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This is a awesome Get out of Debt Strategy.
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So many don’t know this but this was one of the hidden mysteries but yet public record of the Hale household. I once had to file for bankruptcy. Chapter 7 which was one of the more emotional and humiliating yet enlightened experiences I have ever done.

Year 2001, after realizing that the back then that the going rate of interest on our debt and the ever so growing calls coming from the collection agencies. I realized I had to do something. At the time credit counseling was very popular and had went mainstream. I tend to forget the popular ones back then.

I decided ok let’s do this so I did. After several months and trying to get on the plan they did successfully negotiate a payment plan and we participated in this plan for about almost a year.  One of the things they don’t tell you is that whenever you are in credit counseling your accounts are flagged with a credit counseling type of flag on your credit report with all 3 major reporting agencies, Equifax,Experian,TransUnion.  At the time I never knew anything about reporting agencies and the fact there were 3 of them.

After looking at the payment plan I decided to really dig deep into how credit works and I realized nothing in school even in business classes and such no one every teaches you how to properly handle credit well at least back in the 80′s and 90′s. Highschool will teach a little about budgets and how to maintain them at a grocery list perspective.  I honestly used to be totally mindless about credit to the point when I went to get or try and get a car loan or something like that it was literally like playing the lottery and hoping to win! lol very sad but true.

After I really got into reading some of the credit repair forums which I will post some of them if they still exist as referral links.

Once I decided to go with Bankruptcy, I knew it was the right choice for me working on a new beginning and becoming financially free.

I also read alot about credit clean up and about credit in general. Here are some books that I recommend you need to read. If you are not into reading like me I have to say most of them have been very easy to read and only took a week of about 1 hour a night chapters were like 30 page on average.

I will continue this story next time and how I coped with Bankruptcy and some of the adversity I faced as well as tips and tricks I did to build my beacon score well over the 700 mark and talk about the things I learned in the credit cleaning process.  Hope you enjoyed my first addition to the finanical tip post.

Here is part II to my Bankruptcy story