After being a faithful reader of this board for 6 months, I am signing the final papers tomorrow and attorney has promised to be filed by COB Friday.
Situation:
I have 90,000 in cc debt (which I stopped paying 6 months ago) and a 45,000 loan from my parents. We are proposing a 55% payback plan.
Concerns:
1. The attorney is including that loan in the plan, and my parents intend to file a claim. (Yes, we actually signed an agreement when I borrowed the funds 5 years ago). My parents aren't very wealthy, recently retired, and they got the money by taking out a 2nd mortgage. So I am really, really hoping that the trustee doesn't object to including the loan.
2. I am afraid of living on a budget for the first time in my life (yeah, that's how I got here).
3. If the plan is approved as proposed, I think that I can make it for 60months...$200-300 more into the plan each month and life could get very difficult.
4. I have potential to make large bonuses at work (like 20-30K/year). The thought of them going directly to the Trustee (and not reducing the length of the plan---or going into my empty 401K account) is highly discouraging--to the extent of making me not-so-interested in doing what it takes to EARN those bonuses (ie, doing a good job).
Mentally/emotionally...this has already been tough, and will probably get tougher. I keep reminding myself what I have read here at least a few times:
"It's only a business decision"
thanks to all. I'll post if anything of value/interest comes up as my case progresses.
Situation:
I have 90,000 in cc debt (which I stopped paying 6 months ago) and a 45,000 loan from my parents. We are proposing a 55% payback plan.
Concerns:
1. The attorney is including that loan in the plan, and my parents intend to file a claim. (Yes, we actually signed an agreement when I borrowed the funds 5 years ago). My parents aren't very wealthy, recently retired, and they got the money by taking out a 2nd mortgage. So I am really, really hoping that the trustee doesn't object to including the loan.
2. I am afraid of living on a budget for the first time in my life (yeah, that's how I got here).
3. If the plan is approved as proposed, I think that I can make it for 60months...$200-300 more into the plan each month and life could get very difficult.
4. I have potential to make large bonuses at work (like 20-30K/year). The thought of them going directly to the Trustee (and not reducing the length of the plan---or going into my empty 401K account) is highly discouraging--to the extent of making me not-so-interested in doing what it takes to EARN those bonuses (ie, doing a good job).
Mentally/emotionally...this has already been tough, and will probably get tougher. I keep reminding myself what I have read here at least a few times:
"It's only a business decision"
thanks to all. I'll post if anything of value/interest comes up as my case progresses.
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