And reality sets in. Again...

[andy158]

bk13 is no picnic. We have about 8.5 months left and am quite ready to have this over and done with. I can tell you now we will never have another credit card or finance another car. I have become quite the frugal budgeter here. I cringe when I realized the stupid decisions we made that led up to the point where we had no choice but to file a 13.

Two car payments totaling $800/mo, refinancing our primary mortgage and a second mortgage on our home to pay off debt, investing in rental property that went very bad and cost us a lawsuit over a 6 year period, cashing 401k's when changing jobs and spending that money on unnecessary things, etc, etc.

You will come out better than you realize and with a whole better sense of money.

[TXskyblue]

OP you say that you are jealous of the Chapter 7 folks. I do not envy them one bit. I did a Chapter 7 and learned nothing from it. I just went and got myself back into trouble and had to file again. This time a Chapter 13 and it taught me a very good lesson. I now am a firm believer in living on a cash only basis. Those Chapter 7 folks will probably wind up in trouble again and find themselves filing another bankruptcy.

I can see your point. Since my ch7, I am amazed at how easy it is to get new credit. Car loans and credit cards, all subprime of course, are throwing themselves at me. If I didn't learn from this experience, it would be easy to end up filing another 7 or a 13 in the future.

I thought I was going to be filing a 13 so for months I was thinking I was going to be in a payment plans for 5 years. It had an effect on me.

I, too, cringe when I read some of the stories of people carrying debt post BK. They do it claiming that they are simply trying to improve their credit score. I see it as doing it so they can buy now and pay later. And that is going to get many people in trouble again.

[AngelinaCatHub]

I can see your point. Since my ch7, I am amazed at how easy it is to get new credit. Car loans and credit cards, all subprime of course, are throwing themselves at me. If I didn't learn from this experience, it would be easy to end up filing another 7 or a 13 in the future.

I thought I was going to be filing a 13 so for months I was thinking I was going to be in a payment plans for 5 years. It had an effect on me.

I, too, cringe when I read some of the stories of people carrying debt post BK. They do it claiming that they are simply trying to improve their credit score. I see it as doing it so they can buy now and pay later. And that is going to get many people in trouble again

Absolutely correct. Sell your soul again to the devil and (rhetorically) you will be back in the shape you were in getting to bk, faster than any BK13 solution. Credit is the slippery slope to chains and servitude. 'Hub

[tobee43]

oh yes!! i of course i understand do disrespect taken.

[brokehmowner]

Frankly I am delirious to have that debt wiped out in chapter 7. That does not mean that I will be back again. I know I won't unless some medical or other situation I can't control causes it.

However jealously of chapter 7 folk is totally misplaced jealously. I venture to say many, like us, are struggling even with the debt wiped out. We simply had no money with which to pay back our creditors. At least when you're done, you're done and that payment goes back in your money pool. So no, the grass is not greener.

[LadyInTheRed]

It would have been nice to get a Chap 7 discharge 3 years ago. But, I'd rather have the income that prevented that from being an option. I don't envy people who have less disposible income than I do with similar costs of living, even if they were able to get a Chap 7 discharge. It helps that my $88K second mortgage will be gone!

13for60, I'm 6 months ahead of you and time can't go quickly enough. I prepared 60 pre-addressed stamped envelopes when I started and occassionally count the envelopes when I send in a payment. I've decided to stop counting for a while and try to stop paying so much attention to how much time I have left. Watching the clock always makes time crawl by. I'm sorry you were given incorrect information that got your hopes up. But, hang in there. You've come this far and can get through the next 2 years.

[dmc-2008]

I am so notjealous! I wiped out a lien and you cant do that in a 7! :-)

[jange]

Yes a ch7 would have been nice, but I continue to focus on the big picture. When we are done, my husband will retire, I still have a few years left to work, but I know that I will be able to retire and we will be in good shape and debt free. Plus the extra $1000 per month will look great in my saving account. Before I would have worked forever and never have been out of debt.

January 2015 is right around the corner.

[13for60]

LITR - I can see now why 60% of Ch13 fail. I keep telling myself I'm making a car payment on a Ferrari! But you're right - a watched pot never boils...

Thanks for the support.

[frogger]

LITR - I can see now why 60% of Ch13 fail. I keep telling myself I'm making a car payment on a Ferrari! But you're right - a watched pot never boils...

Thanks for the support.

From the numbers I see, the figures for chapter 13 failure are even higher than 60% in my area.

[LadyInTheRed]

From the numbers I see, the figures for chapter 13 failure are even higher than 60% in my area.

But the number of failures among bkforum members seems to be lower!

[dmc-2008]

I have as secure a job as can be, so that is a plus. My only concern is my health, i sure hope it holds out. Five years is a really long time and lots can happen to make you fail. Just keep plugging along, no other choice really! Heavy sigh!

[frogger]

But the number of failures among bkforum members seems to be lower!

As it should be. The bkforum members are much more educated about the process and don't seem to be using it as an "emergency financial planning tool".

[madms1]

I was just discharged yesterday from just a 1% payback! should have been in a ch 7. Filed in April 2008 and 69 months later finally done! Chapter 13 mostly fail because emergency/brakedowns WILL HAPPEN in every Chapter 13 plan Period! I had no tax refunds or disposable income left for these occurances. Had to get two used eight year old vehicles and help from a mother-in-law just to make it thru this nightmare. Only plus I can make is the credit reporting agencies must remove my bk in April 2015.

[andy158]

Chapter 13 mostly fail because emergency/brakedowns WILL HAPPEN in every Chapter 13 plan Period!

Absolutely! To date we have had water heater replaced, transmission replacement in the car included in our bk, home a/c unit replaced, over $3,000 in medical co-pays. And numerous pop ups you can't budget for. Thank goodness for the emergency fund! It is a critical part of your plan and is destine to fail without one.