Quitting a Ch13

[keepsmiling]

[Okieblue]

Fluff.

[debtinohio]

Basically as I understand it, you were given the chance to pay off appx 69K of unsecured debt at a rate of what 6,900.00 with out any interest over a 5 year period instead of paying the full amount subject to 29% + interest and fees, and you are wondering what to do? If I were you, I would be jumping for joy as that deal is very good. One thing that you can be gauranteed is that you will be much worse off if you dismiss no matter how hard it is now. Don't do it.

Exacty ^^^

I don't see the problem since it's the same cars that would still have to be paid regardless and whatever small amount is going towards attorney fees/insecureds. You have been given an excellent opportunity to start over. When this is done, you will have 2 paid off cars and no unsecured debt.

I wish my payment was 10% plus cars. Especially if that 10% = just $6900.

This isn't a prison sentence. You have far more freedon then you think. The only time I ever think about my plan is when I get my paycheck, which is $800 less now that the plan payment is taken first. I do love the simplicity of my finances now though! I just worry about my basic bills/utilities.

[AngelinaCat]

We are 3 months from being completely finished with our 60 month chapter 13. There are only a few days in the past 5 years that I did not think about the BK in some way. In stead of dwelling on the time, make the time work for you. Plan what you will do when it is over. We know that we will build a small house. My DH was a house builder and since we had to sell our big one during this time, we now are planning something we can really afford. I have a budget, it gets updated daily, and finally I feel empowered over my money, not a slave to it.

I cant imagine ending the chapter 13 and hope for the best. It would be a nightmare for sure.

Thank you for your observations, and welcome to the forum.

[fromlu]

We are 3 months from being completely finished with our 60 month chapter 13. There are only a few days in the past 5 years that I did not think about the BK in some way. In stead of dwelling on the time, make the time work for you. Plan what you will do when it is over. We know that we will build a small house. My DH was a house builder and since we had to sell our big one during this time, we now are planning something we can really afford. I have a budget, it gets updated daily, and finally I feel empowered over my money, not a slave to it.

I cant imagine ending the chapter 13 and hope for the best. It would be a nightmare for sure.

[keepsmiling]

Said with love and affection:

Gonna strongly suggest you find time to count your blessings and get the heck off Farmville and into something productive. Use this time creatively if you can't work up the steam to look for a paying job. Learn a new skill, help someone else out. Get a new perspective on life. Try reading a Simple Abundance type of book or go to the fb site for gratitude.

I understand about it sometimes not paying to work. I lost my health insurance because I took a pt job and made just enough money to get screwed; that job cost me a fortune. It's frustrating.

And feel free to come vent here when it gets to be too much. It's ok to vent, but don't dismiss the 13. No good will come of it.

((hugs))

[AngelinaCat]

I would just love to be free of this.

I know and understand. We were trying to do a CH13, but when I lost my FT job, that became impossible. So we had to file the CH7, which was an Asset Case, and it ended up becoming like a mini-CH13. Plus we had an AP filed against us. That lasted longer than the actual BK.

But after it was all over, both 'Hub and I agreed that things worked out for the best, where we filed the CH7 and be DONE with it. Had we been able to file the CH13, we would probably be on our last payment or two, now, instead of being Discharged Aug. 13, 2008, and Closed on Nov. 3, 2009.

It DOES get better! {{{HUGGS}}}

[Okieblue]

I totally get you and yes, the fall out could be really awful for my family. I would just love to be free of this.

[99lawdog99]

Basically as I understand it, you were given the chance to pay off appx 69K of unsecured debt at a rate of what 6,900.00 with out any interest over a 5 year period instead of paying the full amount subject to 29% + interest and fees, and you are wondering what to do? If I were you, I would be jumping for joy as that deal is very good. One thing that you can be gauranteed is that you will be much worse off if you dismiss no matter how hard it is now. Don't do it.

[minan]

Agree with AngelinaCat. We went through misery when we filed, but we are 3 month away from starting our 3rd year of a 5 year plan and have no regrets now. We filed due to back taxes, but cannot imagine the hell we would have had to endure if we ended up being late on our credit card debt. We were lucky in that we were current on our consumer debt and mortgage. We realized we'd never payoff the IRS debt so we filed. Now we have stopped the penalties charges and will be done in 3 years. Time does file, though the first year is the hardest. We have no credit cards and buy only using cash. It has gotten easier.

[AngelinaCat]

What makes you believe that you will not be in living hell without a chapter 13? Instead of paying 10% to your creditors you will be paying 100% and that 69k of unsecured debt..watch it balloon with added fees, interest and lawyer fees. You can't use credit cards now anyway so that option is gone. I am not understanding how your perception that a chapter 13 is worse than the situation you were in before. Perhaps you have forgotten what led you to BK in the first place? You could try to modify however if you truly have the DMI then you need to look at your budget and just be resigned to live within that.

In addition to what mountanddo said, you will be subjected to endless creditor calls, and then most likely lawsuits aimed at getting you to pay what you owe, which can result in judgments, and then levys and garnishments.

You have NO IDEA what HELL you WILL be subjecting yourself to. You want control over your life? You will NOT have it going this route. The CHOICE of deciding to file BK, no matter the chapter, is so that you WILL have some control over your financial life. And with a CH13, you are FORCED to learn to budget your finances. Methinks that this is what you don't like.

[mountanddo]

I am for sure dwelling on it too much, it almost consumes me, last thing I think of when I go to sleep and first thing I think of when I get up. We live pretty much like we did before we filed, only thing is now, I am more honest about how much we spend, no more $300 for groceries with cash, but then spend another $200 on food using a cc. I understand the concept of a 13, but living it for 60 months is a *****. I wonder if at this late date we could actually modify it? I just want the control.

What makes you believe that you will not be in living hell without a chapter 13? Instead of paying 10% to your creditors you will be paying 100% and that 69k of unsecured debt..watch it balloon with added fees, interest and lawyer fees. You can't use credit cards now anyway so that option is gone. I am not understanding how your perception that a chapter 13 is worse than the situation you were in before. Perhaps you have forgotten what led you to BK in the first place? You could try to modify however if you truly have the DMI then you need to look at your budget and just be resigned to live within that.

[Okieblue]

Are you kidding, Farmville keeps me busy all day into the wee hours... lol No, really, I have no end of things to keep me amused, I just feel very insecure and limited in my choices. I was looking for some idea on what I could expect if we did dismiss, of course we don't have thousands to settle with big, mean, nasty cu, but the little ones we could pull off. Not sure if oc's work with this situation or if they go for the jugular.

[keepsmiling]

Sounds like maybe you have too much time on your hands.
By now it should be just habit.
Work on changing your perceptions of things and find something productive to keep you busy. Volunteering to help those in worse shape than yourself is always a great way to regain perspective.
Good luck. It's ok to come here to rant btw. That's why we're here.

[df04527]

A most humble opinion here is that your issue may run a little deeper than the BK.