New Chapter 13 Bankruptcy Questions

[sparkle1908]

I filed Chapter 13...haven't even had my meeting with the trustee yet (it's in July)...I have some questions for the group: 1. Should I start rebuilding my credit now? Or wait until I have been in bankruptcy for a while? 2. If I should be doing it now, what steps should I be taking?(I know I have to get permission to get new debt) 3. I am keeping my house, but I plan to sell/downsize sometime next year...has anyone else done this? How was the process for you? My attorney explained this to me but I wanted to know from an actual person that went through this process... thanks

[cf2701]

Big step, so good luck!  I have about 4-5 months left on my 13 payment plan (5 years) and wow am I looking forward to it being over.

I didn't have a home loan included, so I can't speak to that.  As far as your question about rebuilding, in my opinion I wouldn't worry about trying for a few years. You really don't have a major use case, other than to get another home loan if you sell yours.  You'd have to get your trustee or court's permission for each card and that can be challenging I'd imagine.  Although each state is a little different, so check with your attorney.

My only advise is to make sure the payments you agreed on will work for you.  Don't set  yourself up to fail by letting them be so large that you can't get by.  I know they say "all of your expendable income" but in reality you do have some flexibilty if your attorney works the numbers for you.