I am enjoying not having to pay my CC's (three of them). These are my only debts to be considered for ch13--everything else is paid in full and on time. Why shouldn't I wait to file? Once I receive notice of a lawsuit--whenever that may occur--then I can file ch13, right? What are the consequences of waiting--if there are any? I understand the benefits of filing now. What am I missing? Seems no different than for someone waiting until foreclosure notice is received (which could be a much longer time period). Appreciate the comments.
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The loan balances and possibly your payment to the trustee may be higher because of lawyer fees and high interest add-ons when you wait as long as possible before filing a Chapter 13.
Also, your relatives, neighbors and workplace may get phone calls as time passes and you haven't filed.
And, the longer you wait, the longer it will be until you're finished paying the trustee.Filed Chapter 7 July 2010
Attended 341 September 2010
Discharged November 2010
Closed November 2010 -
Yeah - I waited as long as possible but knew no way in H I would be in a 100% plan so I could care less about the increase in balances. Although I guess if I waited a few more months I would have eventually surpassed the unsecured debt limit.
If there's a chance you'd have to be 100% payback, then don't wait.
It is nice saving cash and learning to budget during that time without any payments!19% dividendComment
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In your situation, I don't think there is a downside...Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
0% payback to unsecured creditors, 56 payments down, 4 to go....Comment
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You are filing ch 13 on just 3 cards?
Don't file 13 for just 3 credit cards!Comment
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And if the 3 cards total $60,000 in unsecured debts what would your advice be???? None of us know the debt amount. Filing a Chapter 13 isn't something one does lightly. I'm sure the OP hasn't taken it lightly.Originally posted by HappyCatNC View PostFiled Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.Comment
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Agreed. The amount is relative to income. Not paying the CC's the past three months has been an incredible relief. Hopefully, my income will improve as 2010 moves forward. Looking to file in the next couple of weeks.Comment
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