New here & my chapter 13 journey

[Clambert1273]

I didn't want or need a payment reduction, but with our other bills the BK is probably the best option right now as everything including mortgage is included in the payment along with the new car.

[karna68]

Good luck, I'm at the end of my plan. You can do it!

[Clambert1273]

Only thing happening now is just waiting & trimming living expenses as much as possible which has been good. Dumped cable and got different internet which was a huge slash in money. Our cable/internet with Cox was crazy around 425/mo. Now my internet is 60/mo and upgraded our streaming which puts around 200/mo vs 425+streaming. Found out my budget billing for electric drops from 380/mo to 310/mo starting in December so that was nice. I also put us on time of use to see if we can cut it even more. Of course, with thanksgiving coming up our grocery costs are skewed a bit but still coming in under budget this month. My plan until we file Jan 3 is to just keep digging on cutting what we can.

[Carmella]

Only thing happening now is just waiting & trimming living expenses as much as possible which has been good. Dumped cable and got different internet which was a huge slash in money. Our cable/internet with Cox was crazy around 425/mo. Now my internet is 60/mo and upgraded our streaming which puts around 200/mo vs 425+streaming. Found out my budget billing for electric drops from 380/mo to 310/mo starting in December so that was nice. I also put us on time of use to see if we can cut it even more. Of course, with thanksgiving coming up our grocery costs are skewed a bit but still coming in under budget this month. My plan until we file Jan 3 is to just keep digging on cutting what we can.

That's great on the internet/cable. I can't wait until March when I can get out of the contract I was conned into during the pandemic. I have a company that never does contracts, but during the pandemic they did. My daughter was still living here and working from home and we had to upgrade the internet to accommodate her job. But that meant to get into a two year contract. I will be glad to have less expenses in that area relatively soon! My electric has dropped at lot since she is out of the house so I expect my budget amount to drop in that area when they re-assess. Right now I have paid more into it than we owe, but I know it will even out.

[Clambert1273]

That's great on the internet/cable. I can't wait until March when I can get out of the contract I was conned into during the pandemic. I have a company that never does contracts, but during the pandemic they did. My daughter was still living here and working from home and we had to upgrade the internet to accommodate her job. But that meant to get into a two year contract. I will be glad to have less expenses in that area relatively soon! My electric has dropped at lot since she is out of the house so I expect my budget amount to drop in that area when they re-assess. Right now I have paid more into it than we owe, but I know it will even out.

our account builds a credit balance for the summer months to use up since we live on the sun lol

I am in contract with Cox and figured any fee they charged me to get out was worth not paying the monthly amt lol

[Clambert1273]

Well, I am going to end this thread. After speaking with my attorney today, he agreed ch 7 was now the best route so I am going to mosey on over there... thanks to everyone and I will watch how you guys turn out ❤️❤️

[womanonfire]

I don't know about VA loans, are they covered by RESPA? If so, then I would send a Qualified Written Request ("QWR") and ask them about loss mitigation options. You want to be sure you send it to the address designated for QWRs.

They have to by law provide you with all loss mitigation offers. This is one area of law I am very familiar with.

I filed Chapter 13 last Friday 12/3.

[Clambert1273]

Well, it's Jan 4th and so much has happened (clearly since I am back on my original thread) lol. Reader's digest version is house is now good and current first repayment starts 2/1. We were set for ch7 filing which was supposed to be yesterday but as they went in to update the homestead exemption after the new law went in, we had a problem and now our equity wasn't fully covered. My attorney presented a couple options and his opinion. I opted for just going with the 13 again instead of a huge battle for a 7.

so here I am again 💔💔 it's ok really I am at peace with it. I have a phone meeting with my attorney today or tomorrow to do some number crunching

[flashoflight]

Well, it's Jan 4th and so much has happened (clearly since I am back on my original thread) lol. Reader's digest version is house is now good and current first repayment starts 2/1. We were set for ch7 filing which was supposed to be yesterday but as they went in to update the homestead exemption after the new law went in, we had a problem and now our equity wasn't fully covered. My attorney presented a couple options and his opinion. I opted for just going with the 13 again instead of a huge battle for a 7.

so here I am again 💔💔 it's ok really I am at peace with it. I have a phone meeting with my attorney today or tomorrow to do some number crunching

Why can't you dismiss the 13 and start over with a brand new 7? That's a question for your lawyer. I probably wouldn't risk a conversion of 13 to 7 in case the homestead exemption isn't allowed to be updated. Once you are in a 7, you can't get out without the trustee going along with it. California had a big homestead exemption update and I believe the legacy 13 filers are not entitled to it.

[Clambert1273]

Why can't you dismiss the 13 and start over with a brand new 7? That's a question for your lawyer. I probably wouldn't risk a conversion of 13 to 7 in case the homestead exemption isn't allowed to be updated. Once you are in a 7, you can't get out without the trustee going along with it. California had a big homestead exemption update and I believe the legacy 13 filers are not entitled to it.

that was one of his options was dismissing & refiling later once we hit the mark of the 1215 day requirement. Recovering from One bk on credit is bad enough but having 2 listed and one dismissed is not something I care to do right now that thought may change in the future but by the time we will hit the requirement will be around June 2023

[despritfreya]

that was one of his options was dismissing & refiling later once we hit the mark of the 1215 day requirement.

So, you haven't owned the home for the requisite time and are limited by bankruptcy law as to the amount you can claim for a homestead. Without looking at case law, the Bankruptcy Code does have an exception to the rule if the equity was, in essence, transferred from a prior home located in your state. Is that possible? Did you sell one home in Arizona to purchase your current home? (See 11 USC 522 (p)(2)(B)).

Des

[Clambert1273]

So, you haven't owned the home for the requisite time and are limited by bankruptcy law as to the amount you can claim for a homestead. Without looking at case law, the Bankruptcy Code does have an exception to the rule if the equity was, in essence, transferred from a prior home located in your state. Is that possible? Did you sell one home in Arizona to purchase your current home? (See 11 USC (p)(2)(B)).

Des

I wish but nope lol this was our first home closed 2/4/20 so having like 187K in equity in less than 2 years is not normal lol thanks covid 🙄 so even in the 13 I have to pay like 14K for the equity

[despritfreya]

I wish but nope lol this was our first home closed 2/4/20 so having like 187K in equity in less than 2 years is not normal lol thanks covid 🙄 so even in the 13 I have to pay like 14K for the equity

Very glad your attorney caught this. Did you already file? I would imagine that a slew of cases are being filed this week. I have to wonder how many attorneys have not and/or will not catch this issue. I do note that Best Case bankruptcy program does have a pop-up warning relating to the amount of the exemption when inputting information so maybe attorneys will catch it.

Des.

[Clambert1273]

Very glad your attorney caught this. Did you already file? I would imagine that a slew of cases are being filed this week. I have to wonder how many attorneys have not and/or will not catch this issue. I do note that Best Case bankruptcy program does have a pop-up warning relating to the amount of the exemption when inputting information so maybe attorneys will catch it.

Des.

nope did not yet, his paralegal caught it when the new checkboxes showed up as she was prepping to file it yesterday.

[despritfreya]

his paralegal caught it when the new checkboxes showed up as she was prepping to file it yesterday.

Yup - gotta love computer programs - smarter than us attorneys.

Des.