MasConcepts Incorporated

I had my 341 in August and just hit the 60 day window for any creditors to contest. They didn’t. My debt is discharged. And it feels oddly … anticlimactic.

Backtracking a bit, I’m 37 years old and live in L.A.

I filed for Chapter 7 because I had no other option. I was about $150k in debt (all unsecured) for over four years, moving the biggest amounts from card to card, loan to loan, barely breaking even, doing everything I could to stay afloat.

A lot of the debt accrued from the ups and downs of being a freelance film editor in an industry that’s become increasingly unstable but of course, always had its peaks and valleys. Whenever work was thin, which was quite often, I was effectively living on credit, floating between gigs.

After what felt like an endless search, I finally found a salary job in June of this year and used the change of pace to take stock of where I was financially.

Then, after my first direct deposit hit my bank account, I realized it would barely cover my monthly overhead (when accounting for all of my credit card minimums). So, I finally sobered up, bit the bullet, and came to terms with the harsh reality that bankruptcy was the only option.

I think the biggest step was honestly just that: acknowledging I needed to file in the first place.

There’s so much stigma around the idea of bankruptcy as an individual person but when you realize that businesses and corporations do it all the time and it’s such a commonplace mechanism of American capitalism, then it really doesn’t feel so shameful.

So, overcoming and acknowledging that reality was the hardest step for me.

After that, I called a credit counseling nonprofit and they referred me to a law group in Sherman Oaks that specializes in Ch. 7 filings. I won’t name them by name but they’re legit and have dealt with me honestly and professionally so far.

After a fairly long intake call and a $1k attorney fee (which I paid off in installments) I officially filed as a “no asset” Ch. 7 case in July of this year and anxiously awaited my 341 Hearing (which was set for August).

It just so happened that the call landed the same exact day and time as an important work trip for that new W2 job I had landed. So, to compound my anxiety, I was forced to take my 341 on the go, hiding from co-workers, dialing in and risking bad service, which, if they tell you anything before these hearings, is the #1 reason why most people get dismissed. That, or they just don’t show at all.

Anyway, I made it work in the end: I joined the call, I answered all the questions, and then, for the last 60 Days … silence.

I stopped using my cards. I stopped paying my minimums. And, surprisingly, none of the banks or creditors reached out — not even once.

It felt too good to be true. I kept (and keep) waiting for the other shoe to drop.

But I guess, after a discharge, this is as close to relief as I can find.

I still haven’t told anyone about this other than my girlfriend; the shame, stigma, etc. associated with a step like this is, as I mentioned, was truly the biggest hurdle for me. But now that I’m through the other side (or, so it seems), my biggest regret is not having filed sooner.

I kept telling myself that I could get ahead of all the debt, dig myself out of the hole. But every time I’d pay off one card, another would sink me.

I want to share my story to make others feel a bit less sane.

Life is tough. Credit card companies play dirty. And it’s crazy to think any of us should feel guilty for trying to make ends meet.

It’s tough out there, so don’t feel lost if you have to take this step.

It’s far more common than most people realize.