Hello everyone -- First let me say THANK YOU for this forum. I've been reading for a couple months now and I've learned so much from all of you. I'm hoping you'll be able to offer some of your sage wisdom to me. Here's my situation ... In Dec. of 2000, I was laid-off from a very well-paying job. I spent the next year looking for work, during which time I went through all my savings and eventually maxed out my credit cards, to the tune of $25,000. I'm working again now (got a job in Jan. of 2002) but this job pays a lot less so I can't keep up with my cc payments. Most of them were late several times last year already and since I began considering filing ch. 7 a couple months ago, I just stopped paying on them altogether. My credit is a mess -- before all this happened (losing my job), it was fine. I had a gold Amex, a Citibank Platinum (that's the bulk of my debt, $10k), a few other MC/Visas, a couple dept. store accounts, etc. After reading Lizardking's story, I thought about doing what he did. But I really don't think I could -- I don't want to move or have an unlisted phone number or to not be able to have my physical address on anything. Plus, I'd always worry about being sued or having old judgements come back on me. (but props to you, LK, for pulling it off! So, I believe I'm going to file for bk. I've already spoken to an attorney about it, and I think I have all my ducks in a row -- I have a 2-yr-old car with a good interest rate that I'll keep paying on, a nice apartment, and an existing checking account. So at least I won't have to worry about trying to apply for any of those things for a while. My question is this -- for all of you (esp. those who've filed for ch 7), is there anything you wish you'd known before that you know now? Anything I should do before I file or immediately after discharge that hasn't been discussed in great detail already? I've seen many of you suggest a Capital One card and eventually a Target Guest card, but what if they're two of the ones I'm including in my bk? Will they give me another one? (I've given up hope on ever getting an Amex or Citi card again) Any other words of wisdom would be most appreciated. Sorry this was so long, but I wanted to make sure you had as much detail as possible before replying. Thanks very much! -GGB (GoldenGateBlonde)
I can't advise you on a bk, but I can tell you that if you ever decide you want an amex. card again, if you at some point pay them back, they will reconsider you for a card. Good luck.
The only thing I wish is that I would have filed sooner. Now I have 180 days late on all my old accounts as well as included in BK. My husband's business failed after some kids were killed in a gang related drive by shooting across the street. No one would set foot in our neighborhood after that. I kept thinking things would turn around. I also wish that I would have done more research. I probably could have reaffirmed more and saved some credit. It has been rough but I'm still trying to repair and since I've found this site my scores have shot up. Good Luck, it sounds like you're on the right track kim
I have never had an Amex card, but Dogman did. He filed a bk, quite a few years ago and included Amex. He called Amex about a year or so ago, paid them what was owed, and they gave him a green card. His circumstances were medical related, and maybe that is why they gave him a chance. But, I believe others here have also done this.
I would suggest that if you have a gas card or a very low balance cc or store card,get them paid off and don't use them until 3 months AFTER final adjudication.Paid up accounts don't have to be listed on BK.
I would love to -- but I thought if you paid off something right before filing for bk, your other creditors would see that and want to know why you couldn't pay them as well. True or not? My Target card only has a few hundred dollars on it and I could pay that off before filing if I didn't think it would send up a red flag to everyone else. I have one card with a zero balance -- my Victoria's Secret card, which hasn't been used in months. I'm definitely keeping that one to help rebuild my credit. I also have a student loan with a perfect payment record and only about $600 left to pay, so that helps too.
There is no guarantee that an empty cc will survive bk. All companies do A/R's periodically. If they see the bk on file, they'll cancel it anyway. If one does survive, you really got lucky. I wouldn't make any sudden moves right before filing . You got a car loan and a student loan in good shape. That'll help get you started.
It is a violation of the TILA for a cc company to cancel or change the terms of a cc without written permission from the creditor. They CAN refuse to renew when your term is up. Each State has it's own BK laws. If you pay off a card 60 or more days prior to filng,you should be OK-ask your BK atty. don't tell him you plan to pay them off-tell him you have done so and ask how long you have to wait to file without them being included.
