MasConcepts Incorporated

Alright, so I’m writing this to help anyone make a decision. This subreddit is full of people asking what they should do. Well, here is what happened to me.

I had a BOOMING business for almost 10 years, but the last couple years, my industry shifted. Leaving me holding a big bag (over $200k of business related debts)

I didn’t know what to do and then came to the realization that I was never going to fix it. So I filed February 2025.

Here is the results: the BK went smoothly and I kept 2 cars, my house, my retirement, and today have a 675 credit score. The only thing that went away was the credit cards and failed business debt. BK gave me piece of mind.

This is what I learned.

1 – Hire a lawyer. You don’t know what you don’t know. But I also had a complicated case because it was wrapped up in my business. Simpler cases may not need one, but my lawyer cost about $3,000, but saved me $18,000. If i didn’t have one to coach me through it, I would have had to cut a check to the trustee for a bunch of money.

2 – Get a credit card (if you can handle it) This one is debated a little but you have to actively rebuild your credit. I got a shiny new Capital One card about 1 week after I filed. I used to have a 810 credit score, I know how credit works and when you file, you are given a fresh slate and one of the biggest factors is time. Time cannot move any faster than time can move, so it’s best to get a credit card or two to start the clock. Today, I have $10,000 worth of credit across 3 cards with a utilization of only 3%. I’m strategically building up my credit because I know what I’m doing. Again, do this only if you can handle it. Only you know that about yourself.

3 – Be honest with your lawyer, if you hide ANYTHING from them, it can and will become a problem. You are dealing with the federal government here. Be smart. They want to help, but can only help if they know the truth.

4 – Go for Chap 7 if you can. Its the cleanest break you can make, but it’s pretty strict, especially depending on the state. I had the option because of some assets, but my wonderful attorney gave me what I needed to make wise financial decisions.

5 – Stick around the r/bankruptcy subreddit. It will help you keep your sanity. This community helped so much even though I was largely a lurker.

6 – My only regret is I wish I had done this at least 1 year sooner.

7 – BK is a financial lever that you can pull. If you need it, pull it. Don’t over think. Credits make this seem like its’ the worse thing in the world. It’s not. They have an incentive if you don’t file. Once you file, they get zero. Don’t believe the hype. Do what is best for your circumstance.

I can’t really think of anything else.. but I’ve been through the emotional ringer over the last 2 to 3 years and bankruptcy is what has prevented all of my hear turning grey, lol.