I cannot emphasize how glad I am that I filed my chapter 7. I was mostly emotionally distraught growing up with a perfectionist mom and adopting those beliefs. I was 26 with 50,000 in credit card debt (long story).
3 months after discharge I applied for what I thought was a secured card. It was unsecured and I got a $4,000 credit limit. I was shocked and overjoyed. I made every purchase with it and paid on it multiple times throughout the month. To date I haven’t paid $1 in interest, always paying my balance in full.
Not even 6 months after opening the card I got an increase to $4,300. Again I just use it like a debit card (if I don’t have money I don’t spend money) but I was still excited for a nearly 10% increase. Last week they added another $1,500 to my limit. Now I have a credit card with $5,800 available credit. 2 years ago I had a $50,000 limit with a negative available credit.
Couldn’t get a consolidation loan, “couldn’t” qualify for financial assistance programs, nothing at all. Today I’m about 8 months away from an FHA loan on a mortgage. If I hadn’t have filed I would’ve either had to work 250 hours a week or wait 6+ years to be close to a position for buying a house.
Certainly isn’t for everyone but I’m so glad I went through with my bankruptcy. The process and even humiliation taught me a lot and so far I’ve been extremely on top of my personal finances. Cheers!
submitted by /u/progress-pete
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