thats it I quit

[tofargone]

I can't take it anymore. I think I would rather be in prison than dealing with this everyday. I am 34 and I feel like I'm twice that. My wife and I are mulling options. What it looks like we are going to do is sell the house. Take the proceeds and pay off the BK ( I'm close to 100% anyway ) and then move out of town to a nearby one that I can rent my grandmothers house for next to nothing. The kids ( 9 and 5 ) will have to switch schools, but with what I save my wife can quit working and go back to school full time. The kids won't need to be in day care, and I can finally replace my crappy van that is costing way to much and falling apart. Also my marriage that has thus far been strong will have a huge burden lifted off of it and maybe we can act like a family again instead of the running juggling stressed out people we have been. Basically what kills me is to go from a home owner in a town my kids love to basically being a renter again and making my kids switch schools ( the good part is the new school is a better school ). So I guess if this all works out than the BK gods win, I lose game over.

Thank you to everyone for there advice and help and God Bless those of you who can make it through this nightmare.

[Minnymouth]

Ok, CALM DOWN................

Did you do Chapter 13 because of too much extra income or to keep your assets??? (home, etc)

Do you have a lot of equity in the home?? Will it cover your debts if sold??

If so, and you really want to get rid of house, move, rent for a while, get another vehicle, etc...... then you may be ready to file for a Chapter 7 and clean it all up...... and have a clean slate and fresh start.

Anything you do will have to be approved by the Trustee, including the Chapter 7, and including selling your home to pay debts......

Your stressing out way, way too much. Chapter 13 is not easy just as starting over is not easy.....

Tell me more..............

[chpxiii]

Basically what kills me is to go from a home owner in a town my kids love to basically being a renter again and making my kids switch schools ( the good part is the new school is a better school ). So I guess if this all works out than the BK gods win, I lose game over.

This is your Pride and Ego talking. Ignore them. Sometimes you have to swallow Pride and deflate your Ego to do what is best for yourself and your family.

I've said it before, let it go, and you will be free.

[tofargone]

We filled a 13 to save the house. My unsecured is nothing ( 5 grand or so,9 in back taxes ) My van loan, and first and second arrears are the main portion of the plan. I am just sick of having to worry about money all of the time. I work days, my wife works nights, kids are in sports and other activities so basically my wife and I see each other on the weekend and thats about it. My kids see my wife in the morning for about an hour and then on the weekends. I have just come to the conclusion that its not worth it. I have enough equity in the house to pay everything off and walk out with about 40K. I figure I will save about 2k a month living else where. With that much savings my wife can go back to school full time and in a couple of years we should have a heck of a downpayment on our next house. Basically my wifes wages don't account for much and I make to much to convert to a 7 even if I wanted to.

So I will lose about 30k in equity in the house..live and learn. I have a nice house I can move into for about $500 a month. I am paying about $1800 a month now. I also will save about $200 a month on gas and $200 a month on the part time day care my kids are in. Thats $1800 per month I save. Heck my wife is lucky to bring home 1k a month now.

Again the only problem is we will be going from a town of 2500 people that my kids love to a city of 200K. It will be an adjustment, but I think I have to for the sake of our family and sanity.

Thanks

[MOMof3]

I have a similar situation, our case was confirmed 5/1/07. We filed to save our home as it has equity. Our plan consists of our house payment w/arrears, van payment, back taxes & unsecureds (incl student loans) at about 8% payback. We have three children and make good money. My entire paycheck (minus $74 bi weekly--lol) goes to the trustee. Granted, the house payment is the majority of it, but I still feel like I'm busting my you know what for nothing at times. I have an 8 month old, 6 year old & 8 year old that I'm sure would love for me to work less hours. We have thought about selling, moving & renting, but that sounds stressful to us too. There are many days I wish that I could just say screw it all and be done with it, and I envy people that can do that, so I understand what your frustrations are. The big issue for me right now is that it feels like our house is falling apart. We only have 3 bedrooms and our 8 year old & 8 month old girls are sharing a room. I don't imagine that my 8 year old will WANT her baby sister in her stuff in a few years time and it bothers me that we cant buy a different home. My hubby says it would take about 15K to get our house up to snuff to sell, so what equity would be left? Potentially still a good hunk, but the way the housing market is going--who knows?? The other thing that sucks is that we could RENT a nicer home than what we have for probably 500-800 less per month---but we would also lose the tax break I guess too. No matter how you slice it, nothing is the way that I want it to be, BUT things ARE better for us now than before we filed--at least the stressful nature of the creditors hounding us is over. If you can escape it, I would. Our lawyer says to not even consider converting until our arrears is paid--from my calcualations, that looks like 2010 at the earliest. Selling is what we are looking at now if we could ever get the house prepared for it. Good Luck with whatever you choose to do!! Kids are resilient, I wouldn't worry to much about them. They will be happy if you are happy

[tofargone]

Thanks MOMof3. My wife and I did a lot of soul searching this weekend and we are going to try for the move. I figure it will take a month to get all of the details of the school and the move figured out and probably until March to have my house ready to sell. God willing I will have the thing sold by or during the begining of summer. I am going to price it to sell quickly and try it on FSBO first to cut out the realter fees. Well see, hopefully it goes. I know when we bought it it was on the market for a week ( this was prior to the boom ) The house is only 7 years old and shows real well ( once we declutter it ) so I just pray there is a someone who will want it.

[TiredandWeary]

I have a similar situation, our case was confirmed 5/1/07. We filed to save our home as it has equity. Our plan consists of our house payment w/arrears, van payment, back taxes & unsecureds (incl student loans) at about 8% payback. We have three children and make good money. My entire paycheck (minus $74 bi weekly--lol) goes to the trustee. Granted, the house payment is the majority of it, but I still feel like I'm busting my you know what for nothing at times. I have an 8 month old, 6 year old & 8 year old that I'm sure would love for me to work less hours. We have thought about selling, moving & renting, but that sounds stressful to us too. There are many days I wish that I could just say screw it all and be done with it, and I envy people that can do that, so I understand what your frustrations are. The big issue for me right now is that it feels like our house is falling apart. We only have 3 bedrooms and our 8 year old & 8 month old girls are sharing a room. I don't imagine that my 8 year old will WANT her baby sister in her stuff in a few years time and it bothers me that we cant buy a different home. My hubby says it would take about 15K to get our house up to snuff to sell, so what equity would be left? Potentially still a good hunk, but the way the housing market is going--who knows?? The other thing that sucks is that we could RENT a nicer home than what we have for probably 500-800 less per month---but we would also lose the tax break I guess too. No matter how you slice it, nothing is the way that I want it to be, BUT things ARE better for us now than before we filed--at least the stressful nature of the creditors hounding us is over. If you can escape it, I would. Our lawyer says to not even consider converting until our arrears is paid--from my calcualations, that looks like 2010 at the earliest. Selling is what we are looking at now if we could ever get the house prepared for it. Good Luck with whatever you choose to do!! Kids are resilient, I wouldn't worry to much about them. They will be happy if you are happy

Momof3, I feel that we have similar scenarios. I also have three kids and although we were not originally in arrears at the time of filing our Ch. 13, we ended going into arrears slightly before confirmation. Anyway, now the mortgage payment has been included in the BK plan for us. Anyway, I was curious about something you mentioned above. I've always thought that converting to Ch. 7 wouldn't be a good idea for us (provided we pass the means test in the first place) since we would stand to lose our home. But, I was wondering...if you have accrued enough in your trustee account (minus the regular mortgage payments) to cover the remaining original arrearage, could it then be possible for someone to convert to Ch. 7 WITHOUT losing the home? In other words, if they took what's accrued so far in the account that would normally be going to unsecured creditors and used that to cover your mortgage arrearage, would it be feasible to convert to Ch. 7 after all without losing your home?

Does anybody have any knowledge about this?

[MOMof3]

My lawyer said we could convert to 7 as long as there wasn't any arrears, if there are arrears, then the mortgage company can foreclose. The thing that sucks about this as that the priority of my payment schedule doesn't allow for those arrears to be paid in full until 2010...so??? I have been conversing w/her on the selling of the home & conversion. In order for hubby & I to convert though I think we will have to show a drop in income, I'm not sure. Things are going ok for us in the 13 (except for the fact I work so much), so I think we are going to wait things out awhile & see if the courts are going to allow 13 buyouts at 36 months in the new law scenario--my lawyer seems to think so. I think that would be the best solution for us but it is an unknown right now. That would allow us to get out of our 13 w/out conversion & w/out having to pay unsecured 100%! Good Luck!!