Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Filing to save My Home!

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Filing to save My Home!

    I'm so ashamed that My life has came to this. 😢


    Just received notice, that our home will be foreclosed on May 19th.

    Seems that Chapter 13 is the only option We have left. We're behind almost $8k.

    We also have medical bills, approximately $25k between the two of Us.

    I'm just afraid they will set our Chapter 13 payments too high.

    Not to mention, I've only heard horror stories about the meeting of creditors.


    What can I expect?

  • #2
    Wherever you heard "horror stories" about the Chapter 13 Meeting of Creditors is just not the correct place to find advice. (Yes, I'm suggesting that BKForum is the only place to get solid information.)

    The Meeting of Creditors for a Chapter 13 is typically... nothing other than the standard 7-13 questions. (Search the board for what will the Trustee ask.) A Chapter 13 is much different than a Chapter 7 because a Chapter 13 allows you to keep property and reorganize while dealing with arrears.

    Don't fuss over the payment being "too" high. It is best to shop some attorneys -- think free consult -- and ask them the questions. They are likely not to provide you a bottom line because so much depends on your individual circumstances, priority debt, secure debt payments, and your disposable monthly income (DMI). Unless that is all done,m no one could even say whether you'll have a "high" payment.

    In fact, you should never worry about how "high" the payment is. My payment was $7,100 before I converted (to a Chapter 7). I had over $5,000 in mortgage and arrears payments alone, but that paid my mortgage and paid the $30K arrears over the 60 months. Was my payment "high"? Not relatively because my DMI was $0. (I had no disposable income.) My main issue was that I paid $710 a month for the Trustee to write checks BUT that amount otherwise would have gone to the unsecured creditors. No money out of "my" pocket, so to speak.)

    The real question is whether you can AFFORD to keep the house. That can only be determined by running the numbers. If you have a negative DMI in a Chapter 13, it probably means that you have property that you can't afford.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      Hi Casey, I filed BK 13 to save my home 6 1/2 years ago. It was so scary, I found a good BK attorney and he walked me through the whole thing. I did not know anything about bankruptcy at the time. I wish I would of found these support boards sooner and it would of been a lot less stressful. The attorney will run the numbers and find a payment you can handle and you will be a lot better off. It is not easy but you can do it. I was discharged on 1/26/16 and was so happy. My credit scores are now in the 700's and I got a new car with 0% financing about 3 weeks ago. I am still in my house and life is good. Best of luck to you!

      Comment


      • #4
        Hi. Last year we were in the same place, only we had filed chapter 7 already. I had become sick and had to close my practice and we could not do a chapter 13. We almost lost our house and we were behind 4 years ! We found an attorney who was able to stop the foreclosure an d we applied for a federal program and got a loan modification. The mortgage company also forgave a bunch of back payments, penalties and fees. It ain't over til it's over. Our date was May 12. We began the process in mid April and got the foreclosure stopped May 11th ! Find an attorney now and find out what can be done asap.

        Comment


        • #5
          Originally posted by justbroke View Post
          Wherever you heard "horror stories" about the Chapter 13 Meeting of Creditors is just not the correct place to find advice. (Yes, I'm suggesting that BKForum is the only place to get solid information.)

          The Meeting of Creditors for a Chapter 13 is typically... nothing other than the standard 7-13 questions. (Search the board for what will the Trustee ask.) A Chapter 13 is much different than a Chapter 7 because a Chapter 13 allows you to keep property and reorganize while dealing with arrears.

          Don't fuss over the payment being "too" high. It is best to shop some attorneys -- think free consult -- and ask them the questions. They are likely not to provide you a bottom line because so much depends on your individual circumstances, priority debt, secure debt payments, and your disposable monthly income (DMI). Unless that is all done,m no one could even say whether you'll have a "high" payment.

          In fact, you should never worry about how "high" the payment is. My payment was $7,100 before I converted (to a Chapter 7). I had over $5,000 in mortgage and arrears payments alone, but that paid my mortgage and paid the $30K arrears over the 60 months. Was my payment "high"? Not relatively because my DMI was $0. (I had no disposable income.) My main issue was that I paid $710 a month for the Trustee to write checks BUT that amount otherwise would have gone to the unsecured creditors. No money out of "my" pocket, so to speak.)

          The real question is whether you can AFFORD to keep the house. That can only be determined by running the numbers. If you have a negative DMI in a Chapter 13, it probably means that you have property that you can't afford.
          They will approve a Chapter 13 repayment plan with no DMI?

          Our DMI isn't negative, just a pretty small amount.

          We also live below the state medium income, does that mean that We more than likely will not pay back most of the medical bills We owe?

          Also, what do you mean you paid $710 a month for the Trustee to write checks?

          All this is overwhelming 😕

          Comment


          • #6
            Originally posted by PANSYFACE View Post
            Hi. Last year we were in the same place, only we had filed chapter 7 already. I had become sick and had to close my practice and we could not do a chapter 13. We almost lost our house and we were behind 4 years ! We found an attorney who was able to stop the foreclosure an d we applied for a federal program and got a loan modification. The mortgage company also forgave a bunch of back payments, penalties and fees. It ain't over til it's over. Our date was May 12. We began the process in mid April and got the foreclosure stopped May 11th ! Find an attorney now and find out what can be done asap.
            Your post gives Me hope!! We're less than a year behind, but it's still a scary situation. I hope my story ends as well as yours! ☺

            Comment


            • #7
              Originally posted by nodebt View Post
              Hi Casey, I filed BK 13 to save my home 6 1/2 years ago. It was so scary, I found a good BK attorney and he walked me through the whole thing. I did not know anything about bankruptcy at the time. I wish I would of found these support boards sooner and it would of been a lot less stressful. The attorney will run the numbers and find a payment you can handle and you will be a lot better off. It is not easy but you can do it. I was discharged on 1/26/16 and was so happy. My credit scores are now in the 700's and I got a new car with 0% financing about 3 weeks ago. I am still in my house and life is good. Best of luck to you!
              Thank you!! I hope our monthly payments are affordable. I want to save my home, and rebuild my credit. Hope mine ends as well as yours!! ☺

              Comment


              • #8
                Chin up CK. You will find that you are not alone and your predicament is not unique. Many of us have been thru similar and worse and have lived to tell our tale of success. We were behind over $8k on mortgage, several months on car and credit card companies hounding us daily. Bank was in the process of foreclosure and auto loan company had sent a tow truck to repo the car. We were fortunate in having found excellent representation. At the 341 it was objected to by the trustee but the judge has the final say and our plan went as originally planned. Not saying it was a piece of cake but with a proper budget it can be done. Best financial move I have ever made as I now have a decent savings account, nothing but a mortgage payment and a credit score that is in the low 800's. Granted it didn't happen overnight and the ride, at times, was a bit bumpy but oh what feeling when you have completed the plan.

                Best of luck to you and we are all pulling for your success!
                Filed 11/10/08

                Discharged 2/18/14

                Comment


                • #9
                  Originally posted by BNKRPTinNC View Post
                  Chin up CK. You will find that you are not alone and your predicament is not unique. Many of us have been thru similar and worse and have lived to tell our tale of success. We were behind over $8k on mortgage, several months on car and credit card companies hounding us daily. Bank was in the process of foreclosure and auto loan company had sent a tow truck to repo the car. We were fortunate in having found excellent representation. At the 341 it was objected to by the trustee but the judge has the final say and our plan went as originally planned. Not saying it was a piece of cake but with a proper budget it can be done. Best financial move I have ever made as I now have a decent savings account, nothing but a mortgage payment and a credit score that is in the low 800's. Granted it didn't happen overnight and the ride, at times, was a bit bumpy but oh what feeling when you have completed the plan.

                  Best of luck to you and we are all pulling for your success!
                  Thank you :-). Does the trustee object chapter 13 plans quiet a bit?

                  Congratulations on your credit score!! When did you file, and how long did it take to get to this point?

                  Any suggestions what I should do prior to filing. Looking to file the next week or two.

                  Comment


                  • #10
                    Originally posted by CaseyKnox View Post

                    Thank you :-). Does the trustee object chapter 13 plans quiet a bit?

                    Congratulations on your credit score!! When did you file, and how long did it take to get to this point?

                    Any suggestions what I should do prior to filing. Looking to file the next week or two.
                    Can't put a % on 341's that have objections to confirmations put at my hearing the place was packed and not one was objected to. Our objection came after the fact (should have clarified that) but put aside by the judge and plan was confirmed. We filed 11/08 with confirmation on 2/09. We made the final decision to file when we were down to a near $0 bank account and a little over $100 bucks in our pockets. My only suggestion to you is to become thoroughly educated in the process. Search this forum and don't hesitate to post a question as there are many here that will give sound advice.
                    Filed 11/10/08

                    Discharged 2/18/14

                    Comment

                    Unconfigured Ad Widget

                    Collapse
                    Working...
                    X