Life After Chapter 7 [My Bankruptcy Story]

Life After Chapter 7 [My Bankruptcy Story]

🎢 FILING BANKRUPTCY WAS AN EMOTIONAL ROLLER COASTER 🎢
Filing Chapter 7 bankruptcy was one of the hardest things I ever had. I had so deal with so many emotions before sitting down with a lawyer and actually filing: fear, anger, anxiety, depression, worthlessness, guilt...you name it.

Being a bankrupt black man filing chapter 7 in your 20's makes you feel every sliver of those emotions....

Today let's discuss the details of filing Chapter 7 bankruptcy and talk about the pros and cons to filing. While I can't claim to be the foremost expert on filing bankruptcy, I vividly remember the pain of filing.

In this video, you're getting and honest take on chapter 7 bankruptcy from a guy who's been through it personally. This is my story...

🎥 IN THIS VIDEO 🎥
00:00 - INTRO
00:34 - The Purpose of This Video
01:06 - Filing Warning
01:21 - What Is Chapter 7 Bankruptcy?
02:00 - Why I Had To File For Bankruptcy
04:36 - The Filing Process (With a Lawyer)
06:04 - The Courthouse Part Was Scary
07:14 - The Pros Of Chapter 7
07:37 - The Cons Of Chapter 7
08:36 - Life After Of Bankruptcy
11:00 - Wrap Up

#lifeafterchapter7 #mybankruptcystory #lifeafterbankruptcy

✅ FIND OUT WHERE YOUR CREDIT STANDS! ✅
If I could do it all over again, I'd make sure I was better informed about what my credit score is and the weight my credit history carries. Knowing where your credit stands is a HUGE part of getting a handle on your finances.

I highly recommend MyFICO because I personally use it.
If you want to try MyFICO for yourself, you can get 20% off your 3-bureau
credit reports at myFICO using this link:

I hope it helps.

👍 If you enjoyed this video, please don't forget to click that like button! 👍
🗣 If this video resonates with you or anyone you know, please share it! 🗣

**WHAT TOPICS WOULD YOU LIKE TO SEE?**
Are there other stocks or topics that you would like to talk about? Let me know in the comments!

**INVESTING BOOKS WORTH READING**
Yes, these are affiliate link, and I do earn a small commission when you buy.
I only recommend them because they've helped me:

📙"The Little Common Sense Book Of Investing"
(by John Bogle)

📕“The Intelligent Investor”
(by Benjamin Graham)

📘“One Up On Wall Street”
(by Peter Lynch)

📙“Common Stocks, Uncommon Profits”
(by Philip Fisher)

**MY GEAR**

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I highly recommend Epidemic Sound!
You can click here:

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**IMPORTANT!**I'm not a professional, Wall Street analyst nor am I a financial advisor. This video isn't intended to be investment advice. ALWAYS do your own research before investing any money in any stock, bond or other investment.

**AFFILIATE DISCLAIMER**Please note that this page does contain affiliate links and I do earn a small commission (at not extra cost to you) when you make purchases using the links on this page.

[MindOverFinance]

What other financial topics would you like to talk about? Let me know in the comments!

[vardankirakosyan]

Like they say "Don't be afraid to start over again, because this time you are not starting from scratch, you are starting from experience."

[nodaysoff]

I filed for chapter 7 and i felt good. Not having 55k over my head as a father was everything. Paying $1600 a month and $900 of that going to interest was not it. I went from making more money than I can spend, to the pandemic killing $45k of my income for 2 years. So don't be ashamed

[skies]

It depends on how you react to it. When I apply for credit and I get denied, it usually includes bankruptcy as the very last thing. I don't have anyone judge me for it. And I did not feel ashamed. It is what it is. If companies can be bailed out and file bankruptcy multiple times, so can individuals.

[kris]

So I’ve been an underwriter for years both vehicles and mortgages. Do this and watch you credit skyrocket- file bankruptcy, discharge all debts, save up 5, 000 or how much you can afford and get multiple secured credit cards. Then manage those cards properly for the next few years and you will be in the clear. Bankruptcies typically take ten years to come off your credit report. lenders have internal exceptions that could make it that they don’t consider the bankruptcy after 5-7 years. What we do care about is how you progressed after the bankruptcy. And the best way we do that is by payment history on installment loans, Like a car and secured credit card debt.

[timefortruth]

Just did it in November of 2023. I was able to get rid of 30, 000 old debt from credit cards. I am a teacher too. In the summer, I was living off my credit cards. I was struggling to pay everything, especially after the pandemic prices went up. I paid 2000 dollars because I went through with an attorney. I was on a payment plan, but when I got my taxes, I paid the rest off. I was happy I didn't have to go to court but was able to meet on a Zoom call.I got my discharge papers back in June. I am happy it's over. My credit score went up.

[wriggleypanda]

I’m 23 years old and made a lot of dumb purchases. Before I knew it I was around 40 k in debt and decided filing was the best thing to do. My hearing is tomorrow and I will hopefully be debt free very soon 👍

[michelleMYHELL]

I declared chapter 7.. my credit score went from 410 to 700 overnight hahah..best thing ever. I was able to get a car while in the chapter 7 :) this is the best thing I ever did in my life

[lyndagarcia]

This guy is completely honest. Thank you. Sometimes you have to go through the swamp to be in the clear.

[thinkaboutit]

Filing Bankruptcy for a lot of businesses and entrepreneurs is a way of doing business. They don’t feel shame or guilt.

[southernlogicyt]

You’re credit is not ruined for 7 years. The bankruptcy stays on your report for 7-10 years. Your credit score starts to rebuild immediately after discharge, 3 months after filing. If you wanted to wade right back into debt you could within months. Within a year from filing you’ll actually be able to get competitive rates again also. My ex wife bought a brand new car, no co-signer, 3 months after her discharge from ch 7. Idk the details or rates but I thought that was insane at the time.

[OldSal-dh]

Did it in 2010. Had no other choice. It hurt. Life goes on

[annnieb]

Great Video. I’m at the start of chapter 7 and looking forward to a fresh start. I am so tired of have the dumb decision I made in my 20s still following me around. You really inspired me to focus on the future!

[Okay.mikayla]

Oh my gosh I’ve literally been stressed and depressed over debt and I’m only 24. I didn’t want to file bankruptcy but at this point I’m just gonna turn all my L’s into wins and go for it I’m tired of stressing. Hospital bills, tickets, car part payments. I’m over it

[Ashley-qiub]

Thank you for sharing your story. 20 months ago I was in that endless hole of debt. Non stop calls from creditors, process servers knocking at all hours of the day. It was so frustrating and I had the worst depression I had ever experienced. I spoke with an attorney 01/2020 and it took me a while to get all of my paperwork together. Everything was filed 03/2020 and discharged 06/2020. I truly relate to your story about how you felt. Having to wade through the slow process of rebuilding my credit sucks because I want to buy a home. I’m more aware of how I spend my money and I automatically pay my savings before I pay anything else. I’m definitely smarter this time around and wish I had this mindset years ago when I was making debt. Keep up the great content 👏🏻.

[Theultrazombiekiller]

I love your honesty! I filed in 2018. I never missed a payment on my house, bills, or car. But my $19, 000 of medical bills and $59, 000 of unsecured debt on a $55, 000 salary was a different story. I obviously kept the house and cars. One tip I have is to get a secured credit card after filing. I put up $1, 000 on a secured credit card nearly immediately after everything was finalized. After filing, my credit score was a 560. But I utilized the secured card, never carrying a balance on it, and never missed a payment on the house or car still. Just 5 years later, and my score is back up to a 680.

[chrismcortez]

I completely understand you. I was so on top of my debt and in February went on maternity leave because I had my baby. Due to Covid-19 I got laid off and I couldn’t pay of my debt. I’m currently 16, 000 in debt and I’m considering on filing for chapter 7. My husband works but does not make enough. We only have enough to pay rent and utilities. I don’t have any stocks, NOTHING. So I’m just like you. Hoping I can get approved for chapter 7 because it’s been really stressful. I get never ending calls from credit card companies. They obviously don’t care if there’s a pandemic going on.

[tristinnorton]

Thank you so much for being so open and honest and giving me a clearer picture of what to expect. I, myself, at 26 years old ruined my credit by not taking care of business the right way and always putting it off to the side, until I realized how deep of a hole I put myself in. I am currently in the process of filing for Chapter 7 & you're insight really helped me. The clarity behind your video really gives me hope that there is light at the end of the tunnel after all. Thank you for giving me a bigger and better perspective on what to expect. God Bless you!

[LL-firr]

I chased independence in my young adult life a little too hard trying to leave home so I could have my own place. When life didn't go exactly according to plan though and I was forced to decide between a roof over my head, and paying those credit cards off, I chose the roof of course. Ran from the debt for too long, and was served lawsuit papers today. Damn. Finally going to face it though. Can't keep pretending I can get out of the hole I dug.

[EternalNightsCollectibles]

Thanks for sharing this. I am meeting with a lawyer next Friday to discuss bankruptcy and options available to me. I was silly with credit when I turned 18 and now I'm almost 30 and a few days ago realized, I've stretched myself too thin causing debts to pile up and remain unpaid for months. I was even just fully sued by a debt collector. So, I'm hoping next Friday turns out to be a good meeting and I can start moving forward and building a better, stronger, and happier financial life for myself.