Hello all. I am glad I found this forum. Great information, even if some is a little old.
I decided to file (Jointly) for Chapter 13 about 2 weeks ago. I have been making minimum payments on roughly 20 credit cards totaling about 75000 dollars, 2 car payments, and a mortgage. I was up to date on everything but knowing it would take 50 years to pay it all off was weighing down on me. I did a lot of online research first, then scheduled a consultation with a very reputable local firm last Monday (Feb 13). Based on my research, I went prepared with last statements on every CC, 6 months of bank statements and pay stubs, and last 2 years of tax returns. I made a spreadsheet with all this information as well, total expenditures including utilities, groceries, etc.
The lawyer and I talked for an hour, deciding what BK was right for me (Chapter 13 100% plan), along with deciding to keep the mortgage and 2 car payments separate.
My payments per month of making minimum on my CC's was $2100. Lawyer filed my papers on 15 February and estimated trustee payments are $1420 per month. Thats almost $700 dollars extra in our pockets monthly AND everything but our house will be paid off in 5 years. I don't know why I didn't go this route before.
Our 341 hearing is 28 March by Zoom, and our Confirmation hearing is scheduled for 10 May. I start making payments to the Trustee on 17 March.
A huge weight is lifted off me... but still going to worry until the process is over
I decided to file (Jointly) for Chapter 13 about 2 weeks ago. I have been making minimum payments on roughly 20 credit cards totaling about 75000 dollars, 2 car payments, and a mortgage. I was up to date on everything but knowing it would take 50 years to pay it all off was weighing down on me. I did a lot of online research first, then scheduled a consultation with a very reputable local firm last Monday (Feb 13). Based on my research, I went prepared with last statements on every CC, 6 months of bank statements and pay stubs, and last 2 years of tax returns. I made a spreadsheet with all this information as well, total expenditures including utilities, groceries, etc.
The lawyer and I talked for an hour, deciding what BK was right for me (Chapter 13 100% plan), along with deciding to keep the mortgage and 2 car payments separate.
My payments per month of making minimum on my CC's was $2100. Lawyer filed my papers on 15 February and estimated trustee payments are $1420 per month. Thats almost $700 dollars extra in our pockets monthly AND everything but our house will be paid off in 5 years. I don't know why I didn't go this route before.
Our 341 hearing is 28 March by Zoom, and our Confirmation hearing is scheduled for 10 May. I start making payments to the Trustee on 17 March.
A huge weight is lifted off me... but still going to worry until the process is over
Bankruptcy Wizard
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