Re: Dont know if should file now?

A copuple of things. First off, no credit for 13 years??!!! That's
too funny. He either has never even talked to anybody that ever filed
or is just trying to scare you. I went through bankruptcy 10 years
ago and my experience is almost exactly like this guy
(repost from alt.bankruptcy)
Here is a post to everyone who is considering filing... Less than one
year ago I received my discharge papers. A month later I had a CC
with a low credit limit (3 digit) and a high yearly fee, non-name
brand, no security deposit. But, it was credit none-the-less, which I
badly needed for my white collar job. Within two months of filing, I
had a card with a 4 digit limit from a name brand company... It was
definately a welcome card. It is hard to travel these days without an
actual CC... Debit Cards won't get you a rental car. So here I am
nearing my 1 year mark... And just got a namebrand card with a 5
digit credit limit. Wow. That's enough credit for me. But I'm
amazed and very pleased how things are going. Keep in mind I have had
perfect use of my credit since my discharge. My CC's were also used
very frequently, and paid in full every month. Just FYI... This is
info I wanted to know when I was considering filing...

Also, my car loan was included in my bankrupcy. I continued to make
payments with no hassle from my lender. The vehicle is now paid for
and I hold the title.

Life is pretty good these days. It is still more of a struggle than
I'd like, but my balances have stayed at zero and they will stay that
way. Probably one of the best decisions I've made.
(end of repost)
The only difference is I didn't get a 5 digit limit, but I did got
one for $7500. I started receiving all kinds of credit offers 6
months after the discharge. I can only speak for myself, but this
seems to be the norm. Think about it, would you rather loan money to
somebody who MAY be a good risk but who could file BK if things go
bad, OR would you rather loan money to somebody who has no debt right
now and CAN'T legally file BK for at least another 6.5 years?

Now let me get on my soapbox. When somebody tells you "you are
hurting the banks", laugh in their face. Let me ask you a question.
How do banks loan money? You probably believe as I believed, which
goes something like this...

Lets say for simplicity that I have a bank "Bank of Dwayne". Let's
say that there are 100 customers in my bank and my bank has assets
from depositors of $1000 (it's a small bank, on average $10 per
depositor). Now, say somebody from off the street applies for a loan
from my bank. You probably believe as I used to, well there are
certain loan reserves and all that and the bank has to keep money
around for depositors, so probably maybe $300. This is what I used to
believe.

It is my understanding that the correct answer is as much as
$10,000!!!

Behold the secret of fractional reserve banking!! They lent you money
that they never really had IN THE FIRST PLACE! Write your banker and
ask them if it's true!!!




--- In , "Erin" wrote:
> Well, I met up with a friend I havent seen in awhile and told them
> what is going on in my life. When he found out I have decided to
file
> bankruptcy he went balistico on me and started to lecture me for 45
> minutes on how I am irresponsible to be thinking of filing
> bankruptcy. He kept telling me how I got myself into this mess and
> should take some job at like McDonalds to pay my bills. I told him
> working full time at McDonalds wont even pay my bills.
>
> So he made me feel like the scum of the earth because I have no
job,
> and am contemplating bankruptcy. He told me I wont be able to ever
> get any credit or anything for like 13 + years. I thought it was
for
> 10?!?! Now I am confused what to do. I really think Im at the point
> where bankruptcy is my only option. My credit is already shot
(below
> 500). Its not like I want to lose my car. Its not like filing
> bankruptcy sounds like a load of fun. I dont know what to do.
>
> Should I ignore him? Thanks so much.
>
> Erin