Chpt. 13 - Petition Filed as of 3-14-2020

[Anonymous]

Trust me, I understand.  Thank God my lawyer was able to get my monthly payment to the trustee resonably low. I'm now able to save. I wish I qualified for chapter 7, but because of my "assets"...

I was paying close to $2K a month on credit card/loan bills, not including my car payment (BMW X6) 

It feels like the weight of the world is off of me.  I'm able to breathe... 

Once this passes you'll be glad you kept your home and you'll be able to breathe, don't get discouraged.

[JayPaulM29]

No my sig is definitely not accurate. I should probably change it, but I use it to reflect on how freakin awesome my credit used to be 5 years ago! 

[JayPaulM29]

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@Anonymous wrote:

I just updated/added to my signature. My plan was confirmed on 7/2/20

Nothing but up from here!

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Nice!! Congrats! My confirmation hearing is scheduled for July 20th. So I will keep my fingers crossed and hope for good things. The attorney said I shouldn't have anything to worry about if I just make my payments on time. 

[Bmac66]

I filed on 8/1/19 so almost a year in. It's been a bit of a roller coaster ride but my plan was finally approved in March. I'm married but filed individually because only joint debt was A leased vehicle that was paid off in April of this year and turned in.  Glad we did it individual because husband was able to buy another vehicle on his own and didn't have to get trustee approval. My 341 was in September and trustee initially denied my plan saying we had more disposable income and payments should be higher. Turns out my attorney made an error and didn't include payroll deductions for health insurance. Duh. So she amended the plan and it was approved in March. My biggest issue was my house. My equity was over the limit. There was a way my attorney was able to get the trustee to let me keep the house. So she made an error but really is quite good and knows what she's doing. Best advise I can give is to make all payments on time for any assets you are keeping such as mortgage, cars, etc. and do not incur any new debt!  right now my plan payments are very reasonable ($300) a month but go up over time as certain debts get paid off. The first year was the most stressful. Now it's just keep making plan payments and other bills current for next 4 years. I was about $8k behind in mortgage, over $2k in car payments and close to $100k in unsecured debt. When all said in done I will repay $46k and rest will be discharged. Stay current. You do not want them to discharge the automatic stay because then you will be fair game for all your creditors. Good luck and stay in touch. Happy to answer any questions. 

[Anonymous]

@Bmac66 Good Morning,

Thank you for sharing your story with us, there aren't many chapter 13's on the forums.  Where are you located?  Did your trustee take your taxes? I heard some do, some don't, and some ask for a portion of...

I'm also not on a 100% payment plan, thank God.  My lawyer was able to get my monthly payment resonable as well considering how much I was paying before filing to stay afloat.    

I'm laying low and making my monthly payments until this time next year, then I will ask the trustee for approval to get a mortgage.  My lawyer has had several of his clients obtain mortgages during their payment plan so I'm crossing my fingers and praying.   

[Anonymous]

I wonder if my attorney screwed up with leaving me having to pay 100% of the claims. My monthly payment is $1450! I would love to have a $300-500 monthly payment instead... **bleep**.

[Bmac66]

I live in MD. Since back taxes are part of my claim there was no issue there. I had to adjust the amount of taxes being withheld because they do not want me having to pay. Each year of my plan I have to submit a copy of my taxes once filed. 

[Bmac66]

Over the course of my 5 year plan I have several steps where the plan payment increases. Mine will go up to over $1000 in late 2021 when a car loan is paid off. As things get paid off that payment goes directly to the trustee. They do not let you keep anything. 

[Anonymous]

I don't understand how your payment plan will go higher as things get paid off. Seems like it should be the opposite of that and the payment plan go lower, no? Weird.

[JayPaulM29]

Hi @Bmac66 

Thanks for sharing on this post. Like @Anonymous mentioned there are barely any chapter 13 posts in this forum, so we hope this will be a continuous post where current and new filers can comment on and share their experience. My monthly payment for the next 3 years is $500. I haven't inquired about getting obtaining a mortgage, but I'm sure it'll get an ok. They just are completely against getting any credit cards while in my plan.