As a recovering gambling addict, **bleep** has been tough. In 2009 I hit rock bottom and filed Chapter 7 in 2011 which was discharged in June 2011, giving me a fresh start. I lasted 5 years without the devil, but I got out of a really traumatic relationship and relapsed 1.5 years ago. Things got really bad quick and I racked up about 70K worth of unsecured debt, defaulted on all my stuff and hit rock bottom again minus a good job and health that I currently have. I earn around 70K annually but have 0 assets.
I just submitted all my paperwork for Chapter 13 to be filed in next two weeks. According to my attorney, it is the best strategy to pay for two years until I am eligible for Chapter 7 and then convert in 2019. His reasoning was why pay more and wait 5 years when we can do 3 years with Chapter 13+7 and be done with it. Has anyone had exprience with this? Am I getting bad advice?
Finally, what advice can I get on the road to recovery besides not-gambling (fastest way to rebuild my credit, investment in the future etc)? Some of my friends working in the banking industry told me that noobody would give a loan to someone in second bk. I want to have a normal, happy and financially sound life ahead of me, as I am young and want to turn things around. Please help me with any advice you can, I am forever grateful as the stress of all of this is killing me.
Thanks so much.
Can't help you with a re-build but. . . I want you to go back to your attny and get it in writing that filing 13 now and then CONVERTING to a 7 once that 8 years runs will entitled you to a Chapter 7 Discharge.
My guess is you misunderstood the attny. What he probably told you was that you could file a Chapter 13 now, wait out the 8 years, DISMISS the Chapter 13 and then file a NEW bankruptcy under Chapter 7.