A Poll - How Do You Feel about Your Chap 13?

[LadyInTheRed]

Many people who decide they have to file BK, but then find they may not qualify for a Chapter 7 seem fearful of the idea of 36 to 60 months in a Chap 13 plan. We hear about people who are having a real hard time in Chap 13 and others whose lives are better since filing. I have a perception of which is more prevalent and am interested in finding out if my perception is accurate.

So, for those who already filed a Chap 13 BK, which option best describes your Chap 13 experience and feelings:

[momofthree]

#3. Life has been hard, but it's still easier than before I filed a 13 and I am glad I filed.

Quite frankly, even after our ch.13 is closed, life will probably still be hard. It has little to do with our 13, but rather excessive medical expenses for an autistic child as well as a below-median income. We are living more comfortably in our 13 than we were prior to filing though and I'm glad we filed. We even have a larger emergency fund than we have EVER had before.

[LadyInTheRed]

#3. Life has been hard, but it's still easier than before I filed a 13 and I am glad I filed.

Quite frankly, even after our ch.13 is closed, life will probably still be hard. It has little to do with our 13, but rather excessive medical expenses for an autistic child as well as a below-median income. We are living more comfortably in our 13 than we were prior to filing though and I'm glad we filed. We even have a larger emergency fund than we have EVER had before.

Odd that the system posted the message while I was still creating the poll. The poll is now up so you can select an option if you want.

Good point about the wording of life being easier or harder. I do mean it more in the context of dealing with finances than life in general. Some of us will have harder lives than others for reasons that all the money in the world won't change, even if it might help some.

[lillymarlene]

I am not confirmed yet, and am 5 months in. This would best describe my experience so far:

Life has been hard, but it's still easier than before I filed a 13 and I am glad I filed.

I had a choice between a 13 and a 7, and I went with the 13 for a few different reasons. I hope to hang onto my house, which has some equity in it, and it's much cheaper (mortgage plus utilities) than any rentals where I'd dare to live in this area. Then last year my state only allowed an automobile exemption of $700. I'm not a mechanic and I hope to keep my "classic" car. I'm also trying retain and build back up my small business. Jobs just aren't that easy to come by when you're pushing 60.

It seems everyday I have to stop and think about every little thing: Do I really need it? Chances are the answer is no! :-) Then I find so many things that I have to be grateful about. I have a wonderful boyfriend, still have a roof over my head and a couple of great cats.

I'm very happy that I filed. The silence of the phone right afterwards was priceless. Then, I no longer have to spend my days doing the usual "card shuffle" using one to pay another, scrambling to make minimum payments, and dreading the day when my "house of cards" collapses. It already has. LOL

It hasn't been that long, but I do hope I'm able to stay with it. I should have done this long ago, but better late than never.

[jetsfan2010]

For myself, I keep remembering that at the end of this I wont have any debt, and the alternative did not have a definitive end.

[jange]

LadyintheRed, interesting poll can't wait to see more results. 15 months in and life is better, while we still have a ways to go, I can see the light at the end of road. All bills get paid on time, I'm saving money every month, I'm putting money in my 401K and retirement is on the horizon. We had several large unexpected bills in the 1st year and I was able to pay for them with cash. I don't know how we would have paid for them before bk. knock on wood for the next 45 months.

[momofthree]

Odd that the system posted the message while I was still creating the poll. The poll is now up so you can select an option if you want.

Good point about the wording of life being easier or harder. I do mean it more in the context of dealing with finances than life in general. Some of us will have harder lives than others for reasons that all the money in the world won't change, even if it might help some.

I did mean in the context of finances. Our finances will still be super tight even after our bk is discharged because our son's autism treatments aren't covered by insurance and we have an income well below median.

[tobee43]

i'm not in a 13 but admire those that weather the storm.

excellent and most interesting thread to view LITR!!!! (even for those of us not in a 13 and can't vote).

[dlinid]

The first year was tough, trying to live with the budget that we had made. The second year was easier and we managed to put away in our retirement funds and breathe. This year is rough due to the invasive nature of our trustee and some looming health problems that may sink us. Our attorney tells us to speak directly to the trustees office when there is an issue, he cant be bothered, and now the trustee is angry at us for not going to our lawyer. Its hard to see how to make it through to the end, but we just keep swimming. I am grateful that the creditors are not calling and that we have made strides to get back to where we were prior to this mess. Loss of a job and high medical bills sunk us. Not that we did not have cc debt, when our income ran out, we kept thinking we could get by using cards to shore up the difference and that we could earn our way out of it. Almost no one can earn their way out of 20% interest on substantial revolving debt caused by medical bills or trying to stay afloat after a job loss. We may hate our trustee, but she is a step up from debt collectors.

[Kuya]

My experience was not really the norm.
When I filed for my BK13, I got a huge promotion . . .going from 22k year to 62k year!! The Trustee began garnishing my check on the very first promotional check . . so I never ever knew what life was like making decent income.

Still, I have to admit that a garnished 62k still left more than my old 22k income in the pot . . . and all my bills were being paid. So, chapter 13 still felt like a raise to me.

Therefore, I feel as if my opinion is skewed, when I say that chapter 13 was kinda . . . easy. No matter how I look at it, I was taking home more money after the 13 simply due to the timing of my promotion.

If I could do anything different . . it would be not to file. Because, I felt that my promotion could have helped me in making arrangements with my creditors. After all, my debt was under 20K and most of it was interest and late fees. I felt as if I was forced into filing because of CHASE bank. When I got word that I was getting the promotion, I called all of my creditors and made plans to get back on track. Most were very happy and willing to work with me. Chase bank drove the stake in hard though. They demanded full payment of $5,000 immediately or threatened to garnish my wages. They would make no exceptions. I even offered them up $1,000 of my first paycheck and $500 /month to pay it off. They said no.

I just got soo worried that if they garnish my wages, then I will not be able to stay true to the deals I made with other creditors . . and I would go into default again and they would all line up to garnish my wages . . and the interest would just grow out of control more and more . . and 20 years later I would still be buried in debt, mostly due to interest and late charges . . .

So, I took that $1,000 I was going to give to Chase . . and I gave it to my attorney instead. In the end, My attorney got $1,2000 and Chase got $642.00 Go figure!

Thanks Chase . . .

(PS - I don't blame Chase for my faults. I got myself into that mess . . I just wish they could have been more humane).