Hello everybody, I had been working for a company for 25 years when they had a mass downsizing and I was not prepared finacially. I've known for years that I was living beyond my menas but there seemed no way out so I just continued to do what I did. I work in the Information Technology field. I recently acquired a BS in Information Science and an MBA in an attempt to get ready for what I saw coming. I honestly and truly thought that when I put my resume out there that I would be inundated with offers so I wasn't really all that worried. Well, I'm writing this while still looking for a job. I became painfuly aware In December '02 that I was going to have to file BK. I got the name of an attorney from another trusted attorney. He suggested I wait until Jan '03 to file cecause of 2 small cah advance taken in late October '02. We filed the first week of Jan '03. My 341 meeting in last week Feb '03. I should be discharged around beginning of May '03. In my filing I intended to let my car go because of being upside down about $10k. Seven days after filing they showed up at my door to take the car. I was 2 months behind at the time and since I was not intending on keeping it anyhow I let them take it. I have been reading this board for several weeks now. I want to thank you all for the information and the efforts that you all put forth. This kind of information cannot be purchased at any price. I feel the same about my attorney's efforts. I sense things going on in my favor that I could not have known to do or have done myself. I pulled a free credit report from consumer info (EQ) before the filing (Nov '02). My score on that report is 650. There was not a single drog. on the entire report and my credit history goes back over 20 years. However my utilization was probably about 99% and my debt/income was about 4:1. I filed Jan '03. I pulled another free report form privista (EQ) and got a score though score power (FICO) of 480. I haven't figured whether score power and privista are the same or not but when I asked for the sore I got anothr report formatted differently. I've yet to decide who to go with for each of the CRAs. I'd really like to be able to check each weekly or even daily. Any input will be appreciated. I have filed against 19 unsecured accounts, more than one account with some creditors. What I'm seeing isn't pretty: ..................Nov.'02......Feb.'03............................ .........before BK filing......1 month after filing BK.... .................................................................. .................................................................. Acct...............Status......Status............................. .................................................................. Citibank S.D........Open......Charge Off Citibank S.D........Open......Charge Off Sears...............Open......Closed Chase...............Open......Closed FirstUSA............Open......Closed MBNA................Open......Acct in Chapter 7 Home Depot..........Open......Acct in Chapter 7 Rest of unsecurd... Open......either Pays on time or ........................................ 30 days late. USBancorp(auto).....Open......60 days past due Here's on item I don't recognize: Name:............ CFC-MSD Tape Reporting Type:............ Real Estate Acct Status:..... Open Monthly Payment: .$0 Date Open:....... 03/97 Balance.......... $0 High Balance:.... $37,200 Limit:........... N/A Past Due:........ $0 Remarks:......... Second Mortgage All other items (49 accounts total) are postive and appear to be correct at this point. I still have a lot of work to do to sort this all out. Should I be doing something at this point? I know statuses will change as the BK proceeds but is there something that I can be doing at this point while I am waiting for the BK to proceed and learning? I've read some other posts on this board and some have the opinion that it is never too early to begin. I agree but I don't want to do anything wrong either. I've read over and over "never send them your BK papers" so I know that. The above Charge Offs concern me. Is there something I should be doing now about those or should I wait to see what happens after the dischage. The Closed (Sears, Chase and First USA) don't appear to be negative or positive. The Acct in Chapter 7 are accurate. US Bancorp (auto) also concerns me. This should at least be "incl in BK" but they seem to be acting like its a normal repossession. Its too early to tell about the rest but I expect more of the same. I intend on attacking this with all of the ability and power that I have but I will need some guidance. No matter how much I read and how much work I do I will never have the experience that is available on this dicussion group. For that I am greatful and I appreciate any input. So there's my story. If you need more details just ask. Anybody got a high-paying job for me? Thanks, Mike5000
Mike, welcome to the board! Been almost exactly where you are. Hubby lost his job in consumer electronics, and it has taken him a year to get back to work. Gone are the days where if you can sell, you can get a job anywhere. We were fortunate to not have to file BK, but somedays, as I work thru the process, and read others scores I wonder... I'm not familiar with BK, I'm sure someone else will chime in, but the first thought that passed through my mind was, since your BK is not discharged yet, the creditors haven't completed their reporting. Its not final til its final. But, I see and hear about so many people's that are wrong, it could be they remain wrong until you fix them. I don't know if you should start yet, because here's another thought. BK puts in an automatic stay on collections, so there may not be alot OC's can communicate with you about, until it is discharged. But, again, these are just thoughts--consider it a welcome bump for someone more familiar!
As soon as you get discharge papers get your credit reports from all three CRA's. Make sure that all items are inlcuded in bankruptcy. If not start sending them letters telling them they need to change the status of your account. I am going through the exact same thing. I just learned today to send the BK info to the creditors to prove they were included, but under no circumstance to send to the CRA's. Welcome and good luck. Matt
Hi Mike, I'm a newbie here myself, so I don't have anything useful to tell you. I did just want to say that I'm sorry for your circumstances, and I hope you catch a break soon. My hubby is in the IT biz too, so we are shaking in our shoes. Good luck to you. Poochie
hmmmmm, NEVER send anyone papers that "PROVE" you filed a bankruptcy. I would dispute accounts as "NOT MINE" if they don't show included in Bankruptcy. I have 2 accounts that I can NOT get off of my report. That's because in my infinite wisdom back in 1998, I talked with the CRA's on the phone and said "this should have been included in my bankruptcy". Well, now they won't take them off! All of my other accounts have been removed from my reports!
Re: Re: Please, let me introduce myself. He stated that he would never send the papers to the CRA's. It is a whole different story sending the papers to the creditor, what harm are you doing except helping you're score, they know you filed bk. You cannot dispute the account as not mine with the oc, well I guess you could but if you've filed bk on the account I really don't think that would work to well.
Re: Re: Please, let me introduce myself. And what if they do not come off? That does not always work, that is why you then turn to the creditor and make them either report correctly or remove it. I would rather have an account show as included than as c/o that is a last resort of course, assuming that you have exhausted all other avenues. Included does not drop you're score, c/o does.
Thanks for the hellos. So is it ok to send your BK papers to the OCs? I'm a little leary of even doing that. What do you all think? Mike5000
In my opinion, if you make too much noise about reporting right now they might show up and protest the BK and drag things out. You need to make sure the BK gets finalized.
