very Personal question

:-\
Have any of you finished a bK chapter 13 completely, and tried to purchase a motorhome? How did you do it? Bank, credit union? Was there consequences.  Which I don't think there should be as I have never been late in 5 years of my paying back my debt.  It was a difficult decision to begin with, but all in a five year plan to retire , buy a motorhome and travel the US.  I guess you can call it a business decision. We haven't tried yet, but I would like to know if there is anyone out there that has been in our position and may have some purchasing advice or to let me know were you able to buy an Rv right away?  I don't want to go onto why we had to do this in the first place, it is way too long a story... we are upstandable people and retired teachers with a pension and no debt..9

With no debt....save, and pay cash.

I paid cash for mine. Financing an RV is really a stupid idea in my book. My current fifth wheel cost only $4200. My last class A cost $6200 and the one before that cost $2600. No need to go deeply in debt at my age. I have read too many horror stories of people going deep into debt on an RV and then ending up upside down and unable to travel anymore due to some reason. So they end up with $700 a month payments and the RV sits in their yard since they can't sell it. RVs depreciate like a rock.

If one has to file chapter 13, then apparently they didn't learn their lesson about borrowing, and being in debt. Yes, some go bankrupt due to job loss and can't get a job with the same compensation, or health issues caused a big change in the ability to bring in a comparable income, but those same people needed to learn that debt is not a good thing. I have debt, but I can liquidate everything I own and and walk away with money in my pocket, and maintain my credit score. As suggested above, save your money and pay cash.

kdbgoat said:

If one has to file chapter 13, then apparently they didn't learn their lesson about borrowing, and being in debt. Yes, some go bankrupt due to job loss and can't get a job with the same compensation, or health issues caused a big change in the ability to bring in a comparable income, but those same people needed to learn that debt is not a good thing. I have debt, but I can liquidate everything I own and and walk away with money in my pocket, and maintain my credit score. As suggested above, save your money and pay cash.

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Sometimes debt is not the reason to file for bankruptcy. We had a house built in Missouri. We had a crooked builder that stole money and materials from us. We fired him and he sued us to the tune of $100,000. We hired an attorney and he suggested we file for bankruptcy to make the lawsuit go away. I asked how we could file for bankruptcy when my income was in the $130,000 a year range, investments and very little debt. Our attorney said it could be arranged. We did not go that route.

Rereading what I posted, I did come off pretty judgemental. Sorry.  :-[

kdbgoat said:

Rereading what I posted, I did come off pretty judgemental. Sorry.  :-[

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I think the majority of us just cannot comprehend how bad it can for some folks. I know I have thought less of people that have taken the bankruptcy route without knowing their situation. So, don't beat yourself up too bad.

Regardless of the reason, bankruptcy is a black mark on a credit rating.  Sometimes recovery is rapid - I know of two people with excellent credit beforehand who filed Bk to obliterate a single onerous debt (not Chapter 13).  Both had pretty much restored their credit rating after 2-3 years. Not as high as it was before, but still well into the "good" range.  So yes, it is possible to use bankruptcy and still get credit in the future.

Chapter 13 is somewhat different situation, though.  Whether that would work for your situation is something to discuss fully and frankly with a bankruptcy attorney. 

Oldgator73 said:

I think the majority of us just cannot comprehend how bad it can for some folks. I know I have thought less of people that have taken the bankruptcy route without knowing their situation. So, don't beat yourself up too bad.

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Thank you Oldgater73... Thats right, you never know how bad it is for some folks... I had a death in my family that I had to care for... no excuse but had to short sell the house because I couldn't care for my loved one in a two story house.  Long story short the deal fell through, so we lost the house.. not in debt... just a situation... whom is nobodies business but my own.  I just wondered if anyone had been in my situation.in regards to getting a loan.... I didn't know I would be judged.  Thanks for your understanding.

Edit: fixed quote

Oldgator73 said:

I think the majority of us just cannot comprehend how bad it can for some folks. I know I have thought less of people that have taken the bankruptcy route without knowing their situation. So, don't beat yourself up too bad.

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Gary RV_Wizard said:

Regardless of the reason, bankruptcy is a black mark on a credit rating.  Sometimes recovery is rapid - I know of two people with excellent credit beforehand who filed Bk to obliterate a single onerous debt (not Chapter 13).  Both had pretty much restored their credit rating after 2-3 years. Not as high as it was before, but still well into the "good" range.  So yes, it is possible to use bankruptcy and still get credit in the future.
Yes Gary RV_Wizard... you are right, our credit score is very good.. with a complete 5 year commitment.

Chapter 13 is somewhat different situation, though.  Whether that would work for your situation is something to discuss fully and frankly with a bankruptcy attorney. 

Oldgator73 said:

I think the majority of us just cannot comprehend how bad it can for some folks. I know I have thought less of people that have taken the bankruptcy route without knowing their situation. So, don't beat yourself up too bad.


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Thank you Oldgater73... Thats right, you never know how bad it is for some folks... I had a death in my family that I had to care for... no excuse but had to short sell the house because I couldn't care for my loved one in a two story house.  Long story short the deal fell through, so we lost the house.. not in debt... just a situation... whom is nobodies business but my own.  I just wondered if anyone had been in my situation.in regards to getting a loan.... I didn't know I would be judged.  Thanks for your understanding.

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