Chapter 13, shackled up for five years...

[espo1357]

Seems that way.

For example, my job is dying because the industry is dying. So, I am considering business school. But, because of the chapter 13, it seems like I can't go.

Is this bad thinking?

I am sure it is.

I could always convert to a 7, if I decide to go, right?

Sometimes, I really hate myself and the holes I dug by buying a home that lost so much value, and using my credit poorly. F me.

[muzzey58]

Please take an easy on yourself. Bankruptcy is not a death sentence. I've been in an active chapter 13 for almost 3 years, 7 months. I have been through ups and downs also. No one said that the housing market was going to belly up. I would contact a college guidance counselor for help getting financial aid. I'm not sure if you still have your house. The guidance and or financial counselor can help to see if you qualify for a government assistance that helps displaced workers after an industry quits. For instance, I'm originally from the Youngstown, OH/Sharon, PA area. Steel was the main life for the economy in that area. Two thirds of the people who lived in that area relied on the steel mills for income. After the mills closed, most people ended up going back to school with assistance from a government grant. I would approach your attorney and see if you can convert to a chapter 7 and that way you will be able to go back to school. I really would not go to school for business. My husband has an MBA in business. He lost his job in 2002 really the first wave of people losing their jobs. He had to use his first degree as a chemist to find a job. He has never used his MBA at all. He also knows that business jobs are not in demand. What is in short supply are areas of the health care industry (my industry) and computers. If I was able to return to school I would definitely pick computers right now. This is really the future for the US and world. If you are in a chapter 13 to save a house, then, I would do a short sale on the home. No home is worth paying 5 years of bankruptcy repayments just to try to save it. Take this time to return to school. Get a very decent and secure job. Then when you are in a stable job, save money then purchase another home. The main goal is to find peace with yourself. Consult your attorney and find out your options. If you can I hope you'll be able to convert to a chapter 7. Best wishes and good luck!

[espo1357]

thanks for the encouragement.

its frustrating sometimes because I am expecting a nice inheritance from my dad (he is very sick, and could go any day), and I don't know what to do with this house and how the inheritance impacts things (I don't want to bring it up to him that I filed, as this will upset him, he is old school).

I am really upset at myself, although it was the housing bs (bankers and lying people) that caused this. I will take my responsablity too, but I did not lie when I bought the home and was a first time home owner who assumed (wrong) that there was integrity in the housing market (f me).

Its all good I guess. We have to take the good with the bad in life, as it is written for a wise person to carry himself in such a manner.

[Flamingo]

I responded to your inheritance posting in your other thread. As to schooling, there is no reason why you cannot go to school in a Chapter 13. Call the school you wish to attend for courses and talk to the financial aid supervisor/manager. BK does not phase them - they have been through it all and know the ropes. There are all sorts of grants and financial aid out there from which you can benefit. All you have to do is go and inquire about it. Best of luck to you!

[muzzey58]

Be easy with yourself.

thanks for the encouragement.

its frustrating sometimes because I am expecting a nice inheritance from my dad (he is very sick, and could go any day), and I don't know what to do with this house and how the inheritance impacts things (I don't want to bring it up to him that I filed, as this will upset him, he is old school).

I am really upset at myself, although it was the housing bs (bankers and lying people) that caused this. I will take my responsablity too, but I did not lie when I bought the home and was a first time home owner who assumed (wrong) that there was integrity in the housing market (f me).

Its all good I guess. We have to take the good with the bad in life, as it is written for a wise person to carry himself in such a manner.

I lost my mother back in 1989. I was working at a fast food restaurant and had to totally rely on myself. I was only 29 when she passed. I had 3 younger siblings. Even though we were older, my mother sheltered us and we were not prepared for the real world. I had to grow up really fast those next few years. I endured the loss of 5 close relatives in a very short time. So I know the pain you are feeling right now. I would take all the time that you need to deal with your father right now. My husband lost his mother 12 years ago. He mentioned to me that it took almost a year to deal with the probate court. So put the bankruptcy behind you right now and look to your future. Money is just that money. The rules of the past are out the window right now. Until congress puts new and hopefully stricter banking laws into effect I'm afraid cases such as yours and my husband's are going to be around. We have to watch out for crooks and be our own credit police for right now. Hopefully, everything in your financial future will be great. You have to take one step at a time in this life. Deal with the right now and tomorrow will take care of itself. My prayers are with you and your family. Best wishes to you.

[espo1357]

I lost my mother back in 1989. I was working at a fast food restaurant and had to totally rely on myself. I was only 29 when she passed. I had 3 younger siblings. Even though we were older, my mother sheltered us and we were not prepared for the real world. I had to grow up really fast those next few years. I endured the loss of 5 close relatives in a very short time. So I know the pain you are feeling right now. I would take all the time that you need to deal with your father right now. My husband lost his mother 12 years ago. He mentioned to me that it took almost a year to deal with the probate court. So put the bankruptcy behind you right now and look to your future. Money is just that money. The rules of the past are out the window right now. Until congress puts new and hopefully stricter banking laws into effect I'm afraid cases such as yours and my husband's are going to be around. We have to watch out for crooks and be our own credit police for right now. Hopefully, everything in your financial future will be great. You have to take one step at a time in this life. Deal with the right now and tomorrow will take care of itself. My prayers are with you and your family. Best wishes to you.

thank again for the encouragement.
I think I am just going to let the house go, and forget the 13. First, I have no judgement against me yet (nothing has even gone to court). Second, I could always file a chapter 7 down the road if they get really nasty with the lawsuits, and besides, my job is going nowhere fast, so that wil be done soon, and I would easily qualify for the 7.

Also, why do I even need bk court protection if my inheritance is going to be easily over 100k?

they stink. let them sue me and take their 25 percent garnishment for life, in the worse case scenario (but, I won't let that happen, as I will just file the 7). You have to play around with the system, really. Corporations do that to us, through their better lawyers.