advertisement
Reply
Thread Tools Display Modes
splitimage
Moderator
Community Support Team
 
splitimage's Avatar
splitimage has no updates.
 
Member Since: Mar 2006
Location: Ontario, Canada
Posts: 11,250
15 yr Member
73 hugs
given
PC PoohBah!
Default Jul 02, 2019 at 03:49 AM
  #1
Back in 2012, I was a mess. I was drinking and doing drunk on-line shopping. I had no income except what I was allowed to withdraw from my pension plan. And so I racked up 44K in credit card debt. I was drowning, just trying to make the interest payments.

So I went to a non-profit credit counselling agency and they said my best option was to declare bankruptcy and start over with a clean slate. I was really hesitant at first, but decided to go for it.

It was hard at first since I had a maximum monthly income, and couldn't have any credit cards, and had to report my monthly income/expenses to the trustee, but I did it, and was discharged after 9 months.


I also had to get more credit counselling which turned out to be invaluable advice.


It was weird living without a credit card, but I got a virtual visa debit card that I could use for on-line or over the phone ordering. Then 2 years ago I applied for and got a secured credit card, with a low limit, and just used it once a month for my grocery bill, and paid it off right on time, in full. Then late last year, I decided to see if I could get a regular credit card. I applied and somewhat to my surprise I qualified for a low interest, low maximum credit card. I'm using it every month and paying it off in full. This is really helping me rebuild my credit rating.

But I still had the bankruptcy and all the credit cards that were written off as bad debt listed on my credit report. I have a credit monitoring service that I use and when I checked it at the end of June, I realized the 7 year period was up and so the bankruptcy and all the bad debt info was gone. So I now have a clean slate going forward. I just have to be careful not to repeat the same mistake.

I know the rules between Can. and the US are different, but if you're really in debt, bankruptcy can be a good solution for some people.

splitimage

__________________


"I danced in the morning when the world was begun. I danced in the moon and the stars and the sun". From my favourite hymn.

"If you see the wonder in a fairy tale, you can take the future even if you fail." Abba

Bankruptcy is finally removed from my credit report
splitimage is offline   Reply With QuoteReply With Quote
 
Hugs from:
LucyD, unaluna
 
Thanks for this!
LucyD, unaluna

advertisement
downandlonely
Legendary
 
downandlonely's Avatar
downandlonely has no updates.
 
Member Since: Mar 2018
Location: United States
Posts: 10,760 (SuperPoster!)
5 yr Member
10.6k hugs
given
PC PoohBah!
Default Jul 02, 2019 at 03:51 AM
  #2
I'm glad you've learned to pay off your debt each month and that you have a clean slate now.
downandlonely is offline   Reply With QuoteReply With Quote
greentires4me
Magnate
 
greentires4me's Avatar
greentires4me today is my sobriety birthday!!
 
Member Since: Feb 2013
Location: planet earth
Posts: 2,986
10 yr Member
401 hugs
given
PC PoohBah!
Default Jul 02, 2019 at 05:23 PM
  #3
Interesting I am paying down a debt management program now I have 2 years left on monthly 87$ payments. I turned down Walmart credit cards and other credit cards like Canadian tire even if it looks too good to be true which honestly it does. I always tell myself never again. But I repeat the same stuff every so often.

My mother taught me how to have a poor credit rating it seems. I watched her when I was younger max out credit cards and take out another mortgage. And sneak around doing this behind my dad’s back. So finally when I got my first credit card at 19. I maxed it out but then paid it off when it came in to pay it. I also am a shopaholic and cannot pass up a deal. I feel like i am emotionally attached to money even if it’s plastic card or cotton money.

__________________
Love, Light and Happiness!!!
greentires4me is offline   Reply With QuoteReply With Quote
LucyD
Grand Poohbah
 
LucyD's Avatar
LucyD :)
 
Member Since: Apr 2015
Location: USA
Posts: 1,818
8 yr Member
1,667 hugs
given
PC PoohBah!
Default Jul 04, 2019 at 04:23 PM
  #4
I know how hard that must've been. I am going through it now. I go to court next week to find out whatever they do there. I was a wreck about it but with increased meds I am tolerating the stress of it better. Congrats on your credit being restored.

__________________
One way to get the best out of life is to think of it as an adventure.
William Feather


Medications: Risperidone-1 mg.daily, Propranolol-20 mg. daily, Gabapentin-600 mg daily, Melatonin-3 mg. at bedtime, Nicotine Lozenges-2 mg., Vape Liquid-3 mg., One A Day Vitamins,
LucyD is offline   Reply With QuoteReply With Quote
Birds
New Member
Birds has no updates.
 
Member Since: Oct 2019
Location: Usa
Posts: 4
3 yr Member
1 hugs
given
Default Oct 18, 2019 at 07:25 AM
  #5
Thank you for sharing your story. I need to do the bankruptcy as well. However, the attorney I spoke to wanted 1,600 dollars for it.
During my hypomanic state I spent all my savings and maxed out all my credit cards. Now I am severely depressed and all the creditors keep calling me. I am so disappointed with myself, because my credit was very good. Now it is terrible and I need an appt. Dont know how I will get an appt. I am living temporarily with my brother.
Birds is offline   Reply With QuoteReply With Quote
All times are GMT -5. The time now is 01:37 PM.
Powered by vBulletin® — Copyright © 2000 - 2024, Jelsoft Enterprises Ltd.



 

My Support Forums

My Support Forums is the online community that was originally begun as the Psych Central Forums in 2001. It now runs as an independent self-help support group community for mental health, personality, and psychological issues and is overseen by a group of dedicated, caring volunteers from around the world.

 

Helplines and Lifelines

The material on this site is for informational purposes only, and is not a substitute for medical advice, diagnosis or treatment provided by a qualified health care provider.

Always consult your doctor or mental health professional before trying anything you read here.