Chapter 13
You should also look at bkforum.com. They have tons of informat
You should also look at bkforum.com. They have tons of information and people in similar situations. I filed chapter 7 three years ago and due to unforseen situations and some bad choices I may end up filing chapter 13 soon. I spoke with an attorney today and I am so nervous about. I'm tired of the creditors calling me at work, home and my references. I should have learned my lesson the first time around but it was so easy to get back in debt with all the offers that jumped my way after filing the first time.
just a heads up on Chapter 13....been there done that. When
just a heads up on Chapter 13....been there done that.
When a Chapter 13 plan fails, it's usually because the debtor did not realize how much the plan payment would affect their day-to-day life, and they find out they can't live on what's left of their paycheck after the plan payments come out.
Sit down with your attorney and come up with a reasonable payment, keeping in mind that THE BILLS DON'T STOP COMING IN WHEN YOU FILE BK 13! You are paying on your OLD bills, but new ones still come in - there will always be a car repair, home repair, insurance premium increase, vet bill, doctor bill, school clothes and supplies for the kids, etc. - and that's where a lot of people run into trouble with their Chapter 13 payment plan. They start out just fine, thinking it will all go smoothly, but the plan is 3-5 years long, and a LOT can happen in 3-5 years, folks.
subeehoney - Did you make it through your chapter 13 ok. That's
subeehoney - Did you make it through your chapter 13 ok. That's what I'm really nervous about, I asked my attorney if they leave much room for emergencies and he says he tries to but generally no. But I did notice when he was asking me what I pay monthly on certain things he would add an extra $20 or $25. Like I said my Cable and Internet was $85 (which I need internet for school) he would put down $100 and for my cell I said $75-80 and he put down $100. That is where I will have to take the extra and throw it in a savings account. I am going to get some extra money for school soon and my attorney said I will be able to keep it and that will also go in a savings account.