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Bankruptcy 13 lesson

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Mytwins00
New Member

Bankruptcy 13 lesson

Hi, I am very new to this bankruptcy thing, we filed chapter 13 oct 11, 2013.  The payment plan they have us on is breaking us, I don't know if we can do 60 months of this, but I am reading others saying not to bother your trustee's with problems but we are really struggling.. And I almost feel like our lawyer lead us down the wrong road, I feel we should of been a chapter 7.. He said we needed to be a 13 to protect my mother from a Sears credit card that is only in her name..does anyone know if we could convert to a 7 and what the difference would be??? Also when should you start to rebuild your credit, do we have to wait for 60 months to qualify for a home purchase?? Any help and advice would greatly appreciated..

Message 1 of 15
14 REPLIES 14
SoulMaster
Established Contributor

Re: Bankruptcy 13 lesson

You can convert to a 7 if you qualify for it (means test).  In any event, I'd go consult with another attorney or several (and maybe even pay one for the means).  You're also allowed to change attorneys.

 

However, the means should determine your payment $, not your attorney.  If you're "struggling" but still paying for TV (cable, satellite) or other "unnecessary*" things the court's probably going to hold firm on your payment.  

 

-SM

 

*as determinded by precedent, not by you.  

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of Late January 2016 All 700+. Last CR pull from a lender(housing) was mid-score 749.
Goal Score: 700+ - reached.
Message 2 of 15
Tann3101
Valued Member

Re: Bankruptcy 13 lesson

I agree with sm if your having other luxurys that you don't necessarily need then I doubt you will get anywhere they would request you get ride of the things you don't have to have

5/18/10 Starting Score 510/ Current Score 510/ Goal 650 12 Months
5/7/12 633 TU 634 Equi 636 Experian
3/7/14 650 TU 636 Equi N/A Experian
Message 3 of 15
Tann3101
Valued Member

Re: Bankruptcy 13 lesson

When I first started my 13 I had about 280-320 dollars out of my bi weekly check, married with three kids.  I wasn't scheduled to discharge until dec jan 15 but thank god I am now done and paid 100% back.  There is light at the end of the tunnel but it's hard to see when you starting out!

5/18/10 Starting Score 510/ Current Score 510/ Goal 650 12 Months
5/7/12 633 TU 634 Equi 636 Experian
3/7/14 650 TU 636 Equi N/A Experian
Message 4 of 15
Mytwins00
New Member

Re: Bankruptcy 13 lesson

So are u saying it didn't take 60 months to get discharged?? How do u know how much you are paying and the balance?? Did u pay more?? And at what point did you start to rebuild your credit?? Sorry so many questions..thanks

Message 5 of 15
Mytwins00
New Member

Re: Bankruptcy 13 lesson

I don't have anything but my car

Message 6 of 15
yepbob
New Contributor

Re: Bankruptcy 13 lesson

We converted our ch 13 to a ch 7 after paying for 2 1/2 years. I struggled with my attorney even understanding how to get it done and to research all the options myself. Finally we got it converted when we relocated and my husband was unemployed for a period of time and we had a new baby which pushed us back under the income guidelines for our new family size. It was not an easy process but I am relieved to just be DONE with all of it... It seems like our lives were on hold forever
Fico Scores as of 1/6/2014 from MyFICO
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Lender pull 4/1/2014- EX-664 / TU - 675 / EQ - 626

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Message 7 of 15
Tann3101
Valued Member

Re: Bankruptcy 13 lesson

No it didn't take me 60 months.  You need to register at the national data center website.  Its free and you can keep track of all your information there.  I built up a little reserve fund by working overtime then whe I had extra money I sent it in my self along with adding to a fund I kept up with to pay it off as early as possible.  Any extra income I could pick up went to this fund after my necessities were paid.

 

i kept up with my credit reports through tout my ch 13

5/18/10 Starting Score 510/ Current Score 510/ Goal 650 12 Months
5/7/12 633 TU 634 Equi 636 Experian
3/7/14 650 TU 636 Equi N/A Experian
Message 8 of 15
Mytwins00
New Member

Re: Bankruptcy 13 lesson

Oh that sounds so good but we owe 27000 and I am registeted but they are slow to make payments, at least my case is..I thank you for so much info
Message 9 of 15
Tann3101
Valued Member

Re: Bankruptcy 13 lesson

my plan called for a little over 100,000 to be paid into it.  Believe if I can do it just about anyone can.  Keep your head up and take it one day at a time and a month at a time.  Cut back anywhere you think you can, electric use,phones, cable anything you can think of to save extra clip coupona, shop at places like Aldis, save a lot etc etc.  you can do this....are you in a 100% pay back plaN?  If not then the only way to finish early is pay back 100%.  if your  not in 100% payback plan how much would call for you to pay back 100%? 

 

no problem anywhere I can help somebody starting out is good. That's what this place is good for lots of great info floating around here.

5/18/10 Starting Score 510/ Current Score 510/ Goal 650 12 Months
5/7/12 633 TU 634 Equi 636 Experian
3/7/14 650 TU 636 Equi N/A Experian
Message 10 of 15
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