Just made an appointment with the bk attorney, and now I feel sick to my stomic

[cantkeepgoin]

I know that this is what we have to do, but I'm really nervous right now. We a small construction equiptment business that will be hard to run without credit for gas and parts, ect. Also, our business is very seasonal, and our income goes up and down. I have all of the questions going through my head right now, like what if my car breaks down, how do we give our kids a good Christmas, what if someone gets sick... Five years is a really long time! Can anyone give me some hope that this will all be okay??? Thank you!

[fileda13]

I'm early in the game - just had my 341 meeting.

For me it's not a matter of hope that it will all be OK. I know it WILL all be OK. However we got to the C13 step, we're here. You will find a way. You will learn to live without credit. You will worry about the "what ifs" knowing you don't have the security blanket of plastic to fall back on. I know there are a lot of bridges to cross in the future, and I'll worry about each bridge when I get there. All I know now is to adjust my spending to the budget I made and live by it. Hopefully I'll be able to save for those emergencies as I expect savings to build then go back to zero and then start the cycle over again.

[forgotten]

Not to be a downer, but, is your business profitable? Does it bring in enough money for you to live off of and run the business?
If not, and trust me, I know no one wants to hear this... bankruptcy is the time to shut it down. You will have to live without credit, run your business without credit, and you will have to make that CH13 payment each and every month.

[cantkeepgoin]

Thank you for replying to my post. Our business is profitable, but just barely these days. We were hit really hard with the economy, just like everyone. We still have hope that things will turn around, and the business will get stronger again. On the other hand, we have thought about what we would do if we did get rid of the business. Between both of us going out to get jobs, we wouldn't be any better off, in fact we would be worse off... We hope that with the bk, and getting rid of 160,000.00 worth of cc and loan dept, we can make it. We have been cutting back on EVERYTHING, and trying to save as much money as we can to make it through the long winter with our trustee and mortgage payments.

[drowning123]

Why a 13, why not a 7?

[forgotten]

Why a 13, why not a 7?

Because they are keeping the business, and I would guess it has plenty of non-exempt assets.

[forgotten]

I have all of the questions going through my head right now, like what if my car breaks down, how do we give our kids a good Christmas, what if someone gets sick... Five years is a really long time! Can anyone give me some hope that this will all be okay??? Thank you!

Chapter 13 is all about budgeting. You need to create a good CH13 plan and then cut back anywhere you can and save for unexpected emergencies.

My wife ran a business before we filed, and it was losing money. We kept thinking the economy would pick up and we would be doing better. Well, that never happened, and we decided it wasn't worth the risk and let it go when we filed a CH13 and she got a regular job.

But I will tell you that we are much happier now than before we filed. I am 2 years in to my CH13 and I always have the money to pay all my bills when they arrive, and we manage to save enough for those unexpected expenses. CH13 is not a prison sentence.

Your plan can always be modified if there is a serious change in circumstances as well.

I hope everything goes well for you!