Effects of Bankruptcy?

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Effects of Bankruptcy?

Unread postby Phoenix853 » Wed Sep 20, 2017 11:47 am

I've been wondering about the effects of Chapter 7 bankruptcy.
To me it seems that people can have their home foreclosed on and/or file for bankruptcy without any backlash.
I knew someone that went BK and I thought they went and bought a new car with in weeks after and got another credit card.

So I ask those that know.
Are there any pitfalls and repercussion of bankruptcy?
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Re: Effects of Bankruptcy?

Unread postby lovingfatherof2 » Wed Sep 20, 2017 12:10 pm

I almost filed for it myself but our court order changed which changed my CS massively to the point where I didn't have to file for it. I got very lucky.

I do have a very close friend that filed for it and went through the whole process. 3 years later he was able to buy a house and new truck at a very low interest rate. I'm not sure how he did it, I never asked for details.


Personally I'm done with credit and credit scores. Cash only for now on.
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Re: Effects of Bankruptcy?

Unread postby a dad » Wed Sep 20, 2017 12:33 pm

lovingfatherof2 wrote:I use credit karma, credit sesame and wallet hub. I get my FICO from Citi. I also pull my full reports once a year. I watch my credit and accounts like a hawk.
. . . 2 months later . . .
lovingfatherof2 wrote:Personally I'm done with credit and credit scores. Cash only for now on.
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Re: Effects of Bankruptcy?

Unread postby lovingfatherof2 » Wed Sep 20, 2017 12:51 pm

You do realize that people change course and do things differently as they learn throughout life right? Or do you believe that people never stop anything or do anything different?

I gave up on it, I found out its pointless and nothing more than a life of stress. So I changed course.
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Re: Effects of Bankruptcy?

Unread postby a dad » Wed Sep 20, 2017 12:52 pm

Yep. It was only two months though to go from one extreme to the other.

It's not written in stone, just on the internet as flip-flopping advice for fellow dad's raising children.
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Re: Effects of Bankruptcy?

Unread postby lovingfatherof2 » Wed Sep 20, 2017 1:04 pm

Should I have waited 3 months to change course? 6 months? a year? a decade?

I just want to make sure I change and do things differently on your timeline and when you feel its appropriate. Wouldn't want to step out of line and jump the gun after all.

Not long ago, two months or so, I stopped trying to rebuild my credit. After many many many months of working hard to rebuild it I realized how pointless it was. I realized you don't need credit, you don't even need a credit score. It just adds unnecessary stress for absolutely no gain. So I stopped. My bad.
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Re: Effects of Bankruptcy?

Unread postby a dad » Wed Sep 20, 2017 1:07 pm

Your whiny sarcasm aside, it's good that you dropped all that costly credit monitoring.

Hopefully not too many dad's followed your advice before it cost them, too.
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Re: Effects of Bankruptcy?

Unread postby lovingfatherof2 » Wed Sep 20, 2017 1:11 pm

Credit monitoring is free. Costs nothing. FREE.

My advice two months ago is spot on if you want to rebuild your credit and get a hold on your financial situation, dads can use it if that's what their goal is.

Im no longer doing that and my current advice is also spot on if you don't want to deal with credit anymore.

Dads can choose whichever advice that works for them and their goal. Both are correct.
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Re: Effects of Bankruptcy?

Unread postby Outis » Wed Sep 20, 2017 1:16 pm

Seems both positions are the tales of two extremes. Maybe there's a middle ground to offer?

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Re: Effects of Bankruptcy?

Unread postby a dad » Wed Sep 20, 2017 1:19 pm

It's a false assumption to think money is the only cost. The time and stress, as you yourself said 10 minutes ago, are the cost.

As Outis says, there's a middle ground. Keep an occasional eye on it, handle the dips, but don't fixate on it.

Perhaps there's a deeper lesson for you here . . .
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