Journey through Chapter 13

[Math_Rocks]

Congrats, crazynurse! (Is it okay to say that???)

I'm with you: so ready for a fresh start. So anxious to know if the trustee is going to make changes or accept the figures submitted. Guess we'll know at our creditor's meeting, June 7th, right?

[crazynurse123]

My lawyer included the list of creditors with the amounts and I already know from skimming that some of those amounts are paid off, or have been paid down some. Now only to come up with my 1st trustee's paymt....

[Math_Rocks]

Not a lot to report as we are just waiting for the creditor's meeting next Thursday. I am nervous about it and anxious for it to be over with. Really want to know if the trustee will accept the plan as is or make changes. Would we know ahead of time if the trustee wants to make changes? I left a message with our attorney's office asking about this but haven't heard back.

Anyone have any advice for preparing for this meeting, emotionally or otherwise?

[crazynurse123]

I have no advice for you, my trustee meeting is next Wednesday and I'm wondering if the amount of my payments will adjust since I know some of the debts listed on paperwork from my lawyer had been paid off.  I was/am excited to start this process, but I also hate living where I do currently and wish I had gone ahead and rented in a better area, prior to filing. 

I'll let you know how it goes next week.

[Anonymous]

Hello All:

I've been reading some of these posts;  Believe me when I tell you this, you have a very long road to go;  This is no picnic, and believe me there are a lot of "grey areas" when it comes to a Chapter 13;   I'm not trying to down what you are doing;  I've been down the same road you are getting ready to go down, and it's not pleasant;  I've almost completed month 56 out-of 60, and I'm completely drained from this experience, both financially and emotionally;  It can rip familes and relationships completely apart;  You're going to get sick and tired of a wage garnishment, every month for five years, taken out every week, or every 2 weeks;  Just a friendly suggestion to all of you that are going to be meeting with a US Trustee in regards to a proposed plan;  They don't want to hear it;  In their eyes, we shouldn't of allowed ourselves in getting in this kind of a situation in the 1st place;  You are basically asking them for mercy, and when you meet with them, they are going to tell you what they want, and they don't want to hear what you want;  If you are caught leaving credit cards, and any type of unsecured debt out-of the plan, they can and will dismiss your case, so you need to include everything;  Trust me when I tell you this;  Given that you have a certain proposed budget, and given these economical times, they will probably be looking at everything under a microscope;  I do wish all of you the best in your "60 month journey", but also be aware that you will be living off of cash for the next 5 years, and if you need to buy and automobile, it will be treated like a act of congress, in getting the Trustee to go for it, or anything else that requires credit, but again, good luck to all of you;  If you have any questions, please ask;  Thanks

Just remember this as well, in regards to a Chapter 13:  For every 100 people that file, only about 12 finish, so it takes a lot of discipline and faith;  Please don't get discouraged;  Good Luck!

[crazynurse123]

Well its good to hear from someone that has been through this already.  I know it won't  be easy, but its got to be less stressful than dodging creditor calls, and getting collection notices in the mail all the time.

[Comet21]

Why is CH 13 so much harder than CH 7? In CH 13 at least you are repaying some of the debt. My creditors meeting in CH 7 was no longer than 5 minutes and the trustee was very easy to deal with, if not too easy. There were no financial questions asked and we were discharged 3 months after filing.

[Anonymous]

Chapter 7 and Chapter 13 are completely different arenas;  It has to do with above and below median incomes;  In a Chapter 7, you don't have to deal with a Trustee for 60 months;  In a Chapter 7, you can buy something on credit within a few months;  In a Chapter 13, you have to wait until the 60 months have gone by, and you're always under the thumb of the Trustee;  You have to provide tax statements every year in a Chapter 13;  That's not the case in a Chapter 7;  You have to get permission from the courts for everything in a Chapter 13;  That's not the case in a Chapter 7;  Having your pay goes up or down, can affect how much you pay each month;  The Trustee closely monitors everything for the 1st 2 years in a Chapter 13;  That's not the case in a Chapter 7;  A Chapter 7 is like probabtion whereas Chapter 13 is like a prison sentence;   I'm just saying that there's a lot of people on here that are at the beginning with this, and I just want them to realize that this is a long road, and please fight for the best situation, as you will be in that situation for a long time;  I've been doing this for almost 5 years, and it's no fun;  You just have to get used to it; 

[Comet21]

BK sucks no matter what. We qualified for CH 7 because the majority of our debt was business debt. My attorney told us we did not qualify for CH 13.

[Anonymous]

Amen 4indycity...My DH and I are month 24 of a 60 month plan.  It's awful, I hate it, I will be sooo glad when it's over.  When we initially filed we could have done a Chapter 7 but had to do a 13 because the things we were behind on weren't dischargable - we weren't in credit card trouble but my husband had been laid off for a year and his child support got behind because we couldn't afford $600 a month when he was only getting $800 from unemployment.  I need a car so bad but I can't buy one because we want to move out of the ghetto.  It's more important to us to get our son in a decent school that it is for me to be driving a new car and we obviously can't keep asking the trustee for more and more things on credit.  We will ask for the mortgage in a few months which we have to keep pretty equal to the rent we currently pay and that limits us on houses to look at then use our little savings to get me a fairly decent car.  Overall, the trustee isn't an issue with us, we never hear from them.  It's the being bound by cash for everything and losing the freedom to "do what we want".   My plan is to find a foreclosure that we can have some equity in and buy this dreadful thing out as soon as we can!