Is it really that bad?

[Hileman]

I have been reading on here about a chapter 13. I felt so good after talking to the atty, b/c the plan sounds so ideal. He figured everything for us and told me that we would be paying 160 a month for 4 years. We were in the payroll advances where we were loosing 175.00 every 2 weeks, so we were loosing at least $350.00 a month in just interest on them. I will actually have the money to pay my bills now. So I thought. I read on here and hear all these horror stories about being in a 13, not having money for this or that. Is it really that bad for everyone? We do not have any car payments, we rent, so no prob with a house payment or home repairs. I just go from feeling on top of the worked about getting things in the right direction to reading that we will live just as bad if not worse for the next 4 years.

[13inOR]

No--its not all bad. I think in your case you will feel so much better, and with a payment of only $160 a month, I doubt you will even notice it! Plus
you wont be in that horrible payday loan cycle,and no more calls from bill collectors!

I think you will do great. We paid out over a thousand a month for ours and still felt better in the long run, and it was actually easier to get through the month.

[Minnymouth]

4 YEARS seems like a long time, but its no different than a car payment.

In the future if things change financially, you may qualify for a Chapter 7 and then be able to file as such.

Just remember while under the Chapter 13 plan - do not build a huge savings account that the Trustee will find out about. He might consider it disposable income. The old saying "a hole in the backyard" means a lot sometimes.

Plan for a rainy day, they always come......

If something drastically affects you income or expenses, be sure you notify the trustee to make adjustments for you... (example, unexpected medical bills, car repairs, etc.)

Minny

[SinkingFast]

One attny fig'd us a smaller Ch 13 plan payment too. $197/month. That was based on Hubby's income alone. Just moved and I haven't even looked for a job. But in a 13 plan, it would make no sense for me to work. Most of what I'd make would go into the plan once it was adjusted.

We scrape to get by anyway. Month to month. Our stuff is older. On the way home from that Consult, I thought, "What if the washing machine dies?" We wouldn't be able to replace it in a 13 plan. No extra money to save to buy a new one. No extra money to pay a repair man to fix the old one. Taking laundry out, I learned last summer, costs a minor fortune these days. With our own detergent and such, we spent $30/week in quarters to do laundry.

I havent' lived it. I guess as long as everything goes alright, you'll be OK.

But our luck lately,............ We're living a nightmare for the last couple years. If it can go bad, it does. And we just can't seem to wake up.

[aa06a47]

One attny fig'd us a smaller Ch 13 plan payment too. $197/month. That was based on Hubby's income alone. Just moved and I haven't even looked for a job. But in a 13 plan, it would make no sense for me to work. Most of what I'd make would go into the plan once it was adjusted.

We scrape to get by anyway. Month to month. Our stuff is older. On the way home from that Consult, I thought, "What if the washing machine dies?" We wouldn't be able to replace it in a 13 plan. No extra money to save to buy a new one. No extra money to pay a repair man to fix the old one. Taking laundry out, I learned last summer, costs a minor fortune these days. With our own detergent and such, we spent $30/week in quarters to do laundry.

I havent' lived it. I guess as long as everything goes alright, you'll be OK.

But our luck lately,............ We're living a nightmare for the last couple years. If it can go bad, it does. And we just can't seem to wake up.

Sinkingfast, I assume you will be a chapter 7? I wish I were a chapter 7, just to get it over with. The chapter 13 payments per say won't be terrible, if she figured them close, however, with no additional funds left over, it might be hell for 5 years and even longer.

Guess no one told me that racking up all this debt would be easy to get out of. Chapter 13 for 5 years is better than debt till death due us part!!!