Finally filing beginning of August

[faithwolf]

Hello everyone,

I have been reading on here for months. I will be filing next month, I am in the eastern Missouri courts. We have about $70,000 unsecured debt and am currently behind on the house 3 months. Have 3 car loans, 1 I got for my son 2.5 years ago and he makes the payments on. My 2 kids live at home and are 22,23.
We recently took a 20,000 401k loan for some needed home repair and a/c unit, we knew we couldn't last 5 years with rotting front porch and no a/c and heat. We are now upside down on the house and are about the median income. I am so ready to get this journey started. Paid the attorney last week after we got served from discover. We quit paying on cards last September.

Faith

[dmc-2008]

Hello everyone,

I have been reading on here for months. I will be filing next month, I am in the eastern Missouri courts. We have about $70,000 unsecured debt and am currently behind on the house 3 months. Have 3 car loans, 1 I got for my son 2.5 years ago and he makes the payments on. My 2 kids live at home and are 22,23.
We recently took a 20,000 401k loan for some needed home repair and a/c unit, we knew we couldn't last 5 years with rotting front porch and no a/c and heat. We are now upside down on the house and are about the median income. I am so ready to get this journey started. Paid the attorney last week after we got served from discover. We quit paying on cards last September.

Faith

Good luck! Did you do a lien strip? 60 months?

[faithwolf]

we will be in a 60 month payback. No lien strip as we have equity even with our 2nd mortgage which we can exempt since it's only about 15,000. The only thing we can't exempt will be about 8,000 equity in cars.

[LadyInTheRed]

Hi, faithwolf. Welcome to bkforum!

[May2014]

Hi Faith! We're about two months ahead of you in our Chapter 13, also in Eastern Missouri (St. Louis area). May we reach Summer 2019 intact!

[faithwolf]

We are in st Charles area. How is your chapter going so far?

[May2014]

Our 13 started out rocky because we converted chapters in mid-June. Our first plan payment was due only days after the court approved our conversion, before the trustee had even mailed out payment information (lawyer clued us in). Because we were planning on a 7 we had already paid all our bills for the month, including those that ended up in the plan. We had to "borrow" from our first check of July to make June's payment and then just made July's payment today. Needless to say, July is going to be a tight month for us. BUT if there are no objections at our 341 next week (23rd), life will be quite pleasant. No regrets here!

[faithwolf]

Well we finally filed this past Wednesday. Feel such relief getting it filed. 341 meeting is 9/17....2019 seems so far off.

Faith

[BNKRPTinNC]

Well we finally filed this past Wednesday. Feel such relief getting it filed. 341 meeting is 9/17....2019 seems so far off.

Faith

It will arrive soon enough and if you have a plan that is destined to succeed so much the better as the pressure is now off. We had over $80k in unsecured and about 7 months in arrears on mortgage with bank threatening foreclosure, repo guy showed up at the house for the car. 5 years later and all that is behind us. We were fortunate to have an excellent attorney, a hands-off trustee and a plan that allowed some savings. It was the best decision, financially, we have ever made as it gave us a fresh start and are now able to look forward to a nearly debt-free future. Credit suffered but even that will slowly build back up. Which, quite frankly, I am not overly concerned about as we have gotten used to buying what we need and not what we want.

I decided from the very beginning, the hard part's over and there will be some bumps down the road but it's pretty much down hill from here. Best of luck to you!

[May2014]

Faith, we are now three payments in, still not confirmed (StL Trustee apparently likes objections!). The relief I feel for not having debt hanging over my head is immense. HOWEVER, money has been tight still because of that July double-dip and some unexpected, costly expenses (school-related, nothing serious), and the lack of credit card backup is unnerving. I'll feel a lot more secure when we're able to save enough money for emergency things like needing a new appliance or repairs for the furnace or air conditioner.

I'll be looking forward to your 341 update. I hope you sail through with no objections! Btw, you ARE allowed to have cell phones at the meeting. Our local courthouse bans them, so we were pretty bored while everyone else was playing Candy Crush, our phones safely hidden away in the car. And don't forget the quarters!

[jange]

Faith, 2019 does seem a long way off, but it goes surprising fast. In 2010, 2015 seemed forever and now I only have 5 months left, #56 gets paid this week.
Keep with a budget and save for emergencies since they will happen. Good luck