topic Re: I had no choice but I will jump into Chapter 13 BK Next Month in Bankruptcy

I had no choice but I will jump into Chapter 13 BK Next Month

CostantinoA — Mon, 17 Sep 2018 01:22:03 GMT

Hello Everyone:

This forum has been a great source of information for me for many years. Due to some medical issues and job change, my wife and I have no choice but to file BK. We want to build our creidt up as quick as possible as we have many goals we have yet to accomplish. I know we have so many quesitons when it comes to BK and how to acueive our goals as quick as possible. Here goes our journey to rebuidlign and never letting this happen again.

Re: I had no choice but I will jump into Chapter 13 BK Next Month

pizza1 — Mon, 17 Sep 2018 01:30:39 GMT

CH13 is way different than a 7 as far as rebuilding goes. Ch7 you can start rebuilding day of DC without approval. With a 13, you need trustee approval on everything. Those that filed 13 will jump in Im sure.

Re: I had no choice but I will jump into Chapter 13 BK Next Month

Anonymous — Mon, 17 Sep 2018 18:38:02 GMT

I filed in June because of a failed business attempt just make sure you get a good attonery <mod snip - This is considered unethical and violates the myFICO ToS. Thanks for your cooperation. - KiB>. My payment is $1350 currently and it might go down because of benefits I signed up through my job, So still waiting for my plan to be confirmed and as far as rebuilding goes my attorney said secured products are fine so I have credit one bank(obtained before filing petition) a self lender account for installment since my car is included in the plan and a open sky secured(no credit check).I have heard stories of people being left broke after their trustee payment and I was scared that I would end up in the same boat but this is actually very doable for me and Im still able to save money every month after all bills. Its going to be a long 5 yrs. no doubt but their is a light at the end im just glad I can start rebuilding now.

Re: I had no choice but I will jump into Chapter 13 BK Next Month

dynamicvb — Tue, 18 Sep 2018 20:06:16 GMT

@Anonymous wrote:
So still waiting for my plan to be confirmed and as far as rebuilding goes my attorney said secured products are fine so I have credit one bank(obtained before filing petition) a self lender account for installment since my car is included in the plan and a open sky secured(no credit check).

You may want to speak with the trustee about this. I know I was explicitly forbidden from obtaining credit during my plan. It could be done but not without trustee approval and the trustee told me they would only approve a house or a car and only after 12 months of on time payments. It does seem that some states are more lax on this, but I know in GA. you don't get credit or you run the risk of having them tack on a higher payment.

Personally I did nothing but live on cash and save any extra I had through my entire plan. I even waited a year post discharge to even start thinking about applying for credit.. This was a mistake as I would be further along with my scores if I had started eariler after discharge.

Re: I had no choice but I will jump into Chapter 13 BK Next Month

Anonymous — Wed, 19 Sep 2018 16:41:13 GMT

@CostantinoA wrote:
Hello Everyone:

This forum has been a great source of information for me for many years. Due to some medical issues and job change, my wife and I have no choice but to file BK. We want to build our creidt up as quick as possible as we have many goals we have yet to accomplish. I know we have so many quesitons when it comes to BK and how to acueive our goals as quick as possible. Here goes our journey to rebuidlign and never letting this happen again.

Chapter 13 isn't all that bad. I had resonable payments and they also stripped the second loan on my house. If you want to rebuild while in a BK talk to your lawyer and trustee. Some are nicer than others. Mine was very good and let me obtain school loans. His theory was will this help you make more money later in life. You can also get a card but I think they prefer secured over other cards. Again it all depends on the trustee and state.