Life After Bankruptcy
About 10 years ago, my real estate business failed, and I ended up declaring bankruptcy. As I was struggling to save my business, I had racked up over 40K in credit card debt, and I felt buried and helpless. Bankruptcy gave me a future. I found different work, learned to manage money wisely, and I never did feel any negative impact from the bankruptcy. For those who are contemplating bankruptcy, I can tell you that there is life after bankruptcy, and it can be very good.
Always great to hear from someone who has been through it. Did you not have any problems obtaining credit afterwards?
Yeah many people do lose hope once they fail. But little that they know it was a way to learn and be better the next time you got in the same place where you had fallen. I always read the book dare to fail and you get too see succes stories opf people who fall and rise.
Jeremy, I did not have problems obtaining credit afterwards. I did have to pay an annual fee on the first credit card I obtained after bankruptcy, but after approximately two years, this was able to be waived. I was even able to obtain a mortgage at an excellent rate within approximately five years of the bankruptcy.
Actually, one of my uncle was contemplating bankruptcy, when his wife, i.e my aunt got a severe disease. After 2 years he has reestablished his bussiness and he is happy that he have learned a lot from life after this struggle. He says, 'when there is a will there is a way'. I have heard it many times but after my uncle's case, I got a living proof.
It's good to hear this story. I'm glad things turned around for you.
I certainly understand what you are saying. I've been there and done that. While sometimes you just need to bite the bullet and do the bankruptcy thing you also need to remember that guilt and shame will take control if you let it. The bottom line is yes indeed their is life after bankruptcy and sometimes it's a pretty good life.
I have mixed feelings on the guilt and shame aspect. There is the honorable and responsible side of me that says I ran up the debt and need to pay it no matter what. Having now been in the position of possibly having to declare bankruptcy and seeing the tactics and behaviors of the creditors and collectors I'm starting to lose some of those feelings. Life does happen and the rules of responsibility I'm expected to live by don't seem to apply to the creditors and collectors. You tell me ? When all your life you've lived responsibly and paid your bills then something goes wrong and they treat you like scum what do you do?
I declared bankruptcy six years ago and haven't applied for a major credit card since. I have learned to live without them, thank goodness. I have found, however, that i am still being turned down for credit from medium-sized businesses such as Home Depot and retail stores.
Hi. Could someone advice once i declare bankruptcy will i lost my property and everything in it?For info, our house is under my wife's name.
