realistically speaking how hard is chapter 13 to accomplish?

[deesown]

Is the budget so tight the trustee puts you on that you can't even buy yourself a cup of coffee, if its not in yur expense account?
How about if an emergency arises like medical treatment where you have to shell out money to get surgery or something like that? What happens then?

[MOMof3]

If you get a good lawyer & a good plan, then you will still be able to get your cup of coffee. Ours is roomy, but I do have to be careful not to go overboard & I find myself choosing NOT to spend money on things I used to, like my $5.00 Starbucks, in order to save for things I really want. It has taught me how to actually budget and stick to my budget, something that I never did prior to bankruptcy.

As for the emergency question...I think most of us just keep our fingers crossed. I know that we couldn't afford if something "big" were to hit us. I hope to eventually get a cushion amount of money saved up, but it hasn't happened as of yet. Usually if there is something drastic, you can amend your plan or convert out. If it's really tragic, then there are hardship withdrawals. In my readings here & elsewhere, I think the courts & trustees are generally sympathetic as long as you are up front about your situation.

[$$only4ever]

Is the budget so tight the trustee puts you on that you can't even buy yourself a cup of coffee, if its not in yur expense account?
How about if an emergency arises like medical treatment where you have to shell out money to get surgery or something like that? What happens then?

Your budget depends on several things. How flexible your trustee is and how good is your attorney. I was lucky. I had both so I have some breathing room.

As far as an emergency goes, it would depend on what it is. If you end up with some wiggle room in your plan try to save a few dollars every month for the unexpected. As far as surgery, you could, in the worse case senerario, pay the hospital monthly installment payments. DH needs to have a knee replacement in the future. I will probably use my FSA for the out of pocket costs.

[qwertysue]

I will third the point about having a good lawyer who is familiar with what your trustee will allow in your plan, a lawyer who knows how much a trustee will allow for each expense. We had a few things that I thought would never fly by the trustee, but the trustee didn't even blink an eye.

Combine a good lawyer, a good plan and a good budget and some self discipline, it may not be totally depressing. I think if you take responsibility for making sound financial decisions while going through bk, it will work. For the first time in years we are not living paycheck to almost paycheck.

.

[wayne-o]

ditto for the lawyer, mine knew what the trustee would allow for certain things. I was worried about things like cell phone and cable..Lawyer said these things were commonplace know and would be allowed. I too learned to live on a budget and actually freed up some money during the course by switching to cheaper cable plan and cheaper cell phone etc. etc.

[kcsmom76]

Well I just posted about this in another thread. It has been h*ll and I am so worn down, I can't stand it anymore. We have been in Chapter 13 for over 36 months. I don't think it is ever going to end.

[deesown]

Well I just posted about this in another thread. It has been h*ll and I am so worn down, I can't stand it anymore. We have been in Chapter 13 for over 36 months. I don't think it is ever going to end.

That's what we are afraid of. It looks like we wont qualify for chapter 7 and we are scared to enter chapter 13 and being tied down ( not that we arent now) . UGH

[kcsmom76]

We didn't qualify for a Chapter 7 either.

If I could do it over, I would sell the house and file Chapter 7. But my husband would not hear of it.

This is so stressful.

[rrockinggramma]

chapter 13's can be stressful but they are what you make them. Learning to budget is a biggie and also the adjustment in lifestyle can be really tough too. (instead of charging it on a cc, having to pay cash for it etc) all of a sudden it makes you think about your money. I am retired. I have a pension (former teacher) of about 2500 a month. I do not qualify for social security yet. I am divorced now. All that stress about money did my marriage in, along with other factors. My trustee payment is 556.50 a month. But I find that it is far better to have that payment each month then have all the creditors calling. Prior to filing the chapter 13 I didn't understand how to budget. Now I budget real well and look for bargains. I do not feel pinched nor feel that I have gone without. And I look at the 556.50 payment every month and think of all the things I could do with that money when my plan is done. But I probably won't do anything with it but save it. LOLOL It can work. But you have to be committed to it.

[aa06a47]

I am greatful I had a lawyer that knew how to give some wiggle room. Prior to the lawyer consults, I used some software I downloaded and figured my payment at about 400 more than I am paying now. I figured my lawyer saved me 33K over her fee's. And worse yet, as tight as it gets some months (this one for example), I would have probably already failed at the chapter 13 going with my numbers.

[EveryDayAdam]

I have to agree with a lot of the others here that say: DEFINITELY get a lawyer for a chapter 13. They are worth EVERY SINGLE PENNY of the fee they charge. Mine saved me about $25,000 in payments over the course of my plan. It was worth every last cent. I know a chapter 13 laywer isn't cheap...$2000+ in some cases, depending on the complexity, but it is worth every penny...if they can shave off just $100/mo off your payment, they've already saved you $4,000 ($100/mo x 60 months - $2000 = $4000). My lawyer was able to squeeze out about $400/mo off my payment.

[SinkingFast]

We didn't wind up doing Ch 13, but I'd like to add,...........

Consult around and compare the Plans different attnys propose they'd submit.

Most of the attnys we Consulted insisted we'd be Ch 13 and their figures for different expenses varied widely.

We are a family of 6. Our food allowable was $1300/mo. One attny was gonna cut us back to $600/mo for food. Another was gonna allow $700. Our attny filed us at $850.

One attny said our auto insurance expense was way too high. Wasn't gonna allow for all of what we pay. HELLO!! We have teenaged children!!! That's why our auto insurance is so high.

One attny said he wouldn't allow any transportation expenses for our 3rd car. While it's nice for parents to help their kids with College, it's not required by law. The Court would not allow us to provide a car and pay for the maintenance and insurance for our kids to drive to school. It just would not be allowed.

Find a good attny as others here have suggested. But also find an attny who's gonna get you a workable budget tailored to your family's needs as well.

[kcsmom76]

At the time our plan amount was pretty good, but now, three years late, withe everything going up sky high and dh's pay not keeping up, it is kicking our behinds.

I didn't think that 48 months was a long time to pay things off, but now after 37 months of paying, it is hard. I'm ready to move on.

[deesown]

At the time our plan amount was pretty good, but now, three years late, withe everything going up sky high and dh's pay not keeping up, it is kicking our behinds.

I didn't think that 48 months was a long time to pay things off, but now after 37 months of paying, it is hard. I'm ready to move on.

just hang in there and good luck!

[lrprn]

At the time our plan amount was pretty good, but now, three years late, withe everything going up sky high and dh's pay not keeping up, it is kicking our behinds.

Have you approached your lawyer about filing an amended plan that matches your current circumstances?