Look at this bankruptcy story, it's mine!

[nyrfann]

Recently chriswufgator accused me of being a BK basher and that could not be further from the truth. Chris & I have since talked this over and he now agrees I am not a basher just someone who is not very good at writing my thoughts. Chris & I have since shaken and are all good to go.

 

Anyway, after this incident with Chris I really began to think about my BK and would like to explain what I went through. Hopefully people read it and understand going BK is a life changing event but NOT the end of the world

 

Here is my story.

 

When I was 18 (1989) I received my first C/C, a Macys store card probably with like a $200.00 limit, I thought I was so cool that I had a C/C. Anyway over the next few years I kept getting C/C's, I was still living at home so paying them was not a problem. FF to 24 y/o.

At this point life was good, decent job, still living in my mom’s basement rent free, living the single mans high spending life, the problem was all of it was on credit. Couple of more years go by and more things were going on credit, I never took the time to see how much debt I was in I just kept paying bills but at the same time racking up debt.

FF to 29 y/o (1999), I am now getting married and finally sit down to look at my debt and holy crap was I in SHOCK it was 6 digits. My wife was very understanding of the debt and vowed to help me though it. So for close to 2 years we tried to pay it down and were getting NOWHERE. Although I never missed a payment many cards rate jacked me, at the time I had no clue about UT and such things that could get you rate jacked.

 

My nights were terrible the debt was always on my mind, I was miserable 24 hours a day. I was lying to my family, friends, coworkers about how good I was doing, only my wife knew the truth. After about 20 month of payments averaging 3K I decided to visit a BK attorney. We just could not continue to pay anymore; we were always behind and could not save a penny. We were paying debt with debt. After getting consulted I felt like such a loser, such a failure. I took it real hard.

 

At this point I knew BK was really my only option but what really made it hard was the reason. I wish I could sit here and say it was because of a medical reason, or job loss, a divorce etc. but I cannot it was pure irresponsibility. It was being the BIG SPENDER, the “well to do†single guy. Do I or have I ever blamed the creditors for my BK, 100% NO, NEVER. I did it; I did not have to spend, nobody put a gun to my head. It was my irresponsibility.

 

Anyway the day came, after 20 months of marriage and 20 month of payments I filed and it was REALLY HARD. The thoughts of failure were just overwhelming. Going to court was the worst day of my life but I got though it, my wife was just so supportive. She always said we did what we could to pay the debt down and looking back she was right. In the 20 months we made close to 65K worth of credit card payments and the balance only went down about 1K, why 1-Because the int rates were so high and 2 because we had to continue to charge as 3K was going to C/C and we were short EVEY month.

 

IMO my BK was especially bad because it was 100% irresponsibility, NOTHING else. For this reason alone is why I would NEVER bash someone who needs to file (Nor do I think I would have the right to), outside of fraud, my BK reason is the worst. I am my own hardest critic believe me and there is nothing anybody can say about me in a negative way I have not said about myself. To this day my wife is the ONLY person in my life that knows I filed, I am still very embarrassed by it.

 

With all this said, today my life is 100% better and I have learned from my mistakes. I have leaned I am NOT a bad person and anybody filing BK needs to understand that as well. Life goes on and as bad as I felt for those years around the BK today I can say because of it I am a better person.

 

Anyway thanks for reading.

 

I found this; this is what I claimed in 01 (the total includes late fees and other charges after I stopped paying 6 months prior to my BK):

 

Credit Card---- Amount As OF 5/14/01

American Express---- $2,193.55

American Express Optima---- $17,292.64

Associates---- $11,247.69

Bloomingdals---- $535.32

Capitol One---- $555.00

Chase Master Card---- $3,371.68

Chase Visa---- $9,571.00

Citibank---- $15,915.66

Discover---- $15,902.11

Discover Private Issue---- $6,551.37

First USA---- $12,000.00

Fleet---- $10,829.50

Macys---- $1,416.89

MBNA---- $14,718.24

MBNA - Gateway---- $2,750.00

Providian---- $13,857.00

Sterns---- $924.00

Sunoco---- $6,361.00

Victorias Secret---- $283.41

 

 

Total claimed---- $146,276.06

Edited September 1, 2007 by nyrfann

[ON-MY_way]

good move on clearing the air... we all know you're better with numbers than words...so you tell to us...

 

great comeback champ... 484k+ total cl

 

since i've known you on cb...you've been tough as nails....but knowing you once carried a victorias secret card is suspect...

Edited September 1, 2007 by ON-MY_way

[nyrfann]

good move on clearing the air... we all know you're better with numbers than words...so you tell to us...

 

great comeback champ... 484k+ total cl

 

since i've known you on cb...you've been tough as nails....but knowing you once carried a victorias secret card is suspect...

You know I was thinking of leaving that one out!

[sara21200]

good move on clearing the air... we all know you're better with numbers than words...so you tell to us...

 

great comeback champ... 484k+ total cl

 

since i've known you on cb...you've been tough as nails....but knowing you once carried a victorias secret card is suspect...

You know I was thinking of leaving that one out!

 

No way! It shows that you pamper your wife. Good man!

[Lost]

I think over 50% of BK filings are for reasons the same as yours. You obviously learned that lesson and are now back better than before. Thanks for posting this.

[nyrfann]

good move on clearing the air... we all know you're better with numbers than words...so you tell to us...

 

great comeback champ... 484k+ total cl

 

since i've known you on cb...you've been tough as nails....but knowing you once carried a victorias secret card is suspect...

You know I was thinking of leaving that one out!

 

No way! It shows that you pamper your wife. Good man!

It's funny because I remember that day like it was yesterday, it was Christmas 1998 and I actually when into VS to buy here a gift. I was so embarrsed in there I just wanted to buy something and get out!

[sara21200]

good move on clearing the air... we all know you're better with numbers than words...so you tell to us...

 

great comeback champ... 484k+ total cl

 

since i've known you on cb...you've been tough as nails....but knowing you once carried a victorias secret card is suspect...

You know I was thinking of leaving that one out!

 

No way! It shows that you pamper your wife. Good man!

It's funny because I remember that day like it was yesterday, it was Christmas 1998 and I actually when into VS to buy her a gift. I was so embarrsed in there I just wanted to buy something and get out!

 

Cute story! Most men when they go in there want to stay as long as possible

[TravelinGuy]

But those fees sure did not help. Imagine what you could have accomplished if there were no fees and you were not ratejacked!

 

I always put things in perspective. If I was earning minimum wage why would I give one of these companies 39.00 for some fee which would be 8 hours work after taxes?

 

Whenever they add a fee or pull some stunt (like Chase with a 2 week window to make a payment)I go ballistic on them to get it reversed.

[lorcat]

My debt wasn't worth Bk'ing but I understand the feeling. Its hard to make the decision to let your bills go and admitting you have bad credit is the worst.

 

I'm sure someone new will read your story and see there is a light at the end of the tunnel and you can recover from a BK or chargeoff's. Thank you for posting your success story!

[nyrfann]

My debt wasn't worth Bk'ing but I understand the feeling. Its hard to make the decision to let your bills go and admitting you have bad credit is the worst.

 

I'm sure someone new will read your story and see there is a light at the end of the tunnel and you can recover from a BK or chargeoff's. Thank you for posting your success story!

When I filed I never thought there was light, but there most certainly is. Sometimes brighter then before. Edited September 1, 2007 by nyrfann

[ON-MY_way]

good move on clearing the air... we all know you're better with numbers than words...so you tell to us...

 

great comeback champ... 484k+ total cl

 

since i've known you on cb...you've been tough as nails....but knowing you once carried a victorias secret card is suspect...

You know I was thinking of leaving that one out!

 

No way! It shows that you pamper your wife. Good man!

It's funny because I remember that day like it was yesterday, it was Christmas 1998 and I actually when into VS to buy her a gift. I was so embarrsed in there I just wanted to buy something and get out!

 

Cute story! Most men when they go in there want to stay as long as possible

ummm no... i dont know any man who wants to stay in a vicky store... its all pink and red...feels like your inside the drawer of your girl's undies... the worst part is you try not to make eye contact with another poor suckered male in the same situation as yourself... i've been in vs once...never again...prolly why im single now

Edited September 1, 2007 by ON-MY_way

[nyrfann]

good move on clearing the air... we all know you're better with numbers than words...so you tell to us...

 

great comeback champ... 484k+ total cl

 

since i've known you on cb...you've been tough as nails....but knowing you once carried a victorias secret card is suspect...

You know I was thinking of leaving that one out!

 

No way! It shows that you pamper your wife. Good man!

It's funny because I remember that day like it was yesterday, it was Christmas 1998 and I actually when into VS to buy her a gift. I was so embarrsed in there I just wanted to buy something and get out!

 

Cute story! Most men when they go in there want to stay as long as possible

ummm no... i dont know any man who wants to stay in a vicky store... its all pink and red...feels like your inside the drawer of your girl's undies... the worst part is you try not to make eye contact with another poor suckered male in the same situation as yourself... i've been in vs once...never again...prolly why im single now

No the worst part is all the sales people screaming across a table...can I help you.

 

No Miss I am mortified just being in here can you please act like I am invisible.

 

Or the part where they ask you at the counter to apply for their card with 100 women standing behind you. That's what happened to me that day plus I got a little teddy bear for applying that I had to walk out with! Embarrassing!

Edited September 1, 2007 by nyrfann

[hurricanesfans27]

Recently chriswufgator accused me of being a BK basher and that could not be further from the truth. Chris & I have since talked this over and he now agrees I am not a basher just someone who is not very good at writing my thoughts. Chris & I have since shaken and are all good to go.

 

Anyway, after this incident with Chris I really began to think about my BK and would like to explain what I went through. Hopefully people read it and understand going BK is a life changing event but NOT the end of the world

 

Here is my story.

 

When I was 18 (1989) I received my first C/C, a Macys store card probably with like a $200.00 limit, I thought I was so cool that I had a C/C. Anyway over the next few years I kept getting C/C's, I was still living at home so paying them was not a problem. FF to 24 y/o.

At this point life was good, decent job, still living in my mom’s basement rent free, living the single mans high spending life, the problem was all of it was on credit. Couple of more years go by and more things were going on credit, I never took the time to see how much debt I was in I just kept paying bills but at the same time racking up debt.

FF to 29 y/o (1999), I am now getting married and finally sit down to look at my debt and holy crap was I in SHOCK it was 6 digits. My wife was very understanding of the debt and vowed to help me though it. So for close to 2 years we tried to pay it down and were getting NOWHERE. Although I never missed a payment many cards rate jacked me, at the time I had no clue about UT and such things that could get you rate jacked.

 

My nights were terrible the debt was always on my mind, I was miserable 24 hours a day. I was lying to my family, friends, coworkers about how good I was doing, only my wife knew the truth. After about 20 month of payments averaging 3K I decided to visit a BK attorney. We just could not continue to pay anymore; we were always behind and could not save a penny. We were paying debt with debt. After getting consulted I felt like such a loser, such a failure. I took it real hard.

 

At this point I knew BK was really my only option but what really made it hard was the reason. I wish I could sit here and say it was because of a medical reason, or job loss, a divorce etc. but I cannot it was pure irresponsibility. It was being the BIG SPENDER, the “well to do†single guy. Do I or have I ever blamed the creditors for my BK, 100% NO, NEVER. I did it; I did not have to spend, nobody put a gun to my head. It was my irresponsibility.

 

Anyway the day came, after 20 months of marriage and 20 month of payments I filed and it was REALLY HARD. The thoughts of failure were just overwhelming. Going to court was the worst day of my life but I got though it, my wife was just so supportive. She always said we did what we could to pay the debt down and looking back she was right. In the 20 months we made close to 65K worth of credit card payments and the balance only went down about 1K, why 1-Because the int rates were so high and 2 because we had to continue to charge as 3K was going to C/C and we were short EVEY month.

 

IMO my BK was especially bad because it was 100% irresponsibility, NOTHING else. For this reason alone is why I would NEVER bash someone who needs to file (Nor do I think I would have the right to), outside of fraud, my BK reason is the worst. I am my own hardest critic believe me and there is nothing anybody can say about me in a negative way I have not said about myself. To this day my wife is the ONLY person in my life that knows I filed, I am still very embarrassed by it.

 

With all this said, today my life is 100% better and I have learned from my mistakes. I have leaned I am NOT a bad person and anybody filing BK needs to understand that as well. Life goes on and as bad as I felt for those years around the BK today I can say because of it I am a better person.

 

Anyway thanks for reading.

 

I found this; this is what I claimed in 01 (the total includes late fees and other charges after I stopped paying 6 months prior to my BK):

 

Credit Card---- Amount As OF 5/14/01

American Express---- $2,193.55

American Express Optima---- $17,292.64

Associates---- $11,247.69

Bloomingdals---- $535.32

Capitol One---- $555.00

Chase Master Card---- $3,371.68

Chase Visa---- $9,571.00

Citibank---- $15,915.66

Discover---- $15,902.11

Discover Private Issue---- $6,551.37

First USA---- $12,000.00

Fleet---- $10,829.50

Macys---- $1,416.89

MBNA---- $14,718.24

MBNA - Gateway---- $2,750.00

Providian---- $13,857.00

Sterns---- $924.00

Sunoco---- $6,361.00

Victorias Secret---- $283.41

 

 

Total claimed---- $146,276.06

 

 

 

damn and i thought i was bad.

[hegemony]

Recently chriswufgator accused me of being a BK basher and that could not be further from the truth. Chris & I have since talked this over and he now agrees I am not a basher just someone who is not very good at writing my thoughts. Chris & I have since shaken and are all good to go.

 

Anyway, after this incident with Chris I really began to think about my BK and would like to explain what I went through. Hopefully people read it and understand going BK is a life changing event but NOT the end of the world

 

Here is my story.

 

When I was 18 (1989) I received my first C/C, a Macys store card probably with like a $200.00 limit, I thought I was so cool that I had a C/C. Anyway over the next few years I kept getting C/C's, I was still living at home so paying them was not a problem. FF to 24 y/o.

At this point life was good, decent job, still living in my mom’s basement rent free, living the single mans high spending life, the problem was all of it was on credit. Couple of more years go by and more things were going on credit, I never took the time to see how much debt I was in I just kept paying bills but at the same time racking up debt.

FF to 29 y/o (1999), I am now getting married and finally sit down to look at my debt and holy crap was I in SHOCK it was 6 digits. My wife was very understanding of the debt and vowed to help me though it. So for close to 2 years we tried to pay it down and were getting NOWHERE. Although I never missed a payment many cards rate jacked me, at the time I had no clue about UT and such things that could get you rate jacked.

 

My nights were terrible the debt was always on my mind, I was miserable 24 hours a day. I was lying to my family, friends, coworkers about how good I was doing, only my wife knew the truth. After about 20 month of payments averaging 3K I decided to visit a BK attorney. We just could not continue to pay anymore; we were always behind and could not save a penny. We were paying debt with debt. After getting consulted I felt like such a loser, such a failure. I took it real hard.

 

At this point I knew BK was really my only option but what really made it hard was the reason. I wish I could sit here and say it was because of a medical reason, or job loss, a divorce etc. but I cannot it was pure irresponsibility. It was being the BIG SPENDER, the “well to do†single guy. Do I or have I ever blamed the creditors for my BK, 100% NO, NEVER. I did it; I did not have to spend, nobody put a gun to my head. It was my irresponsibility.

 

Anyway the day came, after 20 months of marriage and 20 month of payments I filed and it was REALLY HARD. The thoughts of failure were just overwhelming. Going to court was the worst day of my life but I got though it, my wife was just so supportive. She always said we did what we could to pay the debt down and looking back she was right. In the 20 months we made close to 65K worth of credit card payments and the balance only went down about 1K, why 1-Because the int rates were so high and 2 because we had to continue to charge as 3K was going to C/C and we were short EVEY month.

 

IMO my BK was especially bad because it was 100% irresponsibility, NOTHING else. For this reason alone is why I would NEVER bash someone who needs to file (Nor do I think I would have the right to), outside of fraud, my BK reason is the worst. I am my own hardest critic believe me and there is nothing anybody can say about me in a negative way I have not said about myself. To this day my wife is the ONLY person in my life that knows I filed, I am still very embarrassed by it.

 

With all this said, today my life is 100% better and I have learned from my mistakes. I have leaned I am NOT a bad person and anybody filing BK needs to understand that as well. Life goes on and as bad as I felt for those years around the BK today I can say because of it I am a better person.

 

Anyway thanks for reading.

 

I found this; this is what I claimed in 01 (the total includes late fees and other charges after I stopped paying 6 months prior to my BK):

 

Credit Card---- Amount As OF 5/14/01

American Express---- $2,193.55

American Express Optima---- $17,292.64

Associates---- $11,247.69

Bloomingdals---- $535.32

Capitol One---- $555.00

Chase Master Card---- $3,371.68

Chase Visa---- $9,571.00

Citibank---- $15,915.66

Discover---- $15,902.11

Discover Private Issue---- $6,551.37

First USA---- $12,000.00

Fleet---- $10,829.50

Macys---- $1,416.89

MBNA---- $14,718.24

MBNA - Gateway---- $2,750.00

Providian---- $13,857.00

Sterns---- $924.00

Sunoco---- $6,361.00

Victorias Secret---- $283.41

 

 

Total claimed---- $146,276.06

 

 

 

damn and i thought i was bad.

you are

[sfbehr]

Thanks for sharing that, Joe.

 

I think most people -- and most people who file BK -- have the same general attitude you did, that you want to pay your bills and not file BK. But sometimes it's not possible, which is why the BK laws exist. I reached my "can't do this anymore" point sooner than you did, but I know I did the best I could.

 

I would certainly have preferred not to file BK, but it was not -- and is not -- the end of the world. Life does go on...

[nyrfann]

Thanks for sharing that, Joe.

 

I think most people -- and most people who file BK -- have the same general attitude you did, that you want to pay your bills and not file BK. But sometimes it's not possible, which is why the BK laws exist. I reached my "can't do this anymore" point sooner than you did, but I know I did the best I could.

 

I would certainly have preferred not to file BK, but it was not -- and is not -- the end of the world. Life does go on...

You know whats crazy, if the creditors would have just worked with me I would have "been able" to pay them all their money.

I cannot imagine the mentality of raising a person int rate when they are hurting instead of lower it or even eliminate it so they can get all the money that is owed to them. I paid them 65K (in 20 months) and would have continued to pay if there was light are the end of the tunnel but at 30%+ there is no light.

 

Even if they would have just left the int rates where they were before rate jacking me I probably would not have had to file.

 

Now I am not saying I am blaming them for my BK, I am not. All I am saying is they could have gotten more out of me (Probably everything) by working with me.

Edited September 1, 2007 by nyrfann

[hurricanesfans27]

Thanks for sharing that, Joe.

 

I think most people -- and most people who file BK -- have the same general attitude you did, that you want to pay your bills and not file BK. But sometimes it's not possible, which is why the BK laws exist. I reached my "can't do this anymore" point sooner than you did, but I know I did the best I could.

 

I would certainly have preferred not to file BK, but it was not -- and is not -- the end of the world. Life does go on...

You know whats crazy, if the creditors would have just worked with me I would have "been able" to pay them all their money.

I cannot imagine the mentality of raising a person int rate when they are hurting instead of lower it or even eliminate it so they can get all the money that is owed to them. I paid them 65K (in 20 months) and would have continued to pay if there was light are the end of the tunnel but at 30%+ there is no light.

 

 

youre right.. a person who is in financial trouble will default when salamanders like Chase ratejack them.

[mrresources]

I always feel better about those that file Bk when I find they were ratejacked while still paying on time. The scum credit card banks have probably the only industry left in america where a customer can buy something at an agreed rate/price and have that changed for various, unspecified reasons. Unspecified is the key, adverse action/rate jacking can be triggered by you simply moving.

 

Credit card banks are the darlings of our corrupt politicians. Until that system changes the consumer will always have the lower hand.

[stefer1215]

When I filed I never thought there was light, but there most certainly is. Sometimes brighter then before.

 

I couldn't agree with you more. I felt horrible about filing for BK and couldn't sleep most nights. Then once it was done with, I felt relieved that it was over. It changed my life because I understand what I did wrong, and will never do it again. I now panic if I carry even a small balance

[Stryker]

Joe, you're a good person to relive that to help others.

 

On the positive side, you found out what a great spouse you have early on. You picked well.

[Curious]

I appreciate your posting your story nyrfann. Now I understand why you respond the way you do about BK., because you feel that it was your own fault. While there are other that filed BK because of irresponsibility, I believe it's only a small percentage. Most BK are caused by medical, divorce, job loss or business failure. I filed BK because of a prolonged illness where I was unable to work for 2 years, I was divorced and had small kids, so my perspective on BK is different from yours. That's why it irks when when folks start bashing BK'er, because each situation is different and no one know yours but you.

 

I know that you are not a bad person and didn't mean to come off as a basher, so thanks again for clearing the air.

Edited September 1, 2007 by Curious

[sara21200]

good move on clearing the air... we all know you're better with numbers than words...so you tell to us...

 

great comeback champ... 484k+ total cl

 

since i've known you on cb...you've been tough as nails....but knowing you once carried a victorias secret card is suspect...

You know I was thinking of leaving that one out!

 

No way! It shows that you pamper your wife. Good man!

It's funny because I remember that day like it was yesterday, it was Christmas 1998 and I actually when into VS to buy her a gift. I was so embarrsed in there I just wanted to buy something and get out!

 

Cute story! Most men when they go in there want to stay as long as possible

ummm no... i dont know any man who wants to stay in a vicky store... its all pink and red...feels like your inside the drawer of your girl's undies... the worst part is you try not to make eye contact with another poor suckered male in the same situation as yourself... i've been in vs once...never again...prolly why im single now

No the worst part is all the sales people screaming across a table...can I help you.

 

No Miss I am mortified just being in here can you please act like I am invisible.

 

Or the part where they ask you at the counter to apply for their card with 100 women standing behind you. That's what happened to me that day plus I got a little teddy bear for applying that I had to walk out with! Embarrassing!

 

Ahhhhhhhhhh poor Joe! I figured you guys would love it in there since most men have very vivid imaginations.

[Stryker]

good move on clearing the air... we all know you're better with numbers than words...so you tell to us...

 

great comeback champ... 484k+ total cl

 

since i've known you on cb...you've been tough as nails....but knowing you once carried a victorias secret card is suspect...

You know I was thinking of leaving that one out!

 

No way! It shows that you pamper your wife. Good man!

It's funny because I remember that day like it was yesterday, it was Christmas 1998 and I actually when into VS to buy her a gift. I was so embarrsed in there I just wanted to buy something and get out!

 

Cute story! Most men when they go in there want to stay as long as possible

ummm no... i dont know any man who wants to stay in a vicky store... its all pink and red...feels like your inside the drawer of your girl's undies... the worst part is you try not to make eye contact with another poor suckered male in the same situation as yourself... i've been in vs once...never again...prolly why im single now

No the worst part is all the sales people screaming across a table...can I help you.

 

No Miss I am mortified just being in here can you please act like I am invisible.

 

Or the part where they ask you at the counter to apply for their card with 100 women standing behind you. That's what happened to me that day plus I got a little teddy bear for applying that I had to walk out with! Embarrassing!

 

Ahhhhhhhhhh poor Joe! I figured you guys would love it in there since most men have very vivid imaginations.

 

Add me to the list of guys who avoids VC like the plague. Everything is so... frilly...

[nyrfann]

Joe, you're a good person to relive that to help others.

 

On the positive side, you found out what a great spouse you have early on. You picked well.

I sure did.

[nyrfann]

When I filed I never thought there was light, but there most certainly is. Sometimes brighter then before.

 

I couldn't agree with you more. I felt horrible about filing for BK and couldn't sleep most nights. Then once it was done with, I felt relieved that it was over. It changed my life because I understand what I did wrong, and will never do it again. I now panic if I carry even a small balance

I do WISH Citi would start seeing the light! C'mon Citi Edited September 1, 2007 by nyrfann