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This forum seems to have 2 pieces of advice on filing Chapter 7:

1. Don't do it, it should be a last resort, try another way first.
2. It's no big deal, it's not as bad as advertised, don't worry about it.

Those responding with #1 seem to primarily be coming from a place of morality, because very few list bad stories about life post bankruptcy.

That leads me to think that #2 is closer to the truth for those not burdened by guilt, because they are the only ones providing real life examples, which are uniformly positive.

If anyone has any bad post-bankrupt stories to share, I'd like to see them (other than running cards up again). Denials of home loans, jobs denied after running credit, etc.

Thanks in advance.

Not a super bad experience . . . My husband had an account at Lowe's, not a credit card but a credit line. We've always kept that account current because he is a contractor and buys a lot of materials there. When we get paid for his jobs, we pay for the materials. Even if we don't get paid for a job(which happens), we still pay that bill. Since it had a zero balance, we didn't include it in our BK. However, we just found out this week that they closed the account anyway once they found out that we filed. Now we are scrambling with trying to figure out how we are going to pay ahead for all of the costs of my husband's jobs--and then not get paid for them for a couple of week, a month, or more!! However, if we don't pay the costs ahead, then we have NO income!!

We didn't file long enough ago to be denied jobs or loans, etc., but definitely don't plan on keeping any accounts, even if you have a good history with that company.

Sub: #1 posted on Fri, 08/15/2008 - 18:15

alias1958 alias1958

(Posts: 1230 | Credits: )

By the way, we did look at all of the other options first, but we couldn't make any of them work. And the relief from the constant collection phone calls has been wonderful, as has been the knowledge that we can focus on paying for necessities.

Sub: #2 posted on Fri, 08/15/2008 - 18:21

alias1958 alias1958

(Posts: 1230 | Credits: )

I've never gone bankrupt so I can't say. I've had a lot of people file a Chap 7 on me (22 this year and rising. On the contrary, I've had 45 people file 13 this year).

Something I find interesting is that at least three times a year, I have a customer claim they are filing Chap 7. And then they have called me back to say the atty is charging an arm and a leg and it will be cheaper for them to just keep paying on the account. Although I'm sure that is rare.

Do I have a point? Not really. Just wanted to add my 2 cents.

Sub: #3 posted on Fri, 08/15/2008 - 19:47

DebtCruncher DebtCruncher
(Posts: 2296 | Credits: )

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