Effects of Bankruptcy?

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Re: Effects of Bankruptcy?

Unread postby lovingfatherof2 » Wed Sep 20, 2017 2:10 pm

You can work really hard at getting your credit score as high as possible so that you can borrow even more money or don't. Those two options are what I would recommend. If you have a third option then say what it is. Don't discount the two options I recommend just because I didn't provide a third.

Now I'm not saying to not pay your debts. As you pay these things off your score will steadily rise and become phenomenal, 800+ in most cases. However, IMO once this happens and your debt free you no longer borrow money, ever, for any reason. Now the opposite is going to happen. As your accounts sit inactive they will slowly be closed by the lender, your credit score will steadily decline to the point where your score will be so low no one will loan you a penny. But that is ok, you deal in cash now.

I don't agree with checking it once in awhile and dealing with issues if you find them as an option, it's fine if you do, I just don't. What I discovered is it creates a serious issue if there is a discrepancy and it's been there for months or a year or more. It gets very hard to get it corrected once it gets too old and has been there for awhile. These things need to be taken care of immediately which is way less stressful than the latter. I went through this, it sucked. Monitoring my dashboard with these apps and programs everyday and dealing with issues immediately was way easier.

I still use the programs and apps I mentioned in the first thread daily, but like I said in the first thread it's more for the dashboard than the credit score, I don't care anymore if it goes up or down like I did two months ago. That part for me has changed.
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Re: Effects of Bankruptcy?

Unread postby a dad » Wed Sep 20, 2017 3:00 pm

lovingfatherof2 wrote:Personally I'm done with credit and credit scores.
. . . A few hours later . . .
lovingfatherof2 wrote:I still use the programs and apps I mentioned in the first thread daily
And those were:
Credit karma
credit sesame
wallet hub
FICO from Citi
full reports once a year (since plural and assuming due diligence:)
Equifax
Experian
TransUnion

Maybe it's just me but that doesn't sound like you're "done with credit and credit scores".

Furthermore, your advice about raising credit scores is negated if you also "no longer borrow money, ever, for any reason." Credit scores are for borrowing, not pointlessly stressing over.
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Re: Effects of Bankruptcy?

Unread postby Phoenix853 » Thu Sep 21, 2017 9:33 am

How about those that filed for Bankruptcy.

Myth was it would ruin your credit for 10 years. Since 2008 people were foreclosing on their homes like it was going out of style and a year later you could pick up where you left off and get another home loan and it was easy to get credit.

Since 2008 does it still hold true it hard to get credit after a Chapter 7 or is it swept under the rug.
My guess is you can get credit, but at a higher rate or max rate and a lower available credit limit.

To me it seems too easy to wipe out your debt and come back and get credit cards, cars and home with out any backlash. When and what does a BK ch 7 effect your life.
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Re: Effects of Bankruptcy?

Unread postby massdad1234 » Tue Sep 26, 2017 4:43 pm

so because someone has to admit their obligations will go unfulfilled, we should punish them for extended periods of time? Leads me to believe people would do more underhanded things to avoid the branding. If you allow them to settle and rebuild, everyone wins.
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Re: Effects of Bankruptcy?

Unread postby lovingfatherof2 » Tue Sep 26, 2017 5:08 pm

Put yourself in a lenders shoes.
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Re: Effects of Bankruptcy?

Unread postby Campfire » Tue Sep 26, 2017 10:15 pm

I seriously looked into Ch7. It looked like a 24 month issue. After that, my credit score would have approached pre-bankruptcy levels assuming no more defaults.

I highly recommended it to my Ex. She chose to give all of her post divorce assets to her attorney to settle her debt.

"Shrug" *cough* "stupid biach"


The "7 year rule" is essentially a myth.
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Re: Effects of Bankruptcy?

Unread postby Phoenix853 » Wed Sep 27, 2017 12:57 pm

So 24 mo. period to recover is typical?

I'm weighing the pro and cons.
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Re: Effects of Bankruptcy?

Unread postby Campfire » Wed Sep 27, 2017 1:20 pm

Phoenix853 wrote:So 24 mo. period to recover is typical?

I'm weighing the pro and cons.


My opinion is from having consultations from bankruptcy attorneys in my area. Have you done any consultations yet?
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Re: Effects of Bankruptcy?

Unread postby Phoenix853 » Wed Sep 27, 2017 2:05 pm

Camp,
No not yet. I still doing the research. I may not even qualify for ch 7, haven't run the numbers. I am heading back to court to fight the Ex over CS and her half of my IRA. She doesn't want to pay CS and want's More than Half from my IRA.

So at this time, Its hard for me to consult with a BK attorney at this time. Too many balls in the air.

Recovering from BK is something an Attorney may not really comment on, that's why I asked here for real life answers.
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Re: Effects of Bankruptcy?

Unread postby a dad » Wed Sep 27, 2017 4:13 pm

Bankruptcy is putting your poor financial decisions on to the rest of us.
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