Can anyone who has filed bankruptcy please post your experiences since the bankruptcy? What I'm looking for is something like, how long did it take you to rebuild your credit, were you able to obtain secured credit cards afterward, how long in general does it take until you can buy something like a car again, etc.? Thanks...
We filed Ch7 in 9/99, discharged in 1/00. It helped us out tremendously. We havent had much trouble getting anything since. We reaffirmed our car, we still owed 18k on it, our credit union kept it at the same rate, they didnt jack it up. We had kept our Target and Mervyns card, they had a 0.00 balance when we filed, so we kept those and used them a lot afterward to rebuild pymt history. Not even 6 months after discharge, we got an Aria card with 2k credit line, then capital one with a 500. My husband applied for providian and capital one also, separate from me, so we both were rebuilding right away. 2yrs after discharge, we qualified for a home loan, we locked in today at 6.75, no money down. We went VA, we just had to write a letter of explantation. We have had no negatives since the BK. We are going to try getting a truck in a couple months, after we move into the house. A lot of people say that they got great rates getting cars after BK, our credit union we just joined says its a flat 16% with prior BK under 5yrs, then 10% if over 5yrs old. Our prior credity union just plain flat deny us if we have a BK period. They dont lend to anyone with a BK. I have tried getting a different job once and was turned down because of the BK, which was rediculous. It was not bad for us. Our scores before the BK were between 625-650, after the BK, they dropped to 530, then we have rebuilt back up to almost 650 2yrs later. Other people I know have not had it as easy as us, but you just have to realize there are consequences. Luckily we had a brand new car so we didnt have to worry about getting one right away. One girl I know personnally was treated like absolute sh*t at a saturn dealership when she needed a car. She was 3yrs out of BK, they showed her the cars they would "allow" her to buy, they treated her like she was living on the streets. Her credit union declined her, so she went somewhere else and got 10% financing, and got a 2001 Honda. Sorry to ramble, but everyones experience is different. I know there are new BK laws that are making it very difficult to file, they will go in your home and appraise your stuff, and for some things you may have to pay to keep them, which is an absolute crock in my opinion. That just happened to a close friend of mine. Let me know if you have any other questions. I can answer some with my experience...have you filed or weighing the options to file? BTW, Im in Florida Jamee
Jamee, I'm trying to find out as much as I can for a good friend of mine who is in financial trouble (see my Need Advice Fast!) post.... He's clueless as to what to do, so both of us are trying to learn as much as we can about the whole thing, trying to weigh out his options. I've been on the computer asking questions, and he's been reading credit repair books. Between the two of us, hopefully we can find the best solution for him. His score is only 391! His parents are urging him to file bankruptcy. We both live in NJ.
Man, this board moves fast! I hope no-one minds if I push this back to the top, so that I can get more responses...
You might take a look at this site. http://www.blackmarket-press.com/articles/financial/banking/bankruptcysecrets.htm As to rebuilding credit--a lot depends on the person,if someone has had to do bk because of lifestyle rather than catastrophe, then if they change their lifestyle they can build their credit.
