Biggest regret Chapter 13

[womanonfire]

Not filing sooner. If I had filed sooner, I would have had recoupment claims against the owner of my mortgage. I think I would have gotten a better settlement than I got. And if I had filed sooner, then I would be closer to the finish line!

[Thingshappen]

From the responses and reading another posts, it seems that these are the most common regrets or mistakes made during the process:

• Procrastination - My goal was to wait as long as possible to file. I changed my mind about it and I am filing soon.
• Using 401K or retirement funds before filing - I thought about taking a distribution to fund the debt. It would have been a big mistake since it was just putting a band aid on the wound, not even counting the tax bill.
• Cashing out Home Equity or taking second mortgage to pay the bills instead of filing - I was also going to refinance the house to pay some debt. Glad I didnt do it. Besides my credit is trashed anyways.
• Not purchasing a newer financed car before filing - My car is 2018 and I still owe 3 years on it and will be included in the plan.
• Not finding this forum sooner - I AM SOOOO GLAD I FOUND this before I filed. You guys are so helpful and are becoming my best friends . I am sure I will learn about this process and soon I should be able to pay it forward and help others in financial needs.
• Continue to pay credit cards before filing - I stopped.

Please add anything to the list for the benefit of others that read this post. Thanks!

[flashoflight]

Carmella Pre-filing, my credit was trashed so there was no way to borrow money for a car. So I got a 2002 Toyota with my pre-BK tax refund so I could deduct the vehicle operating expenses. Sad I couldn't deduct the ownership expenses because it was a cash purchase. The car was 17 years old at purchase. Today it is still running good after hitting 20 years old. My main goal was to find a vehicle that could last the entire 5 years. I decided sticking with Toyota is the best way to improve my odds. Getting a late model or new car was not going to happen due to my trashed credit. I think after bankruptcy I will continue to stick with tried and true make/models known to last well past 200k miles and 20 years. I like not having auto loan payments anymore.

[Carmella]

Carmella, I will amend my response to include that we too should have bought at least one car prior to filing, but since the 2013 Sentra was only 4 years old when we filed, we very logically didn't foresee the massive repair bills we were about to experience, so we didn't try to replace my 2005 Sentra either at that time. Also, I wish we had found the forums much sooner as well - I think we would have been far better prepared for what lay ahead.
I still can't say we should have filed sooner: We weren't late on any regular bills or the mortgage; no creditors were hounding us, nor were we struggling to pay anybody - yet. Had we filed when my mother was still alive, we would have had to modify the confirmed plan when she passed away and worse, and what's far more morbid, we would have had to petition the court for a loan to pay for her cremation which cost around $1100 in 2016. She left no money behind nor any life insurance, so like so much else at that time, her final expenses were funded by credit card. (Imagine asking the trustee to allow us to borrow $1100 so my poor mother could be cremated! Talk about humiliation and shame.)
So, I just can't regret not filing sooner because of the timing of life events over which we had no control, nor could we expect to happen when they did.
We disliked the 1963 investor home so much; I don't know how we would have fared for five more years there had we not sold it after my mother died in the house in April 2016; so many bad memories there and we were so cramped by the outdated layout , the lack of space and the mediocre yard.
At least we really loved the large 1975 house -at first- with its pleasing porch, diner -style kitchen booth, and huge custom built-in office (all of which the investor buyer either gutted or modified), the shelved mantle and fireplace and relaxing fenced backyard. Of course, once the house started needing pricey repairs (e.g. a new furnace , a new swamp cooler, many small-medium plumbing issues,etc.) and we had no budget or credit to pay for what should have been done, all we could do was live like we were in a slumlord special until freed by the BK13 to sell to the waiting investor. And my worsening ankle issues and potentially crippling fall down the stairs in 2021 didn't help : I must now have a downstairs bedroom, full bathroom and closet ; I can no longer live safely where all bedrooms are on the second floor.
Perhaps everything went as it was meant to be : we survived and lived to one day thrive, LOL!

When we filed we had a 2002 Saturn. If I was thinking straight/had an idea of how BK works I would have thought maybe that 2002 Saturn would likely not have lasted through the 5 yrs (until 2023), plus procrastination time. It broke down and we got rid of it and were sharing a car. The car my daughter drove was in my name/my responsibility even though she was also on the loan. She decided to buy her own car and then we took back the Outlander Sport and my husband drove it for a while, but then it broke down and that was over a year ago and we still owed on it so it sat in the driveway while we paid it off. Not long before the BK my Saturn Ion mysteriously died. I can't remember the year of the Ion, but it was way too young to die. I still don't believe it ran out of oil because I missed oil change and I have no idea why there would be no low oil warning on it if it was low or if it was mysteriously leaking without leaving any spot on the driveway, etc. But the engine was gone because the oil ran out. I never had a service engine light or anything to indicate any problem. Anyway that's when I got the Mirage which was then totaled last Halloween.

Long story short it would have been prudent to get another car when we had that 2002 Saturn even though we thought it had plenty of mileage left in it. My neighbor had repaired a few things in it, but when the repairs were over $2,000 that we didn't have we junked it. In hindsight we could have bought a used car for my husband since he drives a short distance to work that could have lasted a while.

[masmith57]

Had the worst lawyer ever at first who told me to stop paying my mortgage and he could get me in a CH7 vs CH13 only for him to later say"Oh your VA disability counts as income on the means test! Spent first 15 months with this Quack before hiring a real lawyer; still ended up in a Ch13 & payments were through the roof but one more payment & I'm done!!!

Research get a good lawyer; never give up!!!!

Sep 26th -Last payment due

October 2022 -FREEDOM FROM 5 LONG HARD NO $ Years!!!!

[Barbisi]

Carmella, I will amend my response to include that we too should have bought at least one car prior to filing, but since the 2013 Sentra was only 4 years old when we filed, we very logically didn't foresee the massive repair bills we were about to experience, so we didn't try to replace my 2005 Sentra either at that time. Also, I wish we had found the forums much sooner as well - I think we would have been far better prepared for what lay ahead.
I still can't say we should have filed sooner: We weren't late on any regular bills or the mortgage; no creditors were hounding us, nor were we struggling to pay anybody - yet. Had we filed when my mother was still alive, we would have had to modify the confirmed plan when she passed away and worse, and what's far more morbid, we would have had to petition the court for a loan to pay for her cremation which cost around $1100 in 2016. She left no money behind nor any life insurance, so like so much else at that time, her final expenses were funded by credit card. (Imagine asking the trustee to allow us to borrow $1100 so my poor mother could be cremated! Talk about humiliation and shame.)
So, I just can't regret not filing sooner because of the timing of life events over which we had no control, nor could we expect to happen when they did.
We disliked the 1963 investor home so much; I don't know how we would have fared for five more years there had we not sold it after my mother died in the house in April 2016; so many bad memories there and we were so cramped by the outdated layout , the lack of space and the mediocre yard.
At least we really loved the large 1975 house -at first- with its pleasing porch, diner -style kitchen booth, and huge custom built-in office (all of which the investor buyer either gutted or modified), the shelved mantle and fireplace and relaxing fenced backyard. Of course, once the house started needing pricey repairs (e.g. a new furnace , a new swamp cooler, many small-medium plumbing issues,etc.) and we had no budget or credit to pay for what should have been done, all we could do was live like we were in a slumlord special until freed by the BK13 to sell to the waiting investor. And my worsening ankle issues and potentially crippling fall down the stairs in 2021 didn't help : I must now have a downstairs bedroom, full bathroom and closet ; I can no longer live safely where all bedrooms are on the second floor.
Perhaps everything went as it was meant to be : we survived and lived to one day thrive, LOL!

[crazytimes]

Not filing sooner and digging a deeper hole.

[Clay3007]

Taking out a second mortgage to pay off bills and then still ended up filing. I wish i would have just filed 9 months earlier and I would be almost done now.

[Carmella]

Not filing sooner: PROCRASTINATION

Not researching the BK process or finding this forum. Not thinking about searching for this forum! I would have loved to know the tips and maybe would have bought another car while we still had decent credit.

[Barbisi]

Biggest pre- BK13 regret/ mistake? Still buying that awful, ugly 1963 fixer upper starter house in 2014 because without that ill-advised first home purchase, none of this bankruptcy would have been possible, IMHO!
Biggest regret/ mistake during BK13? Waiting until 2018 to get maximum 100% HSA coverage after the many, many medical bills I incurred in 2017. Otherwise, I feel we coped as best as we were able at the time, given the severe and spartan BK-13 lifestyle foisted upon us.

[Thingshappen]

Here is a quick outline; once you wrap your brain around this, ask a bunch of questions as there are a number of us here in various stages of our rebuild.

https://www.bkforum.com/forum/after-...uilding-credit

Thank you Shipo!

[shipo]

I know I am just starting the process but what are some ways to rebuild credit? thanks Shipo!

Here is a quick outline; once you wrap your brain around this, ask a bunch of questions as there are a number of us here in various stages of our rebuild.

https://www.bkforum.com/forum/after-the-discharge/rebuilding-credit/1028588-outline-for-rebuilding-credit

[Thingshappen]

Before:

• Not filing sooner
• Not taking my attorney's advice and buying a new car prior to filing

During (related to the second item above):

• Needing to buy a newer car in my 4th year; my car by then was 16 years old with nearly 200,000 miles on it; the car was mechanically sound, but it just rusted away.

After:

• Not taking my time doing research on how to rebuild my credit and instead, applying for new credit too soon.

I know I am just starting the process but what are some ways to rebuild credit? thanks Shipo!

[Thingshappen]

Not filing sooner! We treaded water for so long and it was so unnecessary. We also were very fortunate during the whole plan, though it didn't feel like it in the beginning. We got bumped to a 100% plan about 2 years in and had very little left over once all the bills were paid, but the pandemic hit (curbed any extraneous spending we were doing) and then my husband got a pretty significant promotion, giving us a lot more room to breathe. Both of our cars also made it through relatively unscathed. Now I'm doing the excruciating wait for our discharge so we can finally move on with our lives.

I am glad to hear that everything worked out for you and your family. I hope you get your discharge soon and get a well deserve vacation.

[Thingshappen]

Before? Spending down my retirement and running up $120K in credit card debt to try to save property. During the process? Nothing... the process worked for me and I discharged over $1.2MM in debt.

Wow. That is great!