Chapter 13

[scorepower]

We might be going towards a chapter 13 route. I'm curious to hear other stories, good or bad experiences with chapter 13. Curious what your payment plan was, etc? Thanks

[Tann3101]

I was in a 13 and am going through completion process.  I was on a 5 year plan that was 100% payback I'm actually completing it almost a year early.  My payments were 775 every two weeks.  I was current on all my bills until I filed because of medical bills.  It definitely teaches you how to live on less and gives you some carry over things on dealing and managing with less money that you can take forth after it's over.

best of luck

[TRC2k13]

I filed a 13 in 2009 due to my job loss and extended period on unemployment.  My bills were current due to the fact I maxxed out all my credit lines due to the fact I had no savings and was living week to week.

Never again...  now I know what saving for a rainy day means and can proudly say I have a year of living expenses saved up.

I had  car loan that wasn't included in my 13 ($225 a month) and my 13 payment was $150 a month... I filed with about $15k worth of unsecured debt and paid back around half of it through the plan.  I got my discharge last May and have built a solid credit profile of installment and revolving accounts.  My 13 drops off my report in 2 years and I plan on buying a house at that time.  

In the meantime I'm continuing to save while doing something I learned while in Ch 13... paying for everything with cash and debit cards.  I use my credit cards each month and pay them off...  sometimes I'll carry a balance if it's a 0% financing deal but that's it.

Nothing bad to say about Ch 13... my attorney took care of everything... I made the payments... got my discharge and am well on my way to rebuilding my credit.

[scorepower]

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@TRC2k13 wrote:

I filed a 13 in 2009 due to my job loss and extended period on unemployment.  My bills were current due to the fact I maxxed out all my credit lines due to the fact I had no savings and was living week to week.

Never again...  now I know what saving for a rainy day means and can proudly say I have a year of living expenses saved up.

I had  car loan that wasn't included in my 13 ($225 a month) and my 13 payment was $150 a month... I filed with about $15k worth of unsecured debt and paid back around half of it through the plan.  I got my discharge last May and have built a solid credit profile of installment and revolving accounts.  My 13 drops off my report in 2 years and I plan on buying a house at that time.  

In the meantime I'm continuing to save while doing something I learned while in Ch 13... paying for everything with cash and debit cards.  I use my credit cards each month and pay them off...  sometimes I'll carry a balance if it's a 0% financing deal but that's it.

Nothing bad to say about Ch 13... my attorney took care of everything... I made the payments... got my discharge and am well on my way to rebuilding my credit.

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That is great to hear. I have 2 meetings with attorneys tomorrow to see what they say. We have a house that has equity and thats why the attorney recommended a 13 might be a better option for us. I will update after my meeting to see if it's worthwhile. Thanks

[TRC2k13]

For sure... post an update.

[mynameainttracy]

We filed 13 in 2008. Our issues were created from a loss of income and using credit cards to get by. Included in our payment plan were back taxes, attorney fees and a car. We paid about $1100 a month for 48 months. We paid zero to unsecured creditors and were discharged in 2012.

We had a house when we filed and about a year into the plan we decided to walk away. Luckily there was a very quick foreclosure and we have already reached the timeline to buy again.

We were fortunate to have a wonderful trustee who never took our tax returns or more money when we got raises. We were both able to change jobs and improve our lives, pay off two cars and have a pretty big savings account. We hope to buy a house within the next year.

As much as we hated to file, we know it was the right decision for us and in just 14 months it will fall off our credit reports.

Good luck!