5 year vs 3 year Chapter 13 Pros and Cons?

[dmc-2008]

Yes keeping taxes does make a huge difference! I forgot about that, I guess I am just resigned to haned them over,

[andy158]

We are in a 5 year plan with no choice. Keeping assets like two cars, house , rental property landed us a 60 month plan. It seems like it will never end, but I can tell you it has been nice living on a cash only basis. A real eye opener. You can easily see where every cent goes and we are more in tune with our adjusted lifestyle. It is a strict teacher , but valuable lessons have been learned. The needs and want list is very cut and dry now. I can tell you I will never have another credit card or car financed, EVER! The money we pay into our plan every month will go into a savings account when our bk is done. About $15,000/yr. We will draw on that reserve for car replacement, major purchases, emergencies, etc. We live well making the bi monthly payment and will not miss the money going into a savings when discharged.

[sophieanne]

Well said andy158..i couldn't agree more!

[Sammie]

We have 2 1/2 yrs. left in our 3 yr. plan. Our bk was strictly cc's. Never again. I wonder now how we made those monthly payments--oh wait! We didn't, we made min. payments.