I am trying for Chapter 7, but it looks like we have barely enough to pay on a 13. Either way makes finances a lot better for us. I have been at home with my kids since birth, now 13 years. I have always considered going back to work around highschool age which is about 3 years from now. Does being in a 13 plan mean I can't or shouldn't bother until the plan is over? I guess that would just give me more years for higher education. I wouldn't mind paying more on the plan if that meant we paid it off earlier, but I would hate to just make a higher payment plan overall. Probably a good attorney question. He is supposed to call today with our proposed payments or if he thinks we could go for 7.
I have never looked at money this way before. I now see it as cash with an actual value if that makes sense. I grew up in a home where my parents always said things were tight or Christmas would be smaller this year, but it never happened. They filed BK 7 years ago. This is the first time both my husband and I have really ever had to stick to a budget. It is truly a learning experience. Never once have I had to stop spending just because my cash ran out. Luckily we knew to start a 401 where it just comes out of my husbands paycheck before we get paid. So, even though we didn't actually learn to save, it is saved for us. It's shocking when you actually add up the debt and payments and compare it to what we make. It's also shocking that we were approved all the time. Not that I'm trying to blame someone else, but c'mon, we had to look like a bad risk to someone. We had our first late a few months ago with B of A. They did not hesitate then to triple, yes triple our rate. I called to try to work with them and got nowhere. I told them the new payment would force us into a BK. He pulled my credit right then and didn't believe we would file on that much stuff and ruin our credit. It helped make this decision for us. We were already struggling and that nailed the coffin so to speak. I hate credit and creditors!
I have never looked at money this way before. I now see it as cash with an actual value if that makes sense. I grew up in a home where my parents always said things were tight or Christmas would be smaller this year, but it never happened. They filed BK 7 years ago. This is the first time both my husband and I have really ever had to stick to a budget. It is truly a learning experience. Never once have I had to stop spending just because my cash ran out. Luckily we knew to start a 401 where it just comes out of my husbands paycheck before we get paid. So, even though we didn't actually learn to save, it is saved for us. It's shocking when you actually add up the debt and payments and compare it to what we make. It's also shocking that we were approved all the time. Not that I'm trying to blame someone else, but c'mon, we had to look like a bad risk to someone. We had our first late a few months ago with B of A. They did not hesitate then to triple, yes triple our rate. I called to try to work with them and got nowhere. I told them the new payment would force us into a BK. He pulled my credit right then and didn't believe we would file on that much stuff and ruin our credit. It helped make this decision for us. We were already struggling and that nailed the coffin so to speak. I hate credit and creditors!
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