Final payment made

[5yrplan]

I paid the final payment early. I’m debt Free. My case doesn’t end until March the 6th. I’ve learned my lesson and I know now what the credit system is really about. I’ll never borrow again. Thanks for the help over the past 5 years. I don’t recommend filing bankruptcy. May you all find financial peace as well.

[justbroke]

The Chapter 13s are all coming to the end. I'm glad that you've made it through a 5-year bankruptcy.

[Zombie13]

Heck yeah congratulations 5yrplan !

[5yrplan]

Oh really they are doing away with chapter 13’s? Only option left will be chapter 7 ?

[justbroke]

Oh really they are doing away with chapter 13’s? Only option left will be chapter 7 ?

My wording of that post was awful! I meant that there are a lot of BKForum member Chapter 13s coming to an end; coming to discharge. I'm so happy for all of you!

[GL57months]

My wording of that post was awful! I meant that there are a lot of BKForum member Chapter 13s coming to an end; coming to discharge. I'm so happy for all of you!

We are happy too, thanks for your administration and help the last 56 months!

[Barbisi]

5yrplan, huge congrats on your BK13 liberation!
And, just to echo your wise pronouncement, I too do not recommend filing bankruptcy IF you can find another way out.
However, for you, my husband and me and many, many others on these forums, we couldn't find another route to solvency, and so we "had" to file.
My advice is really research what you will be up against, and plan many months in advance (something we were unable to do at the time before BK13 became our only option.)
My five years in BK13 proved to be the hardest and most unforgiving time in my life and easily qualifies as the third worst experience I have yet to live through (after my mother's death and another traumatic event.)
Best of luck to all the newbies and those yet to come !

[5yrplan]

I didn’t discover a better way out until my third year of of my chapter 13. I know the best way now.

[justbroke]

A 5-year Chapter 13 is no picnic. I think that a 3-year Chapter 13 is probably more palatable as there are few things you can 100% guarantee to be discharged (paid off or 100% forgiven without taxation) outside a bankruptcy. The fact that a Chapter 7 can be done earlier, just doesn't work for everyone.

The core goal of a Chapter 13 Reorganization was for people that wanted to stave off creditors while protecting property. There's nothing else that can do that outside a contract re-negotiation (modification) or a really really nice creditor. For those that used Chapter 13 as a tool to protect property -- as I did -- we go in knowing the trade off.

It's a great tool for reorganization... but if you're in a Chapter 13 because you were "forced" into it, it's an entirely different story. That's why I'm okay with a Chapter 13... because I chose it to protect property.

[Barbisi]

You are right on about choosing BK13 to protect property Just broke, but in our case, even if we had rented instead of buying a different home after incurring the 100K + to repair the fixer upper money pit house, we would still have had to file because of the sheer debt load, which was in excess of what my husband earned per year (at that time).
So, I do agree that BK13 should be a strategic decision to save property, but again in our case, filing became the only logical end to a disastrous home purchase that shouldn't have happened in the first place!
This is why I don't want to buy another house anywhere anytime soon, and I think renting is the best solution for us for the foreseeable future.
Renting will enable us to have cash to breathe, relax and travel for the first time in twelve years, and by not throwing away around 200k into an outrageously overpriced Colorado property in a location I have learned to loathe, we can move to a new state where home prices are not a determining factor in the relocation process because we won't be stuck there with home repairs and a five-year BK13.

[newlife13]

It's a great tool for reorganization... but if you're in a Chapter 13 because you were "forced" into it, it's an entirely different story. That's why I'm okay with a Chapter 13... because I chose it to protect property.

I was forced in because I was like $5K over the means test because my oldest child is claimed by my ex-husband, per divorce decree. So, *technically*, he was not my dependent. No property other than a 6-yo car. But, I think I got more out of the C13 than I would have from a Chapter 7. I live very differently now. I can't wait for my discharge. Hopefully within the next 30 days or so!

[flashoflight]

But, I think I got more out of the C13 than I would have from a Chapter 7. I live very differently now.

Me too.

For sure CH13 has changed how we spend. Amazing how CH13 allowed us to save up money even with the original budget being very tight.

Examples:
Before: HVAC breaks, buy new HVAC on credit
After: HVAC breaks, use portable AC, save up cash, buy HVAC with cash

Before: Plumbing leak, fix immediate leak and repipe whole house with credit
After: Plumbing leak, fix immediate leak with cash, save up more cash, buy repipe with cash

Before: Want new car. Buy new car on credit 0% APR and zero money down.
After: Need new car because the old one died. Buy junker with cash.

Before: Car breaks down. Pay for it over time with credit card.
After: Car breaks down. Pay it with credit card or cash and pay down credit card before the statement date hits.

Before: Happy getting a $30,000 credit line from Chase and Amex. Thankful Chase and Amex generously gave me credit.
After: Having about having $5,000 in emergency funds. Don't feel the least bit bad about screwing Chase and Amex.

[newlife13]

flashoflight Agree with all of this! My first son is in his 4th semester of college right now and my second will start in the fall. I have a budget that will allow me to *cash flow* 4 semesters of college for one kid and 8 semesters of college for the second. NO LOANS! I never thought I could do this.

I cannot wait to see the discharge. I'm moving onward & upward!