Has Chapter 13 incresed or decreased your stress?

[MJJ3767]

I guess I am now an official member of Club 13 (it sounds like a night club!) with my 341 next week. I read so many stories of people feeling such relief when they file but why am I only feeling more stress? My story might be different than most. I filed to avoid a $15,000 law suit. My credit cards were all current, my phone was not ringing from bill collectors, my rent and utilities are all paid but I struggled each month to make sure my bills were paid. Now I feel totally strapped. I can't get a 2nd job to have extra money unless I just want to hand the money to the trustee. My plan had to be written so my expenses were VERY low in order for me to even be able to file because my income is so low. (under $25,000 a year) I was a better candidate for Chapter 7 but I filed in 2002 so that was out.

Has anyone else ever felt like this........that filing Chapter 13 has caused increase stress rather than decreasing the stress? I feel like such a slime for even being in this situation.

[broncho14]

I was very stressed but after we negotiated my payment to $900 a month I felt a lot better than the $1175 the trustee had wanted (We proposed $825). As I have said before, my attorney did a GREAT JOB with my case. I now know that I can make my payments (two per month at $450 each) and still operate. I have had to learn to say no and I have had to cut back but that is what we are suppossed to be doing.

[Flamingo]

I look at it this way...if there is no other way out other than to file bankruptcy, you file bankruptcy. Chapter 13 allowed us to keep our home; otherwise we would have had to sell it. In your situation, you got out of a lawsuit but with your circumstances could not file a 7 so you have to deal with a 13. Chapter 13 is not easy but think what you would have had to do if you got hit with the lawsuit. There is always a bright side to everything. You just need to bite the bullet, ride it out and hopefully when you are discharged things will start to look up for you. Learn from this since you have already filed twice. You need to change something in your life or you will end up filing again in several years.

[justbroke]

When the phone stopped ringing... I slept very well that night! Without the Tylenol PM!

[Nicollette]

Once my case was filed, I felt so much better. I wasn't scared to answer the phone anymore, and when I did, it felt good to let the creditors know I filed BK and gave them my case#. I had creditors calling my place of employment and telling my supervisor and human resources all of my business.

[fslady]

Much less stress

I filed Ch 13 almost 2 years ago and immediately was able to sleep at night and not dread the walk to the mailbox. Luckily I was not behind on any of my bills but that time was coming up fast. Since I wasn't behind I retained a decent enough Credit Score to be able to buy a house after 18 months of ontime payments to the Trustee. The financing was more awkward and of course I had to get the Trustee's permission but my interest rate is competitive - not subprime. Two years into ch 13 I feel like my life has really turned around.

[elster]

I am terrified, I tried 7 and it failed, so I am forced into 13. Sad thing is a mortgage broker took advantage of me and this led to my BK. Not inability to handle CC debt.

I am worried about having virtually nothing to live on after reading these stories from everyone else. I'm single with a decent income so I'm worried my expenses won't be that high. I just keep praying my lawyer can keep that payment low enough so I can live....going out of my mind

[crookedoak]

Initially it decreased our stress immensely. It gave us what amounted to a clean start, no bill collectors, no repo men, no worry of eviction.

A few years in the vehicles died....I had sto start buying cheap used cars that broke down all the time. Eventually I worked out a deal at a local car rental place.

Thats where we are now... just a little more time to go....hope to be completely out of this by January

Just sent last payment today, and payroll deductions are over. Just the final wrapup by trustee and we are done 11 months early.

[Flamingo]

I am terrified, I tried 7 and it failed, so I am forced into 13. Sad thing is a mortgage broker took advantage of me and this led to my BK. Not inability to handle CC debt.

I am worried about having virtually nothing to live on after reading these stories from everyone else. I'm single with a decent income so I'm worried my expenses won't be that high. I just keep praying my lawyer can keep that payment low enough so I can live....going out of my mind

For your Chapter 13 to work you need to learn to change your lifestyle as hard as it will be. If you can do that (i.e., learn to shop discount, do without the daily Starbucks, cut vacations and trips, and basically learn just to say "no," you will do well. It is those that cannot do those things that will have their Plan fail. Also you will learn that this is as much your fault as it is the mortgage broker as we all tend to blame others when all this hits (I certainly did). We all know what we can and cannot afford (i.e., my reference above to learn to say "no"). Best of luck to you!

[Nicollette]

Just sent last payment today, and payroll deductions are over. Just the final wrapup by trustee and we are done 11 months early.

Was this due to the fact that alot of your creditors did not file claims to be paid?

[chloe0724]

It was a huge relief once the plan was confirmed. We figured it would take us the next 25 years or more to pay the current debt we owed with our situation. When my Husband's heart no longer gave us the option of trying to dig ourselves out on our own, we turned to BK.

I feel a little better by doing the 13 instead of the 7. I am being forced to manage my money much better and the guilt from not repaying my bills is eased a little because at least they are getting something.

[fslady]

To Elster

Sorry - I don't know how to do the Quote thing but...
Like you I am single and working through CH 13. My advice is to be sure and work with your attorney to make sure that all of your expenses are recognized by the Trustee. I luckily found a very good, very responsive attorney who reminded me about a lot of expenses that I probably wouldn't have thought of. If you have a pet - include their food and medical expenses, same thing with monthly expenses like personal items - shampoo, soap, laundry detergent, dry cleaning, parking expenses (I have to pay to park), lawn upkeep if you have a house, car and life insurance, normal car upkeep, in addition to the usual utility bills.
The more justified expenses that you can identify, they will have an impact on your monthly payment.
I honestly have benefited from BK 13 since there are no credit cards to rely on my impulse purchases have gone away, I eat at home from my freezer rather than going out and look for good buys more than I did before.
Good luck with your filing and budget. So far Ch 13 is more manageable than my credit card bills.

[Nicollette]

Sorry - I don't know how to do the Quote thing but...
Like you I am single and working through CH 13. My advice is to be sure and work with your attorney to make sure that all of your expenses are recognized by the Trustee. I luckily found a very good, very responsive attorney who reminded me about a lot of expenses that I probably wouldn't have thought of. If you have a pet - include their food and medical expenses, same thing with monthly expenses like personal items - shampoo, soap, laundry detergent, dry cleaning, parking expenses (I have to pay to park), lawn upkeep if you have a house, car and life insurance, normal car upkeep, in addition to the usual utility bills.
The more justified expenses that you can identify, they will have an impact on your monthly payment.
I eat at home from my freezer rather than going out and look for good buys more than I did before.

fslady,
I'm doing the same thing you are, by eating at home and not going out to eat, and I have realized that buying groceries and preparing food myself, has gone alot farther, than one night of eating out. Also, my attorney did the same thing for me, as far as including expenses that you normally wouldn't have thought of.

[FranksMom]

As a pro se debtor, Chapter 13 can be very stressful, however, when things calm down and you begin to feel a bit more comfortable with what needs to be accomplished in this, you should feel better soon. But in terms of "instant relief"? No, not really. I had multiple stay violations that I had to deal with right off the bat, which made the BK itself even more challenging. Good Luck!

[holding on]

I too had to file to keep/save my house. Once all the uncertainty/shame/guilt had passed, I am most definitely in state of decreased stress. with no credit cards and no available credit to weaken my will power, my Ch13 has kept me on the straight and narrow.