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 xLogan
Stranger
Registered: 11/12/10
Posts: 10
Last seen: 1 year, 7 months
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 Bankruptcy! 
#26092950 - 07/06/19 12:37 PM (1 year, 7 months ago) |
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Has anyone here filed for bankruptcy?
I've filed and have my meeting of creditors this month.
At a ripe age in the mid-20's, I've accumulated over $17,000 in credit card debt and $45,000+ in total debt. No blame put on anyone but me, however, I feel blessed to have chapter 7 bankruptcy as an option. Instead of, say, serving a prison sentence to pay back all my debt.
With bankruptcy, I'll wear a scarlet letter on my credit for 7-10 years——but will be able to continue onward into my 30's with hardly any debt, and for once, able to save money! Currently, the credit card minimum monthly payments are $800-900... no more.
I'm starting to budget. Thinking of starting an IRA/401K, all that jazz... The big banks thought they had me, HA! (just kidding there)
I fucked up big time. My debt has caused so much psychological stress. Am happy to allieve it and change my lifestyle.
It's funny, my step mom and mom both work in the financial industry. One is an accountant, the other runs the mortgage branch of a bank. I'm like the preacher's daughter. Harlet.
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Morel Guy
Stranger
Registered: 01/23/13
Posts: 15,577
Last seen: 1 year, 2 months
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 Re: Bankruptcy! [Re: xLogan]
#26092997 - 07/06/19 01:18 PM (1 year, 7 months ago) |
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Never had a credit card or loan. Had some medical bills I didn't pay. My credit file is 'thin' so I do not know my score. I cannot even get a credit card and I'm 37.
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"in sterquiliniis invenitur in stercore invenitur"
In filth it will be found in dung it will be found
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 nooneman
Registered: 04/25/09
Posts: 12,440
Loc: Utah
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Re: Bankruptcy! [Re: xLogan]  1
#26093512 - 07/06/19 07:39 PM (1 year, 7 months ago) |
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Just make sure that you learn from your earlier mistakes with credit. Bankruptcy won't do you any good if you just end up right back in the same place again later.
I'd suggest being extremely careful about ever taking out any lines of credit or debt again, and be very careful to avoid buying anything you can't really afford. Maybe spend some time trying to get better at making monthly budgets and sticking to them.
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Morel Guy
Stranger
Registered: 01/23/13
Posts: 15,577
Last seen: 1 year, 2 months
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Monthly budget should include savings AND going over. Allow spending money that doesn't need spent.
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"in sterquiliniis invenitur in stercore invenitur"
In filth it will be found in dung it will be found
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Brian Jones
Club 27
Registered: 12/18/12
Posts: 8,737
Loc: attending Snake Church
Last seen: 10 hours, 10 minutes
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Re: Bankruptcy! [Re: xLogan]
#26123714 - 08/06/19 08:49 AM (1 year, 6 months ago) |
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Actually, I don't think the scarlet letter lasts 7-10 years after bankruptcy. I know a couple people who bought another house in half that time.
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"The Rolling Stones will break up over Brian Jones' dead body" John Lennon
I don't want no commies in my car. No Christians either.
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mrmazdarx9
Pffffttt
Registered: 05/15/16
Posts: 9,796
Loc: behind you 
Last seen: 5 months, 7 days
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I think its 6 years here
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5150
phantom
Registered: 09/01/06
Posts: 5,437
Last seen: 1 year, 4 months
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A friend did it,got like 30k free $ ,laughs about it,I've thought about doing the same thing and just hiding all the cash
Go around the world for a few years,third world countries
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"the way of the warrior is the resolute acceptance of death"
Miyamoto Musashi
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mrmazdarx9
Pffffttt
Registered: 05/15/16
Posts: 9,796
Loc: behind you
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Re: Bankruptcy! [Re: 5150]
#26162683 - 08/31/19 06:19 PM (1 year, 6 months ago) |
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Yeah my mate did £50k of debt spent the lot on drugs and trips to Amsterdam and a new car. It cleared off his file about 2 years back.
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Brian Jones
Club 27
Registered: 12/18/12
Posts: 8,737
Loc: attending Snake Church
Last seen: 10 hours, 10 minutes
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I'm not sure if there are even advantages to filing bankruptcy, other than the creditors and collection agencies have to stop calling you. Whether you file or not the negative information becomes progressively less important as time goes on. After a while they will be dying to give you credit again as long as you have a decent income and establish some new credit records with secured credit cards.
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"The Rolling Stones will break up over Brian Jones' dead body" John Lennon
I don't want no commies in my car. No Christians either.
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pineninja
Dream Weaver
Registered: 08/18/14
Posts: 12,011
Loc: South 
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I've heard that if you do it enough times you get to be president.
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Just a fool on the hill.
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mrmazdarx9
Pffffttt
Registered: 05/15/16
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Loc: behind you
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sednal
Stranger
Registered: 08/31/19
Posts: 52
Last seen: 10 months, 7 days
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This is not a get out of jail free card, as a previous post said pay your bills on time, ill add seriously don't over spend (i think you learned that lesson). Your credit will be fucked but there will be some scummy banks that will be sending you personal loan letters before you know it....throw them out. Cut your Cards, and use cash you earned. From the Heart.
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Loaded Shaman
Psychophysiologist
Registered: 03/02/15
Posts: 6,857
Loc: Now O'Clock
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Quote:
pineninja said:
I've heard that if you do it enough times you get to be president.
Ok, this one's legit. 
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Morel Guy
Stranger
Registered: 01/23/13
Posts: 15,577
Last seen: 1 year, 2 months
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Pretty f'd that the world we live in requires debt to build wealth.
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"in sterquiliniis invenitur in stercore invenitur"
In filth it will be found in dung it will be found
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Ahab McBathsalts
NO GODS, NO MASTERS
Registered: 11/25/02
Posts: 30,772
Loc: Coast 2 Coast 
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Quote:
mrmazdarx9 said:
Yeah my mate did £50k of debt spent the lot on drugs and trips to Amsterdam and a new car. It cleared off his file about 2 years back.
In north america you don't get to keep the asset that the debt is against. Eg: car debt, don't get to keep the car unless you keep making payments. Mortgage, keep making house payments. Student loans don't get resolved in bankruptcy in the USA because law students in the 80's saw a loop hole and ruined it for everyone.
So you are really only left with consumer debt (credit cards). Lines of credit are often secured against assets. Bankruptcy only solves a very slim part of debt problems.
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mrmazdarx9
Pffffttt
Registered: 05/15/16
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He wrote the car off in a crash before he got bankrupt. The rest went up his nose and sat on his dick.
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Gorlax
Registered: 05/06/08
Posts: 6,407
Last seen: 2 hours, 43 minutes
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I had to take out a loan over some bullshit medical bills. Honestly it sucked ass. Ambulance was like 10k for a 2 min ride. Then staying overnight was like 15k. Medical bills are bullshit as they did absolutely nothing but give me an IV. Somehow I can still make payments but they are basically equal to me leasing a brand new Mercedes every month. Not cool.
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mrmazdarx9
Pffffttt
Registered: 05/15/16
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Re: Bankruptcy! [Re: Gorlax]
#26226460 - 10/03/19 03:47 AM (1 year, 5 months ago) |
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Jesus, makes me appreciate however poor it is the NHS, only ever have to pay for dentist on the NHS but thats only £22. Medication no matter how many/much of it your prescribed costs £9 my mrs gets 200 30mg codeine a month for £9 im jealous as it costs me £90 but i buy mine from the pharmacy without a prescription.
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