Signed paperwork... a little nervous!!

[Foofy610]

Well... we signed our paperwork for a 100% CH13 yesterday after checking with 2 other attorney's. All were of the same opinion regarding our income/expense ratio. Official filing date is August 31.

We're please with the fact that we'll be paid off in 5 years. However, we're a bit nervous going foward... not having the credit cards to fall back on. I guess that'll wear off as the days pass. We keep holding on to the fact that we would have never paid off the debt unless we filed. At least there's light at the end of the tunnel.

Thanks for everyone's input over the last few weeks. You're the best!!

Phillip

[newbie2]

I'm glad you checked with several attorneys. Try to take a deep breath, relax, and keep reminding yourself that this is for the best for your future. One more important thing: Save, save, SAVE. Get that cushion / emergency fund put away to fall back on, instead of credit cards. You'll feel so much better once you have that in place. Good luck to you!

[chicagoed195]

Congratulations on moving forward. I am 19 months without having a credit card. It hasn't been a walk in the park, but I sleep much better at night and no longer worry about who might be calling.

[disconapper]

Congrats on taking that giant leap. I havent used a credit card in years and years...just got my first one post bankruptcy last week....and the only reason I got one was for work since I travel a lot it makes renting cars, airfare, etc easier....but for everything else...cash is and always will be King in my book...

[karm43]

wow that was quick! Did you end up getting the car? just curious.

[Foofy610]

wow that was quick! Did you end up getting the car? just curious.

Yes... we purchased a 2007 SUV last Thursday. So we're happy about that.

[karm43]

I wish you good luck with it. Good decision it will get u through 5 years.

[frogger]

Save up your emergency fund and go forward. As to missing the credit cards, you'll get over it if you choose to. Credit cards are evil........

[Foofy610]

Save up your emergency fund and go forward. As to missing the credit cards, you'll get over it if you choose to. Credit cards are evil........

Speaking of an emergency fund... my wife & I would feel more secure if we were able to postpone our file date for a month or two so we can put away some cash. Our file date is August 31st. Will the attorney let us postpone? I'm waiting for a response. Other than the ongoing calls from creditors, is there another downside to this?

[IamOld]

foofy, if atty is ok with it - that is - no changes to income over next month or two, and no one is suing you NOW, I think your idea is excellent. Remember, you have to make your first 13 payment (in most districts) within 30 days of filing!!!

[Foofy610]

foofy, if atty is ok with it - that is - no changes to income over next month or two, and no one is suing you NOW, I think your idea is excellent. Remember, you have to make your first 13 payment (in most districts) within 30 days of filing!!!

I know. That's what got me thinking about postponing a couple of months. However, considering we have a 100% plan at $1,000 monthly, if we postpone until November 30 our first payment will be December 30. That will give us $3,000 in our savings account by then. Will the trustee allow this??

[IamOld]

Foofy I think - and I know others will correct me if i'm wrong in a 13 your $3,000 will:

a) EITHER be exempted as allowed in PA

OR

b) as long as your payback to creditors is MORE than what they would get in a Ch 7 (say your $3,000) then you can keep your $3K and trustee won't care. You can truthfully show and say that you saved up this $$ because you didn't yet have 13 payment and stopped paying creditors.

[BKAttyMI]

Another thing to consider with a 100% payback is that if you postpone for a few months, those balances may go up with interest, and may change the plan payments depending on the debt you owe.

[Foofy610]

Actually, I have considered that. By my calculations, it would increase our plan payment by $18.33 per thousand. That includes the trustee's 10%.

[jange]

If no one is suing, you should be able to wait. But depending on the paperwork you signed it may need to be updated if you wait a while, which your attorney would probably charge you extra. You can also look at it as the sooner you start, the sooner you will be done!


19 payments done!