After 36 months payoff questions

[spartanfan96]

[powsps]

i was on a 46 month plan and i paid the plan off just 2 months ago after i made the 36 month payment. Just waiting for the discharge. I called the trustee after i made the 36 month payment. Call the trustee when you make the 36th payment

[spartanfan96]

hmmm.

i was on a 46 month plan and i paid the plan off just 2 months ago after i made the 36 month payment. Just waiting for the discharge. I called the trustee after i made the 36 month payment. Call the trustee when you make the 36th payment

Was your payoff less than the total amount of the remaining payments?

[powsps]

i had 10 payments left on the plan, the monthly payment was 550 a month. i sent the trustee 5500 and paid the plan off. It was not 100 percent. the 3 year seems to be the magical number under the old laws. i called my lawyer first then called the trustee and he gave me the balance which was 5500. under my plan i had to pay 550 a month for 46 months. It was a long 3 years

[davids]

Bk

i had 10 payments left on the plan, the monthly payment was 550 a month. i sent the trustee 5500 and paid the plan off. It was not 100 percent. the 3 year seems to be the magical number under the old laws. i called my lawyer first then called the trustee and he gave me the balance which was 5500. under my plan i had to pay 550 a month for 46 months. It was a long 3 years

I have to ask, did you see any light during that long 3 years?

I know with BK 7, in 60-90 days, you start your life over..bla, bla...

well I will be looking at chap 13 (beginning) is there any
light in this long process, or will it all be darkness...

[lrprn]

I have to ask, did you see any light during that long 3 years? I know with BK 7, in 60-90 days, you start your life over..bla, bla...

well I will be looking at chap 13 (beginning) is there any
light in this long process, or will it all be darkness...

I hope that powsps will answer your question, david - however, the major advantage to Ch 13 is the guarantee that you get to keep all your assets where in Ch 7 there's no guarantee you get to keep any of them. The trade-off for having no risk of losing valuable assets (houses, cars, etc) is 3-5 years of payments vs. typically starting fresh in 4-6 months.

See the "Jealous of Ch 7 filers" thread in the Chapter 13 area for some excellent insights on what it's like to be on both sides of the consumer bankruptcy fence - http://www.bankruptcyforum.com/showthread.php?t=10447

[davids]

start fresh..

I hope that powsps will answer your question, david - however, the major advantage to Ch 13 is the guarantee that you get to keep all your assets where in Ch 7 there's no guarantee you get to keep any of them. The trade-off for having no risk of losing valuable assets (houses, cars, etc) is 3-5 years of payments vs. typically starting fresh in 4-6 months.

See the "Jealous of Ch 7 filers" thread in the Chapter 13 area for some excellent insights on what it's like to be on both sides of the consumer bankruptcy fence - http://www.bankruptcyforum.com/showthread.php?t=10447

hrm..hard decision..let me think, start fresh in 3-5 years, or 4-6
months, let me dwell on that just 3-5 seconds longer...

start fresh in 4-6 months but I dont have that option...

[lrprn]

hrm..hard decision..let me think, start fresh in 3-5 years, or 4-6 months, let me dwell on that just 3-5 seconds longer...

start fresh in 4-6 months but I dont have that option...

We didn't have the Ch 7 option either. But at least we 13ers do have light at the end of our dark financial tunnels. It's just a much longer tunnel to finally get to the light!

If forced to choose between being hounded by creditors and collectors for the rest of our lives and losing everything we have in the end anyway, I'll pick the long Ch 13 tunnel. Five years vs. decades of stress and turmoil with no ability to ever get out of the hole....easy choice!

[davids]

Bk 13

We didn't have the Ch 7 option either. But at least we 13ers do have light at the end of our dark financial tunnels. It's just a much longer tunnel to finally get to the light!

If forced to choose between being hounded by creditors and collectors for the rest of our lives and losing everything we have in the end anyway, I'll pick the long Ch 13 tunnel. Five years vs. decades of stress and turmoil with no ability to ever get out of the hole....easy choice!

Oh gee, I feel much, much better now

[davids]

Bk 13

We didn't have the Ch 7 option either. But at least we 13ers do have light at the end of our dark financial tunnels. It's just a much longer tunnel to finally get to the light!

If forced to choose between being hounded by creditors and collectors for the rest of our lives and losing everything we have in the end anyway, I'll pick the long Ch 13 tunnel. Five years vs. decades of stress and turmoil with no ability to ever get out of the hole....easy choice!

I could loose my house either way... I can not seem to get refinanced, and if i cant, I would need $20k for the ballon... and since the only thing i have is the house, filing BK 13 or not, I still might loose it either way...

[powsps]

I learned a lot in the last three years. If it wasn't for some property i had, i would have quit a job and done a chapter 7. You can be the best person to budget but if a vehicle breaks done, that could cost a lot of money. I was a impulse buyer which led me done this road and learned a very vaulable lesson. If you have nothing to protect chapter 7 is what i would have done. Right now im taking that monthly payment and saving it. I have had no savings account for about 3.5 years and it sucked. It wont take long to save but just having it will be nice. Hopefully by next spring i will be able to build a house, i know i will have a higher interest rate but the way rent keeps going up it wont matter.