New and just started the process

[tinpusher]

Thanks for the reply drazil. I'm glad we didn't end up in a bickering match here...haha.

I do have a family, it's not just me and the wife and the 70k is including the living stipend. When it comes down to it my gross pay is 70 but my actual bring home is 54.

As always though I do appreciate the advice and enjoy the conversations.

[159515951]

tinpusher, there is no reason to feel defensive. Nobody is making any judgments. Incorrect guesses or assumptions maybe, but everything you've read here is from a desire to be helpful, not a desire to shame. What we all know from our experience and the experience of other BKforum members is that the higher your income was before the decrease, the more difficult it is to make the necessary adjustments. I think everybody is just trying to make sure you know from the start that things will be difficult. I think people who ever been there themselves tend to be very adamant about warning others.



Why? Your debt was an asset of the original creditor. That creditor didn't want the asset, so they sold it to somebody else, just like they would do with any other asset they don't want anymore. Why do you care who the trustee pays?

I had the same reaction -- I couldn't care less who the checks are going to, I just want to finish this up and move on!

[switch625]

Why? Your debt was an asset of the original creditor. That creditor didn't want the asset, so they sold it to somebody else, just like they would do with any other asset they don't want anymore. Why do you care who the trustee pays?

I had the same reaction -- I couldn't care less who the checks are going to, I just want to finish this up and move on!

Allow me to clarify: My issue and main point here is my relationship with my creditors regarding this debt-buying business they engage in. Not certain if references to the trustee by either of you is rhetorical or not, because I also don't care who the trustee pays with my money. His role is at this stage of my BK is transactional and agnostic to a certain degree until I can't or don't have to pay into my plan.

Anyway, I find the whole practice of buying our unsecured debt insidious and cynical and it should be outlawed. Your debt is just an asset and then a commodity to be bartered and sold to people who profit from your financial collapse. It bothers me that I have to payback a debt with my hard earned money to someone who didn't lend me that money in the first place. In essence, they are dumpster-diving for the glowing hot spare change at the bottom of the dumpster fire that was our pre-BK debt situations and expect that you pay the whole amount of their share of money in that dumpster (or as close to it as possible under Ch 13); both the hot change and burnt-to-a-crisp dollars and even the ashes of those dollars. It all retains it original value and for us the the original obligation to pay...and I think that disrespects us debtors. it may be the way of the credit industry and it may be legal and for them it may be a reasonable and prudent business decision, but on a moral level, on an emotional level and on a Wall Street vs. Main Street level, I don't have to like it and I don't have to accept it and I feel its reasonable to be bothered by the practice. I do think that the throat-punch feeling I get is indicative of my lack of knowledge of how debt collection and BK really works. As naive as it sounds, I really expected all my creditors to stand to be paid by me to recover what they could get from me through the plan. After all, it was their assets I took and could not give back fully. We are raised and led to believe that people have a strong attachment to their money, especially when it's borrowed...and they want their money back.

So why does debt buying disrespect us debtors? If the creditors sell off your debt for pennies on the dollar in BK, then why do they spend a lot of time and resources chasing and hunting you down in the daylight hours (and on the hour, it seems) pre-bankruptcy to pay up on their terms, threatening you with litigation if you don't pay? Why cause you to invest all that physical, mental and emotional energy to stay ahead of the collection efforts? Why cause a lot of stress and sleepless nights? When a creditor sells your obligation to a debt buyer, they just wasted your time, ignored your intent to make good on your debt directly to them, degrade the quality of your life for a period of time for nothing and maybe took some months off your life. These are things you don't get back.

Off my soapbox.

[dmc-2008]

Well u are here now and on the right track! I wish u and your wife all the best! It ain't easy but it's doable!!!! Good luck