Post-Discharge Update

All has been quiet here since our bankruptcy was discharged on August 2. We received maybe a phone call or two from debt collectors, but once I notified them on the phone that we had just been discharged in a bankruptcy, they simply asked for the bankruptcy case number and left us alone.

This week we received on letter from a debt collector stating that the last they heard we were going through a bankruptcy. They asked for information about the bankruptcy and threatened to continue pursuing collection of the debt until they receive our response. My guess is that type of behavior is bordering on the limit.

The big news is, my wife and I have found a home that we are attempting to secure financing on. This is the biggest challenge of all, I think, for the recently discharged. Most mortgage companies insist upon anywhere from one year to three after a bankruptcy before they will give you any serious consideration for home financing. We have already had one lender tell us that the best thing we can do right now to secure a home loan in the future is to just wait.

But we got quite lucky this time, I think. The home we are looking at is for sale by owner. The owner is an investor, and he seems to be quite helpful in helping us to secure the necessary financing, etc., to purchase the home. In fact, if financing turns out to be impossible at this point, he is willing to sign a lease with us to rent the home for a year pending our purchase of it at the end of the lease.

This is a beautiful home with all that we have been looking for. While the deal hasn't been secured yet, it is looking very good.

So there is hope after bankruptcy. I have one thing to day: it's so nice not to be contacted by debt collectors anymore, and it's nice to actually have hope for the future that we didn't have when we were in financial ruin. I guess that's two things.