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CHAPTER 13 NJ is this going to be forever?

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  • CHAPTER 13 NJ is this going to be forever?

    Ok, Filed in 2015 with spouse. To current date I am divorced. ( do i have to tell my lawyer because we didnt and its been 2 years) At this point I have no new debts. Im trying to see how much time is left on our Chapter 13 but it seems the office doesn't want to provide me with that information and tell me to look online. I honestly don't understand the breakdown available to me. Im basically stuck trying to start over and I have no time frame or incite as to what I am suppose to be doing in the meantime to rebuild credit. Im just at a loss right now. I wish I just filed Chapter 7 at this point. Is there an up side to 13? I have a friend who filed Chapter 7 and is able to get credits cards etc and is even trying to get a house loan. Meanwhile after my accident in 2016 which totaled my car, I couldn't even get a used car from a dealer! Because of my divorce I have to move in the summer and Im afraid of getting denied from renting application because of credit. Im in NJ with no family so its just me no cosigners . ANYONE WITH ANY ADVICE PLEASE. I really dont even have an actual question. I just dont know what to do from here.

  • #2
    I hope that you were directed to the Chapter 13 National Data Center (ndc.org) to look. Click on Case Summary, and then look near the bottom of the page for "Step Plan." You see a start and end months. Whatever is the last line in that Step Plan, that's the number of months you need to pay, along with the corresponding amount. A five year Chapter 13 is 60 months.

    You should have contacted your attorney when your marital status changed. It can effect many things, including how much you are to pay into the plan! Was it a joint Chapter 13 (you both filed)?

    Yes, there's an upside to Chapter 13. it will be no different than leaving a Chapter 7, only that a Chapter 13 will fall off your credit entirely in 2021 while a Chapter 7 would stay there until 2025 (10 years from filing). A bankruptcy on your credit report losing most of its affect on your credit after 2 years and as it ages, the affect is lessened. When it's removed and credit is used wisely, you could be in the 800s.

    What should you be doing? Search the forum for information on how others, in the last year of Chapter 13, have obtained everything from secured credit cards to some low-limit unsecured cards. This is just to keep a credit profile.

    Best wishes.

    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
      Thank you for writing.
      Yes its NDC but under "Step Plan" it has 3 desperate start dates. Nothing that says end. I basically signed the Chapter 13 and never spoke to my lawyer or Trustee again. And you just gave me the info that this will stay on my report for 3 more years. Im devastated right now. Im so nervous about messing with the case I haven't tried to get a single credit card or anything. But I need to start building credit.

      Comment


      • #4
        Originally posted by mitch0607 View Post
        Thank you for writing.
        Yes its NDC but under "Step Plan" it has 3 desperate start dates. Nothing that says end. I basically signed the Chapter 13 and never spoke to my lawyer or Trustee again. And you just gave me the info that this will stay on my report for 3 more years. Im devastated right now. Im so nervous about messing with the case I haven't tried to get a single credit card or anything. But I need to start building credit.
        Why are you devastated that a Chapter 13 remains on your credit report for 7 years from filing, and a Chapter 7 remains 10 years from filing? That's just how negative items work on a credit report, and a bankruptcy, like other things, is considered a negative entry on the report. The "nice" thing about a Chatper 13 is that it will fall off at the same time all your other negative credit entries fall off (7 years).

        You can ask your attorney about getting a "secured" credit card (where you put money in an account to "secure" the credit on that card). You can ask your attorney whether you're restricted from getting regular credit. Some Chapter 13 plans allow you to obtain up to $5,000 in credit without permission.

        Sorry, yes, the start and end are (usually) measured in months in the Step Plan. If you look at the last (third in your case) line, you'll see a start month and end month. The end month is the number of months of your plan... and that should read 60. To tell the time in plan, it's 5 years from your filing date (approximately). To tell you the truth, you may be paying bi-weekly or some other payment frequency so it may not show in months. It may, however, show a duration in months. So if it does have a start date of 1/1/2018 for 6 months, then the last payment is 7/1/2018.
        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


        • #5
          For some reason I thought it would come off once its discharged. Now thinking about it, I don't know why I thought that. It makes since. As far as NDC it says three different start dates and monthly is next each it but then number of months is blank. I just think they aren't putting that information in. As far as getting credit. Is it the Lawyer or the Trustee Im reaching out to?

          Comment


          • #6
            You would reach out to your attorney.
            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

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