for the 9k auto loan and i am underemployed iv been laid off from my normal job for about a year and a half now. but with the bill have now i have no extra to pay my debts. I looked around and BK is only 1100 where i live (indiana). As of now i work part time and i dont even think i make enough to get a garnishment but im not 100% on that.

Does that include filing fees? In any case it is a small amount of debt. I would try to settle or borrow from relatives to pay it off.

[Redfox282]

yea they said 1100 out the door plus 75 for an online class. Thanks for all the advice guys Ill try to settle with them.

[researchmode]

Some people file for 10,000 and some for 100,000. I'm sure some of the people who filed with 75k look at those who file for 30k and shake their heads.

I would disagree with the person who said "you REALLY have no debt". When you have people calling your phone at all hours and it feels like a slap in the face everytime you open your mail... when you lose sleep because you can't pay back what you owe...

Is it the right thing for you? Only you and a lawyer (or two, or three) can decide that.

These are questions to think over, not necessarily to answer here: Is it likely you can get a job in the next year that would allow you to pay that? What's your educational background? If you've not got a college degree than it might take years to pay back that "little bit" unless you have a highly specialized skill and loads of experience. If you're about to graduate with a Masters, on the other hand, you can probably pay it back fairly quickly.

If you decide to wait on filing bankruptcy, these would be my (personal opinion) suggestions for you:

Options:
- Try to negotiate and get a better deal on a payoff amount
- Sell everything you can possibly part with and use that to try and pay off the debt
- Move in with relatives, or get a smaller place, or get roommates
- Most hospitals will allow you to make very small payments over a long period of time (I paid $10/month for almost four years) so check with the medical payments
- Read financial books and personal finance bloggers to see how you can save money on a daily basis

I hope any of that helps. If you decide bk is right for you, don't feel bad that it's not a lot of money. $15k(ish) plus compound interest (if applicable) plus the stress... if you are sure you can make the life changes so that you won't get into that situation again and "need" to file again later, I'd say it's worth it.

[ForumReader]

I agree with the last post. To the OP, one other thing to consider is this if you decide to settle your credit debt on your own, please by all means stay away from enrolling with any debt settlement company. They are not even worth it.
Talk to several BK attorneys for free consults and to see what is best for you. It sounds to me though it might be better to settle on your own with help without even filing for BK. Save that for when you REALLY need it in the future should that happen. Good luck!

[chriselle]

i owe 36K unsecured. if you look at it, it's just like what I pay for an average SUV. from jan 2009 to september, I paid $6,800 in interest, late fee, annual fee, overthe limit fee.. and was just able to knock down 400 from principal... $6,800 for 10 months. i have been discharged a month ago. i paid all my living expenses and was still left to close to a thousand. I don't regret having that extra money over having a mastercard in my wallet.

[NHC]

Honestly, I'm much more relaxed. I can actually answer my phone now. And who knew?? I actually have money that I can now BUDGET! I sleep like a bug in a rug! Okay...I'm driving a "beast" of a car that ain't much to look at but it runs like a top...I've established a savings account that I'm now able to make regular deposits into it...Sure, I need to build my credit now (so I can maybe buy a condo or townhome before I'm 45!!!) but at least the number can only go up from here....

[tigergem]

I second what NHC said lol. Plus I got an extra bonus that just pleases me to no end. After my discharge, I know the whozits on my secured widget are gonna go after my slimy ex for the unpaid unsecured balance.

Revenge is a dish best served cold.

[AngelinaCatHub]

yes they are trying to garnish my wages for the 9k auto loan and i am underemployed iv been laid off from my normal job for about a year and a half now. but with the bill have now i have no extra to pay my debts. I looked around and BK is only 1100 where i live (indiana). As of now i work part time and i dont even think i make enough to get a garnishment but im not 100% on that.

It is still my opinion that with that little debt and what jobs you don't have there is nothing that they can garnish. Also in our state FL they cannot garnish anything lower than $500 from the "head of household". That means $500 is protected from garnishment and if you are single, you are head of your household. In essence you are collection proof. Change your address and phone number and chill out. As others stated, use your bk for something more substantial and work out in little payments what you owe. If they will not cooperate with you, kiss 'em off, and just default. I doubt they will sue you and if they cannot find your new residence you can't be served.

This is a personal choice and you are here asking advice and opinion. My opinion is you aren't that far gone to bk. It is your decission to do what you think is best for you. $1100 to discharge 9000 is more than ten percent to ruin your ability to bk for 8 years. 'Hub

[AngelinaCatHub]

I second what NHC said lol. Plus I got an extra bonus that just pleases me to no end. After my discharge, I know the whozits on my secured widget are gonna go after my slimy ex for the unpaid unsecured balance.

Revenge is a dish best served cold.

OH that's so cold. LOLOL Love it. 'Hub

[tigergem]

OH that's so cold. LOLOL Love it. 'Hub

Yeah, especially since I know he is too righteous to file BK. Considers it a sin.