How is life after BK for you?

[NHC]

It's a sin huh? Geez....I'm really screwed if that's the case...I swear, occasionally drink Jack, have 5 tattoos and listen to loud hair band music....on top of the BK....LOL

[tigergem]

It's a sin huh? Geez....I'm really screwed if that's the case...I swear, occasionally drink Jack, have 5 tattoos and listen to loud hair band music....on top of the BK....LOL

Damn. Hippy. (Just kidding.) Yeah, me too. Well one tattoo, not 5 lol. Needless to say, we weren't terribly compatible. At least not after he got involved with one of those bible thumpin things you see on tv.

[Redfox282]

To answer your question Hub they had me go to court last year for the past due rent and im paying them 50 dollars a month to pay for that as for the 9k auto loan i have to call them with a payment plan by june 1st or they will issue a court date... I dont know anything about this stuff im 22 If i refuse to pay what can they do to me? and what if i stop paying that 50 dollars a month i assume they will issue another court date? The credit cards havent been paid in about a year and all they do is call they haven't sent me to court yet same with the medical bills. think they gave up? i hope so lol

[Universal]

BK was our only option tho' a lot of friends questioned if it was the best and only option. We would have had to file sooner or later, and sooner gets us to the end sooner. And the lessons learned along the way are invaluable. But, if you don't have enough debt to file, then don't.

[Redfox282]

Hub?

[StartingOver08]

Redfox, check out your state's statutes for a repo. What you are researching is did the creditor follow all the laws when repossessing your vehicle. The notice provisions especially. You can fight the garnishment if they did not follow the statues. There are a couple of very good posts here, use your search button, on what the creditor must do. Also check out www.creditinfocenter.com look in the forum section for strategies to fight this creditor.

[Redfox282]

Thanks for the info Startingover ill check that out

[Jackdog]

I don't have what some would consider a large sum of debt. Around 23-24k unsecured and my HELOC 59k. But, I don't make much money and that will not change unless I magically come across a stash of money or win the lottery. I want to keep my house and it got to the point that instead of paying the full payment on mortgage I would pay interest only just to pay the unsecured debt. I wish I would of filed years ago when the business I had failed. I agree with everyone here that talks about how they don't teach managing money and how to properly use credit in schools. It should start there. I was 16 when I met my ex husband. Moved in with him at 18 married a week after I turned 23. He paid everything. I never had to budget money in my life until we split up when I was 30 and I was clueless. It's no excuse. I was old enough that I should of known better but I still feel they should teach in school how to budget in life and use credit cards not to purchase what you don't need and can't afford.

[meateater]

Financially life has been pretty good post-bankruptcy. i discharged about my annual salary in credit cards, and still had 1.3x my salary in student loans. I owned an old car and had a small amount of retirement. I recently paid off the student loans, have about 6 months living expenses, and have funded roth ira for the past 4 years.

emotionally is another story. I worry to no end about employment - my job might be ending in 8 months and I'm very concerned that bk will keep me from getting work. I never told anyone that I filed, so I sometimes feel dishonest that I did this thing and never told anyone. I'm working on getting to the emotional point of being able to tell friends and family about it (this might all come to a head if I need to look for work, and friends give me leads).

I finally filed because I was about to be sued by a credit card and had no way pay (and could no longer keep up with mins). I'm thinking of paying back the dischrged debt in the hopes it would help with future employment - anyone ever done this? could it make a difference or am I fooling myself? is it even possible?

[ryan]

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. .... 'Hub

Hub, how is just being single count as 'head of household'? I thought that status required having dependents (either children or some relative living at home)?

[Redfox282]

bump

[spetkovich]

Ryan is correct. Specifically in Florida, and assumingly everywhere, you must have at least one dependent in order to claim HoH status.

[shark66]

The way I see it, you should ask yourself (and your creditors if needed) the following question: And what exactly are you going to do if I don't pay?

They'll take you to court for that $9K, and even if they win - assuming they've done everything prior to filing by the book - and then what? It doesn't seem to me that you've got a lot that can be taken away from you financially. Your wages can only be garnished to a certain percentage. I'm sure your creditors know that as well.

You're way too young and not nearly enough indebted to file BK in my opinion. Life might be holding quite a few bigger surprises around the corner in years to come, and I'd be saving a serious tool (which BK is) for such an occasion, may it never happen though.

You should try to settle if possible, under terms that are favorable to yourself.

My $0.02 only.

Good luck.

[Redfox282]

Thanks shark thats good advice!