Filed Chapter 13 BK today

[Hope2009]

First I would like to thanks everyone on these board for your ideas. Specially to "Justbroke". I have learned so much about BK from this board

I filed chapter 13 BK today and the lawyer made it so painless to the point that scare me a little. The number he gave me is unsercure getting only 3%

Thanks again everyone and good luck to you all

Credit card: 72K
Stock margin debits: 60K
Mortgage: 500K (up side down)

Loss 308K in two months in stock market crash (Lehman brother, WAMU and FRE)

[justbroke]

Welcome to Club 13

Let's see how your plan works out and let us know how Plan Confirmation goes!

[liz417]

Wow!!! Whooohooo and Congrats on getting the ball rolling...

[UpsideDown]

Congratulations!

I'm right behind you; filing tomorrow.

[gettingby2008]

Congratulations, we filed yesterday and feel so much relief already.

[BKINAZ]

Stupid question from someone who's a tad behind you all...is "Filed" official? Like you have started your 60 payments...or is it taking the leap? You said 3%...is that what was settled on or what you are going for???

[justbroke]

Stupid question from someone who's a tad behind you all...is "Filed" official? Like you have started your 60 payments...or is it taking the leap? You said 3%...is that what was settled on or what you are going for???

Filed indicates that the petition (the Bankruptcy Forms), were submitted to the Court. Immediately upon filing, the Court issues a case number and assigns the Judge and Trustee.

Payments usually starts 30 days after the petition is filed.

[BKINAZ]

I kinda thought that was it (thanks for clearing it up more for me)...but the "relief" and "congrats" by everyone surprises me? What I mean is I think I would still be a wreck not knowing if they are going to accept what we put in, dismiss it or break out the microscope? I would assume the relief would be the "settlement" or start of the 5 yr payments...as you all list, "6/60 months completed".

If you're telling me I am going to feel relieved after doing this part...whew...that's good to know, I am looking forward to some relief.

[justbroke]

If you're telling me I am going to feel relieved after doing this part...whew...that's good to know, I am looking forward to some relief.

There are four parts of relief in the justbroke Bankruptcy Method (trademark pending) .

First, after filing, you get to tell the creditors that call, e-mail, or write you... to go fly a kite! That is just so sweet!

The second part of the relief, is knowing that you have a budget and that if you can stick to it, you will be able to discharge (get rid of) a good portion of your debt in the next 3 to 5 years... something most people can't do.

The third part of the relief, is knowing that the Court and the BK Laws protect you from creditors attempting to collect on any of the debt included in the Bankruptcy. Very strict rules with very stiff penalties for all creditors who try (and are called out for it).

The last part, is that when you are done... you get that discharge and injunction. All the creditors listed in your discharge can't collect or attempt to connect that debt anymore (except for those debts which extend beyond the plan, which is typically only mortgage debt). Plus, you should have been able to shed a good percentage of your other unsecured debts.

That's the fresh start. You may even learn a thing or two about budgeting and how to stick with one! Financial management can be powerful, and you may be very successful in saving money in the future.

[BKINAZ]

Thanks.

BTW...that post should be it's own thread as a welcoming to new people and what they can expect. Very nice.

[BKINAZ]

I'm doing a "Best of the BK Forum" sheet to help explain things to my wife and myself better as we go through this. That just made the opening.

[steak]

Filed indicates that the petition (the Bankruptcy Forms), were submitted to the Court. Immediately upon filing, the Court issues a case number and assigns the Judge and Trustee.

Payments usually starts 30 days after the petition is filed.

I signed my petition Christmas Eve and I still haven't gotten a court date. They say it's still under review we did some corrections during the signing but should it still take this long? Is this considered malpractice?

[justbroke]

I signed my petition Christmas Eve and I still haven't gotten a court date. They say it's still under review we did some corrections during the signing but should it still take this long? Is this considered malpractice?

I don't understand. As soon as you file, you should get a bunch of dates.

Do you have PACER access? These dates are set immediately upon filing.

Wait... do you mean you signed the petition and gave it to your lawyer? And your lawyer hasn't filed it yet?

[steak]

I don't understand. As soon as you file, you should get a bunch of dates.

Do you have PACER access? These dates are set immediately upon filing.

Wait... do you mean you signed the petition and gave it to your lawyer? And your lawyer hasn't filed it yet?

Yes my lawyer hasn't filed the petition..She had to redue the payment structure but thats the only update I've gotten and that was on 1/22.. Now when you say immediately, is that for all states..I'm in CA..

[justbroke]

Yes my lawyer hasn't filed the petition..She had to redue the payment structure but thats the only update I've gotten and that was on 1/22.. Now when you say immediately, is that for all states..I'm in CA..

Yes. As soon as it is in the hands of the Clerk of the COurt (they stamp it and enter it), or when it goes into CM/ECF (PACER for Attorneys) and the payment is recorded.