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Very new to Chapter 13 and scared to death!

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  • Very new to Chapter 13 and scared to death!

    My wife had to quit her job for health reasons.
    I'm disabled and receive a social security disability check.
    Since her quitting her job, there's no way we can afford the credit debt I got us into, to support my medications.
    I thought for 2 milliseconds about a chapter 7, but we own our home and car,
    They were paid for from the funds of the settlement from workers comp.
    The sad thing is, under chapter 7, we'd most likely have to sell the house and car to cover a $21k deficit.
    Not fair by any means on unsecured debt, but the law is the law.
    The lawyer we talked to said that chapter 13 would be the way to go and that after all is said and done we'd most likely be looking at around $400 a month for 5 years.
    I make $1,600 a month, and the $400 a month sounds very workable.
    My question is, does this sound reasonable? Or is he blowing sunshine up my butt??? BTW, I live in Kentucky.
    Also, just before this happened, I got another credit car because the tires on my car were worn out. Being so close to filling, will this be a problem?
    I'm thinking about waiting a month or two, just so I can show good will in making the credit card payments.
    In the mean time, I'm going to stop paying all the other credit cards, so I can save up the initial money for the lawyer and getting a property evaluation.
    Right now I'm not late on anything, this is just the questions floating around in my head.
    There's no way I'm waiting till I'm 6 months behind on everything.
    I've ALWAYS paid my bills on time. But I've run into a brick wall, and am trying to save my house and car.
    My wife is on the edge of having a full blown nervous breakdown, and I'm trying to comfort her, but I'm not sure what's going to happen.
    Any help is really appreciated!
    I'm very new to this forum, so I'll be reading ALLOT in here.

  • #2
    If you have retained an attorney, you can give their information to your creditors when they start calling. I answered every one of them when we did not yet have this info, and I can tell you that's all they really want. If Discover is one of your creditors, they are the most aggressive as far as sending it to collection company and really pushing the issue of trying to get their money. But still, even with them, you at least have a few months.

    My husband and I had never paid anyone late, either. 20 years of spotless credit report. Life happens. It's going to be okay.

    I thought many times that I would continue to pay them as long as we were able to. Thanks to the wisdom of the members here, I eventually realized that this was pointless and we were throwing away money that certainly could be used in other places. We hadn't stocked up on food and other household necessities in a long time, and MAN, it felt good to be able to do so.


    • #3
      Originally posted by Chrysalis View Post
      Life happens. It's going to be okay.
      Thank you SO much!
      Since being disabled it's been a constant fight. I'm really hoping this will be the light at the end of such a long tunnel...
      My only concern has to do with the new credit card.
      I had to get tires for our only car.
      The way I see it, the $600, if not included in the chapter 13 is negotiable.
      Getting financial relief will enable me to get that paid off quickly.
      In the mean time, I want to live my life in peace...


      • #4
        I wouldn't lose a second of sleep over those new tires. Seriously. First of all, the number I see around here regarding things which may be questioned is $750 on a card within the last 90 days. Second, the things which may stand out are "luxury" purchases. $600 tires for your car does not qualify as a luxury by any stretch of the imagination.

        I'm sorry about your disability, and your wife's, whatever they may be. My husband is off work from back surgery after trying everything under the sun to get better since October, missing a lot of income in the process. Between that, medical bills, and the fact that we had too much debt to begin with -- it was just too much. We couldn't do it anymore.

        He is only 40 years old, with aches and pains all over the place. (Still.) It's been hard watching him deteriorate. I often do not know what I can possibly do for him. Bankruptcy was truly the only way to give him the time he needs to heal. I just hope it's enough.

        People around you in your real life may not have ever been in your shoes or truly understand, but both of you, please know that around here -- we do. When I say it's going to be okay, I mean it. I have stressed & stressed and I have been where you are in the process right now. I'm a little further along now and can say -- listen to the members who have been here for years. And listen to your attorney. If you feel you've found a good one, take comfort in that, take a deep breath and let them do the work you are paying them to do.


        • #5
          Originally posted by Chrysalis View Post
          I wouldn't lose a second of sleep over those new tires. Seriously. First of all, the number I see around here regarding things which may be questioned is $750 on a card within the last 90 days. Second, the things which may stand out are "luxury" purchases. $600 tires for your car does not qualify as a luxury by any stretch of the imagination.
          Thank you so much!
          It was my back that took me out of a 2 year career. 2 surgeries, 2 heart attacks, and I'm so done you couldn't stick a fork in me if you tried.
          She went to school and worked for 2 years, but due to her own health issues, and a very negitive work environment, I told her to quit.
          I don't want to lose her, but I can stand to put up with the B/S a BK trustee can throw at me.
          To know she's OK, and everything will be OK is what I need to keep going.
          Down the road I feel everything will be OK.
          The biggest hurdle is going to be getting the court dates out of the way and start paying the trustee.
          Once we get to that point, things will be ALLOT better.

          Thanks again for all your kind words!


          • #6
            Originally posted by KYRanger View Post
            The biggest hurdle is going to be getting the court dates out of the way and start paying the trustee.
            Once we get to that point, things will be ALLOT better.
            From what I understand, In most BK court districts and states, you start paying you Ch 13 payment no later than 30 days after you file your petition. I started paying within a couple week of filing and been doing so for over 3.5 years. Your payment may go up or down after the 341 meeting as your attorney and trustee work to get your plan so it will be approved by the BK court.

            Filed Ch 13 Fall 2013, 60 month plan


            • #7
              Thanks! @switch625 I can't wait to get this ball rolling!


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