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Member
Posts: 9
Registered: ‎02-03-2008
0

Chapter 7 changed to Chapter 13

:smileyfrustrated: So because of the increase in my income, like I said before in my previous post, I am only eligible for Chapter 13. My payments will be $300 a month for 60 months. It's frustrating that it will take so long and I won't be able to start my rebuilding process until discharge. What should I do during and post-bankruptcy???

Starting Score: ~494 preChap13 to Chap7 BK conversion (2/21),
Current Scores as of 7/7/14, 579 TU, 630 EX, EQ
Goal Score: 700

Capital One ($300 limit), Cap One Quicksilver ($300), Credit One ($300)
Contributor
Posts: 81
Registered: ‎08-03-2012
0

Re: Chapter 7 changed to Chapter 13

Well we had our bankruptcy converted to a chapter 7 because my company went out of business and I lost my job. But we were on chapter 13 for three years before that and we were still able to build our credit score up even while making 1300 dollars a month payment  to our trustee. You could start by trying to get a credit one card, maybe try to get a capital one card to. I would tell you to try orchard but they are now capital one. My scores were low 600s now were high 600s . So your score could still go up while making chapter 13 payments. Just try not to be late paying cards, and most importantly do not miss any payments with your trustee. Good luck!

Transunion 698
Equifax 713
Experian 700
Goal Score 750
HWLBA
Member
Posts: 9
Registered: ‎02-03-2008
0

Re: Chapter 7 changed to Chapter 13

So I can still build my credit score while making my payments?

 

Also, my current plan is $300/month for 60 months for a minimal payment of $18000. My debt is $56,000 and I make $110,000 gross annual. How does that pan out?

Starting Score: ~494 preChap13 to Chap7 BK conversion (2/21),
Current Scores as of 7/7/14, 579 TU, 630 EX, EQ
Goal Score: 700

Capital One ($300 limit), Cap One Quicksilver ($300), Credit One ($300)
Contributor
Posts: 81
Registered: ‎08-03-2012
0

Re: Chapter 7 changed to Chapter 13

Yes you can still build your credit while paying chapter 13. When I first starting making my payments my score was 565. I applied for a credit one card and an orchard card. I got approved on both and I used them both and paid the balances off every month. By the time I lost my job and my chapter 13 was converted to a chapter 7. My credit score was 645. Now 6 months after my chapter 7 and my scores are even higher. I now have 2 Barclay cards and capital rewards platinum.I closed my credit one just because of the high monthly fees. My credit available total on my cards are 6200.  I know how you feel and I hated paying 1300 a month to my trustee, but it will get better, time goes by really fast.

Transunion 698
Equifax 713
Experian 700
Goal Score 750
HWLBA
Regular Contributor
Posts: 127
Registered: ‎07-14-2008
0

Re: Chapter 7 changed to Chapter 13

It sounds like I am in a similar sitation as you, both debts and income, but I have not filed yet. When you do a Ch 13, do you have to worry about them liquidating any "extra" cars you might have? I have 3 cars total, but they are all almost 20yrs old.  I am hanging on to the extra two basically for sentimental value and intentions to fix them up at a later date. I am not sure if they would force me to liquidate the other two, even for the measely $1000 or less they might get out of both total. (or maybe they only liquidate when you do a Ch 7, i need to brush up on this)

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