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So after folding up the team and thanks to the wonderful people who didn't do what they said they would, I racked up around 100k in debt.
I've knocked out around 35k-ish already...so about 65k to go.
I'm really just down to my vehicle (used van, payment is pretty small) and a couple personal belongings, after selling anything I had of value.
I can probably knock out the remainder of my debt in 12-15 months depending on a few things. Thankfully I have dirtbikes through work to keep me sane since I literally can't do anything else because I'm basically broke within 30 mins of getting my pay check. From a credit stand point, do I continue down the route of just paying everything off since I can be out in just over a year...
BK route, how long does it take to recover on the credit side if you do everything "right"?
I know there's a lot of variables...just curious on a rough answer if anyone can pass on any insight.
And please, be careful on the bikes. They are a great way to channel your frustrations, but one miscue can ruin your financial recovery plans. If you need additional incentive, maybe sell your bikes, then reward yourself with a shiny new one once your debts have been cleared! Besides, your buddies can always give you a loaner.
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I have a Stalker where I could say "the sky is BLUE" and get a downvote.
After my business failure and BK...I never possessed another cc. Pay cash for everything. A few years ago I did a refi on my mortgage from 7 to 3% interest rate. My credit union loan officer called me in..."You have NO credit score...not bad...NONE". Apparently, this is un-american. But, they looked at my income to debt ratio and jumped all over it. Bottom line...if you have a decent income and you don't feel the need to finance stuff you don't really need...you can get by just fine.
And don't ever start a race team ever again.
If I get hurt testing, then I just do computer work and more editorial until I ride again. No big deal.
If your credit is crap already, filing BK makes the most sense to me if your 65K in the hole.
Is a 7 or 13 better for you ? That would a better question for your attorney.
Is a 7 or 13 better for any future creditor to see on your credit report?? It used to be that new creditors looked more favorably upon a 13 than a 7 (for obvious reasons) however in the past 5 years or so, my lenders don't seem to give a shit one way or another. I can get a customer an auto loan 30 days after a Discharged 13 or 7 without too much of an issue. A bankruptcy these days certainly isn't the death sentence it was in the past.
Now --- after all of that is pertaining to Pennsylvania state law--- California may be completely different, although most States follow the Fed guidelines.
The next 12-15 months will go by fast and you will not only have a huge sense of accomplishment to be proud of, but you will have learned some very valuable lessons the hard way. After that life gets easy again, and you can start to rebuild. You’ll be much wiser from the experience gained from this.
I got hurt pretty bad 4 years ago and wasn’t able to work for 6 months, and then at limited capacity for another 6-12. I’m a small business owner, self employed so there was no help out there for a guy like me. It cost me into the 6 figures, and as a guy who was an irresponsible spender this left me in a very bad position financially. I got out of it by selling off assets, taking some pretty heavy losses but it needed to be done, and some short term loans that I was able to repay fairly quickly once I got my feet back under me. It’s all in the rearview mirror now and it was a good life lesson.
Try calling each creditor and see if they be willing to accept a reduced settlement, try combining debt, set up payment plans..etc…anything to stop negative items from hitting your credit.
Once you get things back on track…start accessing your credit reports from each agency on their website and begin submitting disputes for every negative item..The creditors have 30 days to verify the negative item, if they don’t it gets taken off your report. Do this over and over and over and over…this combined with on-time payments will improve your score quickly..You’d be surprised at how many creditors won’t respond. (Had to do this years ago after a divorce hurt my credit)..It works ..
Otherwise man just keep your head up and realize all this is transitory and better years are ahead. i know it’s frustrating and stressful, but don’t let yourself get depressed over money. Sounds like you still have your parents and family in your corner, if needed, and a good group of moto dudes rallying around you to do good. You aren’t alone.
Pit Row
I'm not discounting advice you are getting in this thread but in the words of the famous BobbyM "i mean we're fucking dirtbike riders for christ sakes.
However, our real estate prices are affordable & cost of living is low, even with all of the state tax burdens.
Post a reply to: Have you ever had to comeback from a large financial setback?