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5 year vs 3 year Chapter 13 Pros and Cons?

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  • 5 year vs 3 year Chapter 13 Pros and Cons?

    Those of you that have either, what do you like or dislike about the duration and making the monthly budget?

    I understand this is subjective and everyone's scenario is different and some may not qualify for the 3 year plan.
    Last edited by ccmisery; 02-12-2013, 12:45 PM.

  • #2
    Sooner is better IMHO.

    Filed Chapter 13 - 10/05/10
    341 Scheduled - 11/10/10


    • #3
      Anybody who qualifies for a 36 month plan, should only submit to a longer plan if their disposable income is not sufficient to make a 36 month plan feasible. Examples of where this would happen is if they have to pay arrears on secured debt, have priority debt that must be paid, or are keeping non-exempt assets that they must pay for in the plan.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


      • #4
        13 is definitley better if you qualify. I am in a 3 year plan paying $100 a month.I have 8 months to go. Can't wait!!!


        • #5
          I had to go with 5 year, I had no choice.
          Discharge date: October 2017 (will it ever get here?)


          • #6
            Same as DMC, I have to go 5 year to keep some assets.


            • #7
              We were able to go with the three year plan. We actually had to create DMI by exempting some of our tax refund. I would be so depressed if we had to be in a 5 year plan. So much can happen in 5 years that could mess things up. I guess that's true for 3 years too but the longer you're under the scrutiny of the trustee, the greater the potential of "life" happening.
              Filed Ch 13 Feb 9, 2012, 341 meeting Mar 15, 2012, Confirmed Apr 5, 2012
              Anticipated freedom party Apr 2015


              • #8
                Its only actually 24 more months, once i reach the 3 year mark i will considee it over anyway, then its only 24 more months and its off credit report! 3 year plans have to wait the same time for credit report too. Naner naner :-)
                Discharge date: October 2017 (will it ever get here?)


                • #9
                  I'm in a 5 year plan (will be closer to 4 since a large creditor didn't file)...and it's fine with me. The reason it's fine is is that if i hadn't filed BK, i would be paying even more monthly than I am now (it just feels harder because I'm seeing 1 large payment rather than a number of smaller ones). and instead of being done in the 5 year period, it would take 30+ years in some cases. Of course, it would be nice to be done in 3 years, but it is what I created and for now it's easier to live/work with.
                  Filed Chapter 13 - 07/20/12
                  Discharged 8/2/16


                  • #10
                    Wow you got confirmed fast! I filed in Oct, 341 in Dec., and because of screw ups, I am now waiting till April!
                    Discharge date: October 2017 (will it ever get here?)


                    • #11
                      Hi DMC,
                      My case was very straight forward. One secured debt (a car) and lots of unsecured credit card debt. It was a very simple case. My attorney was even surprised how quickly it was confirmed. And since it was a 100% plan, there was nothing to have problems about. Good luck to you!
                      Filed Chapter 13 - 07/20/12
                      Discharged 8/2/16


                      • #12
                        I am in limbo, I won't know if I even can get a 13 yet? I think a 3 year plan would be ideal for me.


                        • #13
                          Thank you Sophie, there is nothing straight forward bout mine :-( i have mortgage, a lien strip, and unsecured debt! I am not 100 % payback so i am def looking at five years! Well four and a half almost! I am not even confirmed yet! Lol
                          Discharge date: October 2017 (will it ever get here?)


                          • #14
                            Ccmisery, i think this part, the beginning might be the hardest. I hope!
                            Discharge date: October 2017 (will it ever get here?)


                            • #15
                              If you can find a way go for the shortest period possible. As mentioned before, many things can put the BK at risk so reducing the time may help. Also it would free up the taxes for you to manage and keep any refunds you would otherwise have to send to the trustee. That's just my opinion though.
                              I was below median and selected the 60 month plan as the payment was way to high for us at 36 or 48 months. We have mortgage arrears and taxes included along with a lien strip. The taxes look like they will be paid in full at about the 30th month where the mortgage will likely take until the 36th month. I am in a 3% payback and the 2nd did not make a claim and only one non secured creditor claimed. I don't know how it will work, but I hope that gives me a chance of finishing early.


                              Frustrated, but clogging along.
                              11/23/'10-filed ch 13. 1/6/'11-341, confirmed. Below median. Plan completed 11/30/2015. DISSCHARGED 4/4/2016.JP


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