I Filed Bankruptcy at 22 (My Bankruptcy Experience)
I filed bankruptcy at 22 years old, and in this video, I go over my experience filing chapter 7 bankruptcy. From how I got into debt to what it felt like to get sued by a credit card company to what let me to file bankruptcy, this is my complete experience of filing bankruptcy in my 20s down to what happened after I went bankrupt and how my life truly turned around.
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About this video: This video goes over my story of filing chapter 7 bankruptcy at 22 years old. From how it felt to file bankruptcy to what led me to filing bankruptcy to how much I had in my bank account when I filed bankruptcy, I truthfully go over the entire story and my complete bankruptcy experience.
You see it all started with Patrick and myself selling real estate. We went into the real estate industry hard. We spend money on advertising like crazy, and honestly, for our first year we did pretty well. Overall though, we broke even on the business. This meant I was losing money on life. Food, gas, and all other things that couldn’t be considered business expenses making me run at a net loss on my personal finances each other.
Where did all of these extra expenses go? Well, they went straight to credit cards. Credit cards that I honestly could barely make the minimum payments on each because I was that broke.
On top of that, Patrick and I both hated selling real estate, and we knew, despite breaking even for the first year, we didn’t want to be selling real estate forever. So, we started working on online businesses again. At the same time, I started saving 10% of every penny I made no matter what. I also stopped paying my credit cards and begin living life all cash.
This wasn’t easy, but it allowed me to start getting back up on my feet. Cutting up the credit cards and never looking back let me start rebuilding my life. Sure, I still had debt hanging over me, but I was building a foundation without it.
Then, there was a knock on the door. I was being served a lawsuit for unpaid credit card debt. I’ll never forget that feeling. That dread. That hopelessness. I was starting to rebuild my life and then a lawsuit appeared. At that moment, I thought I would never be able to pay off my debt.
However, I’ve always been someone who looks for solutions to problems rather than dwell on them. So, I started looking. There seems to be a few. The first was settle the debt. The only problem is I didn’t have the money or the income at the time to do this. The second was to let the lawsuits go through. Deal with them later. I really didn’t like that option, and lastly, I could file chapter 7 bankruptcy.
So, that is what I did. At 22 years old, I filed bankruptcy with over $40,000 in debt between car loans and credit cards.
The bankruptcy process was interesting. It all started with a lawyer, you should get a lawyer if you are thinking about filing. I then went through a ton of paperwork disclosing what little cash and assets that I had. It wasn’t a lot, much less than what is allowed to be kept, but it was something.
After about a month, I actually filed chapter 7 bankruptcy. From there, it was a waiting game. I had to do an online course about money management and wait on a court date. When I went to bankruptcy court, it was very interesting. I was asked a few questions and things went pretty smooth. Nothing to really be nervous about.
After the court date, they repo’d my car. I’ll have another video coming out on that, but it was a very interesting process considering that was one of my dream cars.
Finally, nearly 6 months after I filed chapter 7 bankruptcy, I was discharged. And it felt incredible to finally be out of the clutches of debt. Patrick and I were able to focus on growing our business. It started doing better and better and better. It allowed us to grow investments, purchase assets, and succeed financially.
So should you file bankruptcy? Well, based on my bankruptcy experience, I could see how you may think it is a good idea. In truth though, most people should not file bankruptcy. The only reason it worked for me is because I was already living below my means when I filed. There was more money at the end of the month, just barely, than I spent. We were also able to grow our business thus increasing my income substantially. Unless this is possible for you, you shouldn’t file bankruptcy.
And there is my chapter 7 bankruptcy experience. I hope you enjoyed. Let me know what you thought in the comments below, and please consider liking and subscribing. Thank you in advance!