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

5 year vs 3 year Chapter 13 Pros and Cons?

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

  • 5 year vs 3 year Chapter 13 Pros and Cons?

    Those of you that have either, what do you like or dislike about the duration and making the monthly budget?

    I understand this is subjective and everyone's scenario is different and some may not qualify for the 3 year plan.
    Last edited by ccmisery; 02-12-2013, 01:45 PM.

  • #2
    Sooner is better IMHO.

    --13for60
    Filed Chapter 13 - 10/05/10
    341 Scheduled - 11/10/10

    Comment


    • #3
      Anybody who qualifies for a 36 month plan, should only submit to a longer plan if their disposable income is not sufficient to make a 36 month plan feasible. Examples of where this would happen is if they have to pay arrears on secured debt, have priority debt that must be paid, or are keeping non-exempt assets that they must pay for in the plan.
      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
        13 is definitley better if you qualify. I am in a 3 year plan paying $100 a month.I have 8 months to go. Can't wait!!!

        Comment


        • #5
          I had to go with 5 year, I had no choice.
          Discharge date: October 2017 (will it ever get here?)

          Comment


          • #6
            Same as DMC, I have to go 5 year to keep some assets.

            Comment


            • #7
              We were able to go with the three year plan. We actually had to create DMI by exempting some of our tax refund. I would be so depressed if we had to be in a 5 year plan. So much can happen in 5 years that could mess things up. I guess that's true for 3 years too but the longer you're under the scrutiny of the trustee, the greater the potential of "life" happening.
              Filed Ch 13 Feb 9, 2012, 341 meeting Mar 15, 2012, Confirmed Apr 5, 2012
              Anticipated freedom party Apr 2015

              Comment


              • #8
                Its only actually 24 more months, once i reach the 3 year mark i will considee it over anyway, then its only 24 more months and its off credit report! 3 year plans have to wait the same time for credit report too. Naner naner :-)
                Discharge date: October 2017 (will it ever get here?)

                Comment


                • #9
                  I'm in a 5 year plan (will be closer to 4 since a large creditor didn't file)...and it's fine with me. The reason it's fine is is that if i hadn't filed BK, i would be paying even more monthly than I am now (it just feels harder because I'm seeing 1 large payment rather than a number of smaller ones). and instead of being done in the 5 year period, it would take 30+ years in some cases. Of course, it would be nice to be done in 3 years, but it is what I created and for now it's easier to live/work with.
                  Filed Chapter 13 - 07/20/12
                  Discharged 8/2/16

                  Comment


                  • #10
                    Wow you got confirmed fast! I filed in Oct, 341 in Dec., and because of screw ups, I am now waiting till April!
                    Discharge date: October 2017 (will it ever get here?)

                    Comment


                    • #11
                      Hi DMC,
                      My case was very straight forward. One secured debt (a car) and lots of unsecured credit card debt. It was a very simple case. My attorney was even surprised how quickly it was confirmed. And since it was a 100% plan, there was nothing to have problems about. Good luck to you!
                      Filed Chapter 13 - 07/20/12
                      Discharged 8/2/16

                      Comment


                      • #12
                        I am in limbo, I won't know if I even can get a 13 yet? I think a 3 year plan would be ideal for me.

                        Comment


                        • #13
                          Thank you Sophie, there is nothing straight forward bout mine :-( i have mortgage, a lien strip, and unsecured debt! I am not 100 % payback so i am def looking at five years! Well four and a half almost! I am not even confirmed yet! Lol
                          Discharge date: October 2017 (will it ever get here?)

                          Comment


                          • #14
                            Ccmisery, i think this part, the beginning might be the hardest. I hope!
                            Discharge date: October 2017 (will it ever get here?)

                            Comment


                            • #15
                              If you can find a way go for the shortest period possible. As mentioned before, many things can put the BK at risk so reducing the time may help. Also it would free up the taxes for you to manage and keep any refunds you would otherwise have to send to the trustee. That's just my opinion though.
                              I was below median and selected the 60 month plan as the payment was way to high for us at 36 or 48 months. We have mortgage arrears and taxes included along with a lien strip. The taxes look like they will be paid in full at about the 30th month where the mortgage will likely take until the 36th month. I am in a 3% payback and the 2nd did not make a claim and only one non secured creditor claimed. I don't know how it will work, but I hope that gives me a chance of finishing early.

                              Signed,

                              Frustrated, but clogging along.
                              11/23/'10-filed ch 13. 1/6/'11-341, confirmed. Below median. Plan completed 11/30/2015. DISSCHARGED 4/4/2016.JP

                              Comment

                              Unconfigured Ad Widget

                              Collapse
                              Working...
                              X