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flamin lib

(14,559 posts)

4. Tobin, you have made a very wise decision.

Sat Jul 25, 2015, 04:39 PM

Jul 2015

I declared ten years ago and it was the best thing to happen to me in a long time. Do NOT feel guilty, the creditors made a lot of money off you and will be just fine. From what you said in the OP you'll be fine. The BR falls off after five years and suddenly you'll be flooded with credit offers.

The best part of it is that you'll form even better habits than you now have and things will be so much easier going forward. I did a chapter 13 and after my last payment my FICO score was just south of 700. I got one credit card and used it for gas only, paying it on time every month. Within a year my score grew by 100 points. rMy score is now above 800 and the credit card companies hate me. Not only do I never pay any interest but I use the cashback rewards to pay against the balance.

BR is an honest tool to get on your feet. I only wished that I hadn't waited so long to use it.

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I'm going to file for bankruptcy on Tuesday. [View all] Tobin S. Jul 2015 OP

My dear Tobin! CaliforniaPeggy Jul 2015 #1

Thank you. Tobin S. Jul 2015 #2

Love is the thing that matters, and you are living that truth. CaliforniaPeggy Jul 2015 #3

Tobin, you have made a very wise decision. flamin lib Jul 2015 #4

Thank you. Tobin S. Jul 2015 #5

Unless you apply for some sort of fiduciary position like a banking position or flamin lib Jul 2015 #15

you made the right decision steve2470 Jul 2015 #6

Thanks, Steve. Tobin S. Jul 2015 #7

Sorry to hear of your troubles but I'm glad you have a plan discntnt_irny_srcsm Jul 2015 #8

Thank you. Tobin S. Jul 2015 #12

It sounds like you are taking an incredibly sensible approach to this DFW Jul 2015 #9

Thanks, DFW. Tobin S. Jul 2015 #13

I promise you I appreciate that!! DFW Jul 2015 #22

You are the exact person the laws were built to save. No sense in good people applegrove Jul 2015 #10

Thanks, sweetie. Tobin S. Jul 2015 #11

The banks will not suffer one wit. A certain % of loss is factored applegrove Jul 2015 #17

I think this is a good thing irisblue Jul 2015 #14

It may take a while to feel the relief, but when you do, it will be tremendous calikid Jul 2015 #16

It may not even take a while. Jim Lane Jul 2015 #26

That's why the law Brainstormy Jul 2015 #18

It sounds like you've got a plan so that's a good thing! DawgHouse Jul 2015 #19

Tough decision, but it sounds like you have thought it through thoroughly. rurallib Jul 2015 #20

Good decision, Tobin NV Whino Jul 2015 #21

It's not just for Trump, you know. bluedigger Jul 2015 #23

I was thinking the same thing TexasBushwhacker Jul 2015 #25

Anyone I know whose done this says they wish they'd done it sooner! riderinthestorm Jul 2015 #24

I don't know about the group you will be joining. Downwinder Jul 2015 #27