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5 year vs 3 year Chapter 13 Pros and Cons?

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    #16
    Yes keeping taxes does make a huge difference! I forgot about that, I guess I am just resigned to haned them over,
    Discharge date: October 2017 (will it ever get here?)

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      #17
      We are in a 5 year plan with no choice. Keeping assets like two cars, house , rental property landed us a 60 month plan. It seems like it will never end, but I can tell you it has been nice living on a cash only basis. A real eye opener. You can easily see where every cent goes and we are more in tune with our adjusted lifestyle. It is a strict teacher , but valuable lessons have been learned. The needs and want list is very cut and dry now. I can tell you I will never have another credit card or car financed, EVER! The money we pay into our plan every month will go into a savings account when our bk is done. About $15,000/yr. We will draw on that reserve for car replacement, major purchases, emergencies, etc. We live well making the bi monthly payment and will not miss the money going into a savings when discharged.
      Filed July 2009. Discharged 08/08/2014. Awaiting closing. We made it !!!! Woo-hoo!

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        #18
        Well said andy158..i couldn't agree more!
        Filed Chapter 13 - 07/20/12
        Discharged 8/2/16

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          #19
          We have 2 1/2 yrs. left in our 3 yr. plan. Our bk was strictly cc's. Never again. I wonder now how we made those monthly payments--oh wait! We didn't, we made min. payments.
          Plan Completed 10 months early 09/24/2014 Discharged 11/04/2014

          Filed Ch 13 Aug. 2012 341 Meeting 09/12/2012 Confirmed 10/23/2012

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