First Payment

[May2014]

Only 59 more payments to go!

We filed on May 28 as a Chapter 7, filed to convert to Chapter 13 on June 10, and awarded our conversion on June 18. We only found out today what our plan payment "officially" is (June 24) AND that it's due June 27. How can they expect someone who has no money to come up with the payment in such a short time? The guy answering the trustee's phone said we had to make it work. So I did...by borrowing cash from my sister in exchange for a check she can deposit Monday. I do have overdraft privileges at my bank, so I could have covered it any way...for a fee.

Soooo...now that I've made payment one with check two of the month (paid 15th and 30th), I basically have to double-pay in July to get on track. July is going to be a tight month, but it should be smooth sailing after that. Unless our 341 on July 23 turns up some objections...

Despite the first payment snafu, I'm excited to be officially under way!

[dmc-2008]

Only 59 to go! Good luck!

[andy158]

Our first payment was a double payment as well if I recall correctly. We filed mid month and had to make that months payment along with the start of the first whole month. Sounded crazy, but that is how the trustee keeps the books!

[BNKRPTinNC]

The first year, for us, was the most difficult. The only advice I can give is to budget and save. If you have a plan that you can live with, and by your comment it looks as if you do, then success is at hand. The next 5 years may seem like an eternity but it really does go quickly without all the stress of "how are we going to pay the bills this month". Best of luck to you.

[May2014]

The next five years can't possibly be worse than the last couple! Our plan payment will only be about $50 more than what we would have been paying on cars and student loans had we qualified for a chapter 7. We were paying $700+ to credit cards each month (minimum due, getting nowhere) on $33k. When all is said and done, we will only pay about $6500 to unsecured over 5 years...and have protected ourselves from a deficiency on an underwater rental property on its way to foreclosure. Honestly, I feel like I've won the lottery! I haven't felt this free for a long time...

Oh, and I plan to budget so well that I can build a healthy savings!

[dmc-2008]

My kid took up sports in her last year as a freshman and I cannot save one cent. I don't know if you have kids but I hope they are not in sports! Argh!!!!!

[May2014]

One kid, no sports...but marching band and choir cost a small fortune. My daughter is turning 16 this fall, so I'm particularly looking forward to finding a reliable, cheap piece of junk and high-priced car insurance so that she can drive.

[dmc-2008]

One kid, no sports...but marching band and choir cost a small fortune. My daughter is turning 16 this fall, so I'm particularly looking forward to finding a reliable, cheap piece of junk and high-priced car insurance so that she can drive.

I hear ya on the car too! My kid is 15 and can't stop talking about it!