New and would appreciate any advice. Filed Chap. 13 today.

[Chelsea123]

Thank you! I'm waiting for the attorney to get back to me and working on getting more paperwork together. I have to say one of the big issues for me is the embarrassment factor...I know I have to get past it but this is embarrassing.
Do they allow for any savings for emergencies?

[jange]

Chelsea you cannot list savings as an expense but if you have a good plan, you should have some wiggle room to put money away. You will need to as emergencies will arise and you will need to be able to pay for them. 1st year we had a major car repair and the water heater went. I had some money saved so we could pay for it. Also make sure you account for all your expenses even ones you don't pay for every month. You will want to put money aside for those expenses to pay for them. We pay our property taxes ourselves, so I put money aside every month to ensure I have enough to pay that when it comes due.

[Chelsea123]

Thank you! Are all plans 5 years or can they be shorter?

[Pjmax]

Most of us understand the embarrassment thing, but once you get used to the idea that you are getting your finances in order, and this is a business decision, you'll be OK. And, you certainly don't need to feel embarrassment HERE! We've all been there.

Since you are getting everything together, as Jange said, write down all the expenses you can think of. Pet care, dry cleaning, personal care, etc. Don't worry now if you think it might be too much or too little for something, your attorney will help with that part.

When he does get your plan together, don't just sign it. Hopefully, he'll allow you to take it home, read it over, and question anything that doesn't seem right, or you don't understand. Even though you are on a time crunch, take your time and go over it carefully, and come on here to ask if something seems amiss. The folks here are great at guiding you along the way.

[Chelsea123]

Thank you I really appreciate the support.

[jange]

Thank you! Are all plans 5 years or can they be shorter?

Most plans are 5 years depending on your income and family size. If you are above the median for your state then you are in a 5 year plan, unless you are paying 100%. If you pay everyone 100% your plan can finish sooner. If you are under the median then your plan is at least 3 years. 5 years seem forever when you are starting out, but it goes much quicker than you think.

I like to look at it if we didn't file where would we be in 5 years. The answer is not debt free is another year! So we keep going!