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Discharged 1 Year Ago today!

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  • Discharged 1 Year Ago today!

    Hi everyone. Just wrote to say there is life after completing Chapter 13. I was discharged 1 year ago today; not really sure where the time went.
    We actually paid our plan out 1 year early so this would have been the time we would've actually been completed.
    1 Year has passed since our discharge and no new debts; we refinanced our mortgage in January - 15 yrs/3.5%, i took early retirement and we've managed to put away the maximum amount for
    my husband's retirement and HSA plans. It feels great to be in control and actually seeing major differences in our financial situation and money in the bank. We did not go on a spending spree after discharge but have learned to budget and buy extras only when we have the money to do so. The whole BK experience has made a big difference and i'm glad we did it. For everyone just starting out or in progress, take a deep breath, budget and learn from this experience. It truly can be a happy ending. I'm loving watching the 2017 club discharges - we all made it!!!!
    (P.S. - Not using credit cards, nor do I have a desire to get one)
    Last edited by sophieanne; 08-02-2017, 11:21 AM.
    Filed Chapter 13 - 07/20/12
    Discharged 8/2/16

  • #2
    Thank you for providing the feedback. Chapter 13 will either teach us how to budget and save or that we'll never be able to budget and save. Congratulations on your anniversary!
    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
      Happy Debt-Free Anniversary, sophieanne! I said once during my Chap 13 that I wish time would speed by until discharge and then slow down after that. As I suspected, the opposite was true.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

      Comment


      • #4
        Congrats, sophieanne! Sounds like things are going so well for you.

        Question: Did you guys reaffirm your old mortgage? Just wondered how the refinance process goes / or is different if you do not reaffirm. We've never refinanced ~ we have about 16 years left of a 30-year mortgage, and ours is at 5.25%.

        Comment


        • #5
          Chrysalis - Hi - in chapter 13 you don't reaffirm your mortgage. I'm honestly not sure how reaffirming would effect a refinance - I actually don't think it would. Lady In The Red created an excellent post about mortgages and refinancing, you should take a read.
          Filed Chapter 13 - 07/20/12
          Discharged 8/2/16

          Comment


          • #6
            Ok thanks! Our attorney said something like, if we didn't reaffirm and we wanted to refinance down the road -- maybe we'd have to go through a different lender. It sort of went in one ear and out the other, as my mind was full of so many other things at the time. So I'm not sure what she meant, but ~ oh well. Again, congrats on your fresh start!

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            • #7
              So happy for you sophieanne. You have commented on many of my posts always so helpful. Thank you for sticking around and helping those who are just starting out.

              Comment


              • #8
                Wishing you continued success and prosperity sophieanne!

                Comment


                • #9
                  Originally posted by Chrysalis View Post

                  Question: Did you guys reaffirm your old mortgage? Just wondered how the refinance process goes / or is different if you do not reaffirm. We've never refinanced ~ we have about 16 years left of a 30-year mortgage, and ours is at 5.25%.
                  No, we did not reaffirm our mortgage, but we continued payments on it. My understanding is continuous payment is some sort of implied reaffirmation.

                  We also refinanced at 3.75%, 30 year fixed 2 months after my ch 13 discharged to a VA loan. If we went the conventional route, the best rate we could get is 4.63%.

                  The refinancing process is more thorough. Lender required us to explain each and every delinquency on our credit report. These are accounts that were included in bankruptcy. We have to write a letter explaining the circumstances that led to our bankruptcy.

                  Then an over the top request: lender requested proof that we completed all payments to our ch 13 plan! The trustee's certification filed with the court stating all payment has been completed is not good enough. Good thing I created an NDC chapter 13 account years ago. I printed the payments off of NDC's database, and that finally satisfied lender's request.

                  Comment


                  • #10
                    Originally posted by underh20 View Post
                    No, we did not reaffirm our mortgage, but we continued payments on it. My understanding is continuous payment is some sort of implied reaffirmation.
                    Just to clarify for others. Despite what I know is out there in other parts of the Internet and what others have been told (even by their creditors), there is simply no such thing as an implied reaffirmation. Continued payments do not resurrect the discharged and rendered unenforceable, as to the debtor, promissory note. The creditor would not have any cause (of action) if you are paying on time and not in breach of the mortgage (or deed of trust).
                    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


                    • #11
                      I even didn't read that yet. But interested to take a look there. Hope I will enjoy. lol

                      Comment


                      • #12
                        I am kind of confused here, I thought in a chapter 13 there is no such thing as a reaffirming of a mortgage. Either you surrender your mortgage rendering it unsecured status if you have negative equity or you keep the same mortgage and pay it in the chapter 13 plan or outside the plan if you are current at the time of filing

                        Comment


                        • #13
                          Originally posted by magic13 View Post
                          I am kind of confused here, I thought in a chapter 13 there is no such thing as a reaffirming of a mortgage. Either you surrender your mortgage rendering it unsecured status if you have negative equity or you keep the same mortgage and pay it in the chapter 13 plan or outside the plan if you are current at the time of filing
                          You are correct that there is no such thing as reaffirming a mortgage (or any debt) in Chap 13. The only way to render a mortgage on your home unsecured is if you have a second mortgage and the value of the home is less than the balance of the first mortgage, in which cash you can strip the second mortgage and convert it to unsecured debt to be paid and/or discharged in your Chap 13 plan along with all other unsecured debt. If you surrender your home, then the debt remains secured, but your personal liability is discharged so you cannot be sued for a deficiency. If you do not surrender the home and the mortgage has not been paid in full by the end of your Chap 13, then your mortgage continues after your Chap 13 and is not discharged. It has the same effect as a reaffirmation because you remain on the hook for the loan to the same extent as you would be under the terms of the mortgage and state law, but it is really just that a mortgage on a personal residence that you retain in a Chap 13 is not dischargeable in Chap 13.
                          LadyInTheRed is in the black!
                          Filed Chap 13 April 2010. Discharged May 2015.
                          $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                          Comment


                          • #14
                            Wow has it been a year already!?! Whew! Congrats on learning a tough lesson!!!
                            Discharge date: October 2017 (will it ever get here?)

                            Comment


                            • #15
                              Congrats Sophieanne! I wish many more people know of success stories like yours and others on this board.

                              Comment

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