06-01-2012 04:40 AM
Hey now, keep smiling; You'll get there; My advice is stop asking for favors from the trusee; You don't want to aggravate them; The 1s1 trustee I had was impossible to work with; I got a new trustee, and they seem ok, but I haven't asked for anything from either one of them; I'm still standing, and if I'm still standing, anyone can get through this; I used to be so bad with credit cards, loans, etc..... That has all changed for me; I found a way to keep my car running, I've been living in the same spot for 6 years, not a bad thing, and I'm just waiting for my time to be up; This has taught me a lot of valuable lessons; It teaches you to live within your means; I want to go on vacation, buy a good used car, and take care of myself, and that day is coming; It's a long road, but it ends at some point; I'm just waiting for the endiing; Have a nice weekend;
06-06-2012 01:45 PM
Trustee/Meeting of creditors tomorrow morning. Our attorney's office has assured us that we will not be blindsided but I am still nervous. They also said that if there are any changes to our plan, we would be notified of that separate from this meeting. "That's not what this meeting is about." They made it sound like if there were changes, we probably would have already heard something.
Anxious to hear how yours went, crazynurse. Hope it all went well!
06-06-2012 03:09 PM
I had my 341 meeting today. Really all they wanted to know is if my name and address was correct, and proof of that. I had to supply my latest pay stub. They asked if any of my financial data had changed or if I had given any $ to family members or sold any items of value.Other than that I got trustee information, and I had the opportunity to do the pre discharge education, but that class wasn't until 2:30 and my meeting was at 8:30. I was in and out in less than an hour.
All in all it was pretty painless. There is a possibility my plan payments might change a bit, apparently there have been some statute changes. My lawyer did tell me most likely my payments won't change drastically since my plan only has me paying back 11% of my debt as it is.
06-08-2012 10:48 AM
Our 341 meeting was yesterday and, overall, things went well. However, I am still a nervous wreck about the employer credit card issue and the trustee's attorney brought up an additional issue. Just like crazynurse, most of the questions had to do with our identity and the paperwork submitted. Did we read the paperwork before signing? Had we paid any debts in the last three months? Could we afford the proposed payment? Mostly easy stuff. She also wanted to verify a particular amount taken out of my check for retirement contributions. We also have a retirement loan and she was verifying that that amount was not what was being deducted from my check. So, I don't think she was objecting to it, just clarifying numbers.
However, what she did seem to have an issue with is me making payments on my student loans outside the plan. She said that must be included and the attorney there for us (who we just met that morning ) nodded like everybody knows that even though they are the ones who submitted our plan. Frustrating. And since filing, when I tried to make the payments on my students loans, I was told that I can't make payments until after the BK is discharged. So this is one pickle. So it looks like our payment amount will go up from $557 to $710 and that extra amount may not actually go to the student loans. And that is just my Sallie Mae loans. My Nelnet loans were already in forbearance and and I am afraid that they won't get anything for the next five years. I owe them substantially more than Sallie Mae, about $50K. That seems so daunting to face after paying for 5 years on this BK.
The first area of concern, that we were concerned about even before the 341 meeting, is that of the credit card issued by DH's employer. We tried talking with the attorney about it but it didn't seem like he understood. This is not a business credit card; it's a personal card issued by the bank that owns DH's company. And they have made it clear that if we don't pay it back, he can be terminated. To be safe, we didn't include it in the BK. But it looks like that was a mistake. It has to be included and they want it to be reaffirmed which we are sure the trustee will not allow. This issue didn't come up during the meeting but we are fearful that we have done something wrong and, if it is discovered, our case could be dismissed. We are making an appointment with the attorney ASAP to get the account included and to address the student loan issue. So, it sounds like our case needs to be modified. I'm just hopeful that these modifications don't get us in trouble. I want everything to be above board and legal. But I also don't want DH to get fired. I know that we could sue because it is illegal for them to fire him for filing BK but we are sure that they would come up with some other reason on paper to do it.
So, all in all, I don't have a great sense of relief that I hoped for after getting the 341 meeting out of the way. Hopefully, we get to meet with the attorney on Monday and get this all figured out.
06-08-2012 12:45 PM
I have the same issue with my Sallie Mae loans. I keep getting letters and emails about nearing default, but I was under the impression the loans would be paid through the trustee until I'm discharged and then whatever balance remains is my responsibility. After receiving my 3rd such letter I had planned to attempt to make my own payments and now I wonder if that is worth it.
I really need to save as much as I can since my 'live in' bf is on his way out, and what little bit he has been contributing is going to go missing.
06-09-2012 06:27 PM
I've read this entire thread and my heart goes out to you. I can say that I know exactly how you feel. I filed my 60 month chp 13 in March of 2007 and am still making payments. I am in Michigan and our clock starts ticking from the confirmation date and not the filing date. Since it took 6 months after filing for confirmation I have officially been paying for 63 months and my finish line is in August. To piggyback on what others have already said, it will be rough at times. If you are used to living on credit you will quickly have to learn how to live on cash. That means that you will have to learn how to budget. You will have to account for all those periodical things that you may not even think about like car maintanance (oil changes, tire rotation, tune ups, etc.), insurance, subscriptions. You will have nothing to fall back on if you don't. You should limit your interaction with the trustee. In other words don't try to have your plan modified unless absolutely necessary and fully documentable.
The trustee is not your friend and is not looking out for you. The trustee works on behalf of the creditors that you owe and will try to suck every penny out of you that they can. Your only ally is your attorney (maybe if you have a good one). When I filed my case the gas prices were $1.25 per gallon. Look at what they are now and my trustee didn't want to make ANY modifications. When my job made us take a 10% paycut you would think my payment would adjust proportionately right? Wrong. It barely reduced itself. I was told that I would have to make up those payments somehow. That somehow came in the form of tax refunds.....I had to turn over all of my tax refunds to the trustee. I finally figured out that I had my exemptions too high so I lowered them so as not to get that money back at the end of the year. But due to the paycut my take home still wasn't where it was before I filed.
My point is that you will have to adjust and you will adjust if you are determined to make it through this. I can tell you this. Through all of this my kid and I never missed a meal, no utilities were shut off and we still had clothes on our back. I never knew that I could live like strictly on cash but I did and we are okay. This has been a huge lesson on never getting into debt again and as long as I live I vow never to do it again. Not that I won't rebuild my credit becasue that is imperative that I do so. But I never again want something like this hanging over my life watching my every move and demanding every excess penny that can be mustered up.
One other thing I want to mention in regards tot he student loans. I did include mine in the bk. When I looked at the history, they didn't get paid anything until Feb 2011. So they weren't paid for 4 years after the filing!! The notation on my credit report did not report out derogatory either. I think it said deferred. But the student loans will not be getting a monthly payment like when you paid them. Don't worry about it though and just go ahead and include them. You will be better off anyway in the long run. It will be one less bill you will have to pay while in this process.
06-09-2012 06:29 PM
One more thing, don't forget to sign up at www.13datacenter.com to monitor your payments and www.pacer.gov so that you can monitor any activity on your bk case. Pacer does say that they will charge you but you have to exceed reading a certain amount of documents. I read it all of the time and in 5 years have never been charged.
06-10-2012 02:25 PM
I guess every state is different; I filed in the state of Maryland, my residence, and my plan will be satifised 60 months from the date when I filed, which will be Oct, 2012, as I filed in Oct, 2007; A plan is only supposed to last 60 months; Once your plan base is satisfied, you should get a discharge; I highly recommend www.13datacenter.com; It's a helpful site; They are always a few days behind, but it's a great reference site; Good Luck All!
06-10-2012 06:38 PM
You need to look at US Bankruptcy Code:
11 U.S.C. 1322
Your 1st payment is due approximately one month after your filing, and another 59 payments will be due after if you're in a 60 month plan; The plan can go no longer than 60 months; You're probably in the window for discharge; You should contact your attorney; Your last payment was in March, so you should be getting a discharge soon; At least that's my understanding unless the laws are different in Michigan, but at the same time, it's all governed by the US Bankruptcy Courts, so again all of us should be pretty much under the same rules, I would guess, I would definitely get with your attorney on this; I've been investigating this ever since you posted your email, and I can't find anything on this; Good Luck and Congrats;
06-10-2012 06:55 PM
Hey 4indywins, yea I know many people are surprised about this ruling. This is not new at all...been going on for many many years. I don't know exactly where the code is for it is located, but if you file in Michigan it does say that no plan can extend more than 60 months after the confirmation date. I don't know how many people are experiencing long periods of time between the filing and the confirmation date. I believe it is just a way to get more money from the debtor. I was reading in another forum that someone else has been waiting over 9 months. I know that Ford Motor did object in my case because I had a lease at the time. They objected to them being treated as an unsecured creditor or something like that. So basically my case was the first of its kind under the new rule....I was the guinea pig. But yes your time doesn't start ticking until confirmation.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.