not going as planned

[floridian]

if i had come to this forum a year ago, i would not be in the bk boat today...

i had a lot of cc debt, but it was doable.... i talked to people who had gone the bk route and i decided to let myself slide in that direction... i didnt want to take this unsecured debt to my grave....

i didnt know about things like disposable income or losing your luxury items etc...

i didnt know that if you passed the means test that you could still be forced into a chap 13, at the will of a trustee...

i could have stayed afloat for years and maybe 10 years down the road have recovered, but now im too far in the hole...

one deciding factor, was that i hate the town i live in and was going to walk from my house and start over in a place that i was happy in..

i unknowing thought things would be different....

now, it looks like im on the road to ruin via a chap 13 and losing my lifestyle...

in my opinion, the new bk law is more punitive than corrective....written by the wealthy...

im wiser now, but maybe a bit late..

a lesson learned!

[pcn]

more details please. How were you forced into a 13? and what do you mean by "road to ruin via chap 13 and losing my lifestyle?"

[HHM]

Sorry Floridian, I am not going to buy the sob story. You're choosing your lifestyle (which cannot afford) over getting out of debt in 60 months. I call BS. A chapter 13 is still a far better option than doing nothing. If you can't get yourself out of debt in 60 months or less, then a chapter 13 (or chapter 7 if you qualify) are always the more cost effective option. And based on your comments here, you are/were not prepared to make the sacrifices necessary to get out of debt on your own.

[OhioFiler]

I don't see how a Chapter 13 is a road to ruin. I read your post to mean you had it all figured out that a Chapter 7 was going to give you a whole new start to continue living the same way you were accustomed to that got you in this situation to begin.

Step back and look at the benefit of a Chapter 13 over doing nothing. It may not allow you to do as you planned but 5 years from now you'll be way ahead of where you'd be without having gone Chapter 13. I suspect you'll even be ahead of where you'd be five years post Chapter 7.

[catleg]

Has the lawyer convinced you that you don't qualify for ch 7 and need to do ch13? He has a conflict of interest there, ch13 generates more fees.

Probably the hardest thing is making sure your lawyer is truly your advocate. Many are lazy and/or put their own self interest first.

That's where these forums can help.

I posted in another spot that Social Security is not part of disposable income for either chapter 7 or 13. I gave a link to the document on the US Trustee program website. Maybe take a look at that and ask your lawyer again.

[floridian]

man, you folks are butal!...
i would hardly say that doing a chapter 7 is going back to your old lifestyle...your life will still be compromised for 10 years....

as far as i understand it, in a 13, a bureaucrat trustee is your daddy.. he will strip you down to necessities... i would hardly say that living off a public servants pension is living high on the hog...

yep, i live alone in a mobile home with my cats and eat lean cuisine frozen dinners.... if stripping me of my 50 mpg motorcycle that i ride to the beach and look at the ocean is abusive, then i belong in debtors prison!!

i tore into those credit cards too... im one of those weirdos that takes stray animals to the vet.... i should have gone on a cruise, or at least upgraded my 25" five year old television...i still had more than 25k worth of credit left on my cc, i should have burned that up too..

yes, im not without guilt, i put gas in my bike when i ran out of cash and bought dinner at the state park, when i should have stayed home and had a tuna sandwich... i should have put a bullet in that damn dog that was hit by a car, instead of a 300 buck vet bill, as it didnt even belong to me..

[krielly]

I disagree........I think by filing 13, I got OFF the road to ruin I was on.

Hmmmmmmmmm..... 5 years of sacrifices for being debt free, or 10 years of "staying afloat" (and probably accumulating even more debt in the process)?????????

Guess I don't understand the question.

I saw a sign the other day that reminds me of your situation. Sorry......couldn't resist

It said "Just pull up your big girl panties and deal with it!"

[floridian]

thanks for the info, i need to check into that....im am starting to lose faith in my lawyer.....
i read that under the new bk law that lawyers are being held more responsible for their clients and are more careful about what they submit..

Has the lawyer convinced you that you don't qualify for ch 7 and need to do ch13? He has a conflict of interest there, ch13 generates more fees.

Probably the hardest thing is making sure your lawyer is truly your advocate. Many are lazy and/or put their own self interest first.

That's where these forums can help.

I posted in another spot that Social Security is not part of disposable income for either chapter 7 or 13. I gave a link to the document on the US Trustee program website. Maybe take a look at that and ask your lawyer again.

[krielly]

all kidding aside....... Chapt 13 does not have to be as miserable as you say it is. It's all about setting a realistic budget, which allows for some wiggle room.

Why are you convinced you will lose your motorcycle in a 13? Sorry.......need more details.

[floridian]

it looks like i made a serious error by posting my opinions, i thought that was what this forum is about..... and opened myself up to disdain from those who like being under a trustees thumb!

[floridian]

all kidding aside....... Chapt 13 does not have to be as miserable as you say it is. It's all about setting a realistic budget, which allows for some wiggle room.

Why are you convinced you will lose your motorcycle in a 13? Sorry.......need more details.

my lawyer doesnt consider a motorcycle transportation, merely luxury... he said they must go, first thing... funny, i dont have anything else that he considers a luxury...

[krielly]

do you have a car as well? Maybe that is why he is considering this a luxury ???

I think one vehicle per person is allowed......

You don't say what your bike is worth (I think you said you owned it outright?). Is there no way to exempt it? Wildcard, etc...??

[floridian]

i have a small PU truck, that i need to help my 88 year old mom out when she needs a ride to the store or a doctor.. she lives 20 miles away in a retirement villa. they charge here 40 bucks for a ride to the doctor and she lives off 900 bucks a month..

i had an expensive harley and i gave it back washed and polished to the credit union...now i have a utility bike that i owe 7k on and it blue books for a couple of k more...

[CatsInTrouble]

nah, I agree with you there. I'm not interested in a long, hard, 5 year look into my personal business. The 7 is enough for me TYVM, but I can cross my fingers that this time next year it will be a memory.

[krielly]

Interesting. We filed because we wanted to keep our non-exempt assets.

We filed old law, so i'm not that familiar with new law, and whether or not you can protect non-exempt assetts.....I was under the assumption that you could, if you could pay for them.......