MasConcepts Incorporated

As I sit here and write this, I am in the process of filing for a chapter 13, 4 years after filing for a chapter 7. You may be wondering why I doing this: two subprime auto loans that led to repossession, 9 builder cards, 3 regular credit cards, 4 installment loans and a wireless account with the most premium apple iPhone, watch, and tablet. All because I was in a rush to rebuild, ended up getting a high paying job and living beyond my means thinking I could handle everything and was in fact rebuilding. Life happened and I ended up parting ways with my employer over a civil matter which led to months of unemployment and maxing out the cards and losing the first car. I never was able to get a job with that pay again so had to take a cut and eventually I wasn’t able to continue paying the cards, my recent car, or the loans. The biggest takeaway I learned is a lot of these builder cards and subprime loans are a trap and I fell hard for it. After this I’m going to school to get a solid career, brother is going to let me have his truck he left behind, and I will never again touch builder cards or loans. And I advise all of you that are coming out of a chapter 7 to play it safe, get a card through a reputable bank or credit union and keep it to 1, and do not go chasing a fast rebuild or extending yourself just because you got a clean slate.