And so it begins

[Anonymous]

I've been lurking since 2008 due to knowing if anything catastrophic happened I would have to file. Well, something did happen and after exhausting all methods to starve off filing a chapter 13, I lost. After a failed modification, borrowing from family and 401k alike, I ended up filing the day before my foreclosure sale. I will say, compared to 2008, I am OK with the decision, and even though you hear the horror stories of not being able to get a job and 5 years of budget constraints, I am optimistic. I have found comfort in knowing my house will be saved, but am scared to death of the 1700 a month proposed plan. I know that this will have to change as I made over 100k last year but doubt I will repeat the same feat. So to kind of sum it up - I'm nervous, scared, and optimistic. I will keep you abreast with my process/progress in hopes that anyone else currently or after I am done in 5 years will know what to expect. Today - I don't .

Question - has anyone obtained a second job during the 13, if so, did you report it, did it change your payment amount?   

[mynameainttracy]

You are supposed to notify your attorney of changes in jobs and incomes. Wether it matters or not depends on your trustee. They can be at both ends of the spectrum. I was in the eastern district of NC and that has to be one of the best areas to file in. The trustee wants filers to succeed and doesn't go after tax returns or increased income. You should talk to your attorney and find out about the tendencies of your trustee to have an idea of how additional income will affect your plan. Good luck.

[Pway]

I will say it and I will say it again, my attorney advised me to file chapter 7.  You did pay your back and that is good.  I just don't feel you should be downing one over what they have filed or talking bad about whether they filed 7 or 13.  Could you have paid all your creditors without filing 13 on your own?  I'm just saying.  Bankruptcy is not a easy choice and should not be taken lightly.  I was being sued left and right from creditors and making a 25.00 payment was not going to cut it.  At one point my banking account had be frozen from the courts.

[CWESTL]

I am sssooooooo tired of reading the opinionated rants of those disgruntled with having filed Chapter 13 while limenting the progress of those that filed Chapter 7. Please provide some constructive feedback.  

[Scupra]

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@Anonymous wrote:

I've been lurking since 2008 due to knowing if anything catastrophic happened I would have to file. Well, something did happen and after exhausting all methods to starve off filing a chapter 13, I lost. After a failed modification, borrowing from family and 401k alike, I ended up filing the day before my foreclosure sale. I will say, compared to 2008, I am OK with the decision, and even though you hear the horror stories of not being able to get a job and 5 years of budget constraints, I am optimistic. I have found comfort in knowing my house will be saved, but am scared to death of the 1700 a month proposed plan. I know that this will have to change as I made over 100k last year but doubt I will repeat the same feat. So to kind of sum it up - I'm nervous, scared, and optimistic. I will keep you abreast with my process/progress in hopes that anyone else currently or after I am done in 5 years will know what to expect. Today - I don't .

Question - has anyone obtained a second job during the 13, if so, did you report it, did it change your payment amount?   

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Welcome to myFICO! You have found the perfect place to help you out in your rebuilding journey. Keep your head up and make a plan to follow. It was a hard decision for all of us to make. It only gets better from here! 

[MarineVietVet]

Now let's get back on topic.

[TRC_WA]

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@MarineVietVet wrote:

Now let's get back on topic.

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Yes let's do that.  

OP feel free to PM me if you ever have any questions about your Ch 13.