What Makes This Process Stressful?

[arlington]

I really don't want to file a 13 because I fear what may happen in the future. I want to know what makes this process such a stressful situation and have some people surprisingly gone through this drama free? I also would like to know if anyone has purchased a home while in a Chapter 13 plan. I wanted to sell my home by the time my daughter completed 5th grade which will be in about 4 years.

[Dirk Squarejaw]

I've only been here a few weeks but from what I understand many people don't make it through a 13 due to some sort of major problem during payback. Unplanned emergencies, illnesses, job loss, etc. can contribute to the potential problems with the bankruptcy process and creates stress.

[$$only4ever]

I filed a chapter 13 under the "old laws" and my understanding is that if you had a good attorney, which we did, you always ended up with a little wiggle room in your monthly budget. From the posts that I have read since the new law went into effect, the new filers don't have that luxury.

My understanding is that the trustee watches a little closer, take tax refunds, etc.

Also, five years is a long time to plan for something that hasn't happened yet.

[lrprn]

I filed a chapter 13 under the "old laws" and my understanding is that if you had a good attorney, which we did, you always ended up with a little wiggle room in your monthly budget. From the posts that I have read since the new law went into effect, the new filers don't have that luxury.

We filed new law and it hasn't changed - a good Ch 13 lawyer still makes a HUGE difference creating a bit of wiggle room when it's possible to do so (sometimes depending on circumstances it isn't ).

We have a good lawyer too - he's worth every penny we paid (and continue to pay) him. I wish I could clone him for every Ch 13 filer to use!

[qwertysue]

ITA on the good lawyer.

I was extremely paranoid about having absolutely NOTHING to live on for the next five years (I was wondering if eating Top Ramen for 1825 days would have an impact on our health).

Our attorney is VERY knowledgable about the local norm for budgets and what the Trustee will accept. He made sure that we created and submitted a VERY legitimate and realistic budget schedule. We found our attorney through a referral from 2 other non-BK lawyers that we know.

It also makes it easier to know that we've been scrimping on some things that we now have a budget for (clothing, car maintenance).

[Peevee]

What makes it so stressful is you have to live on a tight budget. If you buy anything major car or house you have to get approoval by the trustee and then you are looking at a outrageous interest rate. The good part is there's a light at the end of the tunnel.

[cso5@]

Yep, the lawyer makes all the difference.

I feel lucky that I found my lawyer -- I didn't discover this forum until after filing. And yes, it now seems like a luxury to have a budget for stuff I used to just not do because all cash and then some was going to creditor payback.

But yeah, it's not easy. I worry constantly -- what if something major happens with the house? Like the furnace or the water heater? What happens if the car finally for real this time dies and it can't be brought back? What if I get a major medical problem and all of a sudden have a lot of copays or the expense of hospitalization?

Now, granted, prior to bankruptcy -- all those were still worries, and I had no plan in place, no emergency fund to pay for any of that. Now, though, everyone here who has chimed in is right -- there would have to be permission from the trustee to purchase a different car or to incur new debt, and there would be a killer interest rate.

But on balance -- it's a whole lot better. Now when the phone rings, it's actually someone who wants to talk to me, not a bill collector. Well, they wanted to talk to me too -- but you know what I mean.

16 payments down, 42 to go. I'll get there.

[aa06a47]

I had a good attorney, well maybe not so good, but she was in the same office building as the trustee and was friends with all the people that worked in that office. I don't have alot of money left over each month, but I do have the ability to live pretty much the same I did before bk except I can't spend more than I make!!!

[Granny]

What makes this so stressful? Well this week, hubby has an abscessed tooth. This is one of 5 broken teeth, that have had the root canals done, but we couldn't afford the crowns and the temporary caps came off a while back. My adopted grand-daughter has a recurrent UTI and needs to see a specialist. She may have physical abnormalities because her mother drank like a sailor when she was pregnant and who knows what kind of damage she caused for this poor child. We don't have insurance, it costs too much but we make too much to qualify for assistance. We don't have a stash of antibiotics, and we don't have enough money in our attorney/trustee mandated budget for medical expenses.

I'm spending the evening researching online Mexican pharmacies to see if I can order antibiotics.

[CindyLou]

https://www.medsmex.com

very affordable and reputable pharmacy!!! shipping is only 8.00. I have ordered from them while I was between insurance companies. They are legal and do not do controlled substances!! Shipping time is approx. 8 days. Sorry to hear about your troubles!!!

[Elf]

If you stress, something is going to stress you out.

Stress 1: All the bills and the collectors.
Stress 2 : Learing to live on a crappy CH13 budget.

Take your pick. Yet:

At the end of a 13, you're debt free. I re-fied an FHA while in 13 and bought a new home before I had the discharge.

Life will always have stress.

If you can make it through, it's worth every moment:
1. No debt.
2. Experience with a ridiculous budget that will make a real budget really easy to live with.

I didn't stress while in the 13. I just kept my eyes on the end, and the freedom. That relieved the stress.

It was both: the most embarrassing thing that I've hever done and the best thing that I've ever done. I'm glad that I had the courage to do it and the fortitude to pay it off. It was worth it.

[Flamingo]

Interest Rates

What makes it so stressful is you have to live on a tight budget. If you buy anything major car or house you have to get approoval by the trustee and then you are looking at a outrageous interest rate. The good part is there's a light at the end of the tunnel.

Believe me, it is not true as to outrageous interest rates. We have found that depending on several factors; i.e., you make all your Plan payments on time and all your other bills during your Plan years are paid on time and if you had a good credit history prior to filing bankruptcy (that was told to us by both our attorney and a mortgage broker that it does make a difference - many deny it), you will get lower rates. We refinanced 4 years into a 5 year Chapter 13 (bought out) and got 6.5% on a 30 year FHA mortgage. One month thereafter we looked around and purchased a new vehicle for 0% financing, 4 years. We qualified for the advertised preferred rates; we were told that our previous car loans and excellent payment record previously with GMAC contributed to that plus our record during 4 years of BK with no late payment, etc. Not everyone who files BK gets high rates.

[aa06a47]

If you stress, something is going to stress you out.

Stress 1: All the bills and the collectors.
Stress 2 : Learing to live on a crappy CH13 budget.

Take your pick. Yet:

At the end of a 13, you're debt free. I re-fied an FHA while in 13 and bought a new home before I had the discharge.

Life will always have stress.

If you can make it through, it's worth every moment:
1. No debt.
2. Experience with a ridiculous budget that will make a real budget really easy to live with.

I didn't stress while in the 13. I just kept my eyes on the end, and the freedom. That relieved the stress.

It was both: the most embarrassing thing that I've hever done and the best thing that I've ever done. I'm glad that I had the courage to do it and the fortitude to pay it off. It was worth it.

AMEN!!!!!!!!!!!

[reallynervous]

Granny,

Granny,

Please check with your granddaughter's MD to see if he might be able to provide you with free samples. Sometimes they can do this.

Our insurance company refused to pay for one of my son's meds wanting his MD to try other meds first. His MD felt that was a bad idea for our son, so he helped us out for a year by giving us samples each month when he had them. It was a huge help as the med was over $125 a month. We were finally able to get the ins co to approve the drug after a year of appeals.

Also, does your state have a CHIP program that you might qualify for coverage for your grandchildren?

I hope you are able to get her the meds she needs and that they find a way to resolve the UTI issues. Poor little darling - UTIs are miserable.

reallynervous

[Granny]

Granny,

Please check with your granddaughter's MD to see if he might be able to provide you with free samples. Sometimes they can do this.

The MD wants her to see a specialist and from what I can gather, this will involve tests using catheter's, dyes and X-ray etc. This would be gruesome for a little girl. Usually the problem is growth related and she might very well grow enough in six months to remedy the problem on its own. I just have to keep her stocked with antibiotics.

Also, does your state have a CHIP program that you might qualify for coverage for your grandchildren?

We make too much $$$ for CHIP, I already checked into it. Texas has terrible policies on these types of programs. Costco's price for medication is very good, often comparable to the Mexican pharmacia price. It's the Dr. visits that we can't afford, especially a specialist who wants to run a bunch of expensive tests.

I hope you are able to get her the meds she needs and that they find a way to resolve the UTI issues. Poor little darling - UTIs are miserable.

reallynervous

Cindy gave me a wonderful link and I will be calling tomorrow, I hope they speak English. I found an antibiotic for UTI that she hasn't tried yet but it is adult strength in the website Cindy provided. I'm going to call and see if I can get the child's liquid version. I've read the product brochure and it has the dosage for children, so I know it's available here in the U.S., hopefully so in Mexico