Hating Chapter 13

[jade73]

Hating Chapter 13 more and more everyday. Mortgage rate keeps going up, payment keeps going up. Can't get a vehicle financed anywhere not even a buy here pay here lot without having to put down 3 grand. This is probably been the biggest mistake of my life and we still have another year and 4 months. If anybody is trying to decide between 13 and 7, do the 7 at least it will be over a little quicker! I'm just so frustrated!

[LadyInTheRed]

I'm sorry you're having such a hard time. Can you convert?

[despritfreya]

I too am saddened that you are having such a tough go of it, but, you filed a 13 for a reason:

Maybe you,

1. Didn't qualify for a 7,
2. Were trying to save a house or car,
3. Were trying to pay taxes or back support,
4. Were trying to keep non-exempt property,
5. Have a business that you did not want a 7 Trustee to meddle in. . .

There was a reason. If the reason no longer exists then maybe converting to a 7 will work for you.

Des.

[IamOld]

I hope things get better for you...but I'm still waiting to file - I personally would rather have a manageable ch 13 than collection calls, debt management, and still poor credit.

Is your mort going up because it's an ARM??????

[Jacey]

I'm sorry, but you're really looking at a relatively short time to go...hang in there!! Just think how you will feel when it's all done and you're free!

[keepsmiling]

If the mortgage payments keep rising and you are paying any unsecured creditors, can't your plan be revisited?
Regardless, taxes go up every year and could be income hasn't...

[jade73]

Yes 3 year ARM

[IamOld]

Thank you jade73 - that's awful...I guess you can't get the plan modified...??

[espo1357]

I hear ya. I have over 3 years to go. But, you are too close to quit now. The finish line is right around the corner. Stick with it.

If you need to miss a few mortage payments, I think you might get away with it. I have missed 2 mortgage payments, and nothing, but then again, I could care less about the home at this point.

Check in with the lawyer, and see what they can do.

[HHM]

I am not ready to sympathize, because you have never really explained your situation, that I have seen, as to why you are in chapter 13 in the first place? As desp points out, you filed for a reason. I suspect there isn't/wasn't much alternative to deal with your financial challenges.

And based on your "complaints," You are still addicted to lifestyle, you aren't ready to, or maybe don't know how to live within your means. Most chapter 13 clients easily have a $3,000 emergency fund 1 year into a chapter 13.

[momofthree]

To be fair, it sounds as if the adjustable rate mortgage is more to blame than the ch.13.

[corrin69]

Hang in there. You are almost finished.
HHM is making a valid point - one of the benefits of bankruptcy and especially Chapter 13, is that it teaches you how to live within your means. I have always earned a decent salary. And I have always been broke. After filing my Chapter 13 I started saving money each month for the first time in my life. Try and use the next year and a half to develop fiscal habits that will keep you from getting into trouble again. Good luck.

[helpmeout]

Hating Chapter 13 more and more everyday. Mortgage rate keeps going up, payment keeps going up. Can't get a vehicle financed anywhere not even a buy here pay here lot without having to put down 3 grand. This is probably been the biggest mistake of my life and we still have another year and 4 months. If anybody is trying to decide between 13 and 7, do the 7 at least it will be over a little quicker! I'm just so frustrated!

There are valid reasons for going with a Chapter 13. One of them is that one simply does not qualify for a Chapter 7. Another is that they want to strip a 2nd mortgage.

To be honest, I don't think your problem is with the Chapter 13, but with the type of mortgage you chose when you bought your house. Even in a 13, you can walk away from your house. If that is what you want to do, discuss it with your attorney.

[jade73]

I too am saddened that you are having such a tough go of it, but, you filed a 13 for a reason:

Maybe you,

1. Didn't qualify for a 7,
2. Were trying to save a house or car,
3. Were trying to pay taxes or back support,
4. Were trying to keep non-exempt property,
5. Have a business that you did not want a 7 Trustee to meddle in. . .

There was a reason. If the reason no longer exists then maybe converting to a 7 will work for you.

Des.

We were trying to save the house but we fell behind on payments again and its no longer in the Chap 13 plan so were waiting on a modify and weve been waiting since last October. The house is worth $50k and the payments including insurance and taxes is $987/month.....

[jade73]

To be fair, it sounds as if the adjustable rate mortgage is more to blame than the ch.13.

Well I wasnt posting to blame anything or anybody just circumstances, like my husband losing his job and the rate. I was just venting. Our lawyer told us we could convert to 7 and let the house go and Im almost on the verge of doing it especially if our mod dont go through