New here - hoping we’re close to confirmation

[Cohome81]

Hi all,

I’ve been lurking for awhile and appreciate all of the insight. We filed ch 13 in Nov 2021 and are getting ready to file our next amended schedules and plan to see if we can come to agreement with trustee and get closer to confirmation.

My question is if tax refunds are always required in a less than 100% plan? It hasn’t come up at all yet and my attorney said he didn’t think that they would be. Our trustee has been pretty persnickety to this point, so I would be surprised if it is not required. Would I only find that out after confirmation? If we do have a return I plan to do nothing with it as I would expect to have to turn it over. Haha.

[justbroke]

Whether or not tax refunds are required to be surrendered for the plan seems to be specific to the Trustee and/or the district. The only way to find out is when the plan is confirmed, and to read the order confirming the plan (since the order supersedes any plan language).

Welcome to BKForum.

[Barbisi]

Cohome81, welcome!
We had to file BK13 in Colorado where we currently still live (although we are struggling mightily to sell the house and get out of here forever.)
You can read my many, many posts about our years of purgatory LOL. (Feb.2017- Feb. 2022)
In our case, we did not have to turn over tax refunds; I think the amount was always too little for our trustee to bother with. (We were nowhere near 100% -more like 40%.)
A lot will depend on who the trustee is in your case, the initial for ours was K., if that helps.
I wish you well and hope you are either Colorado natives or committed transplants who have no desire to leave Colorado ever. Otherwise, the next five years will not be pleasant to say the least.
My husband and I moved here in 2010 from the East Coast and I have nothing but regrets about moving to Colorado. It turned out to be a colossal mistake, both financially and personally.
Good luck on an easy confirmation and a smooth five years in BK13!

[Cohome81]

Thanks justbroke, I figured as much!

Barbisi I have considered picking your brain more than once! We do have a different trustee, I believe. I am a Colorado native and dragged my hubs here in 2010. No plans to leave, but really hoping to get through the next five years as well as possible. Filing now amidst this real estate surge has definitely made life a little more difficult than if we had taken this step earlier (and we probably should have) but I’m choosing to look at this as debt reorganization and a way to hang on to our equity for our kids.

Thanks for the welcome. I am happy to have found a brighter path forward!

[Barbisi]

81, I'm glad your pre-filing situation is better than ours was, and you are happy to remain here for the BK13 duration and beyond because this is your forever home.
I really liked it here until 2014 when everything changed - marijuana was legalized (something I didn't pay attention to at the time since I never had any interest in drugs of any kind) and then with little thought or planning ( after getting notification in September of that year that we had to vacate our three + year month-to- month rental ASAP) ,we bought an awful fixer upper I didn't even like in October, and one that doomed us to BK13 since we didn't have the 100K it took to make the outdated shack comfortable and resalable. And then in April 2016 my mother suddenly died in the house after an illness only diagnosed one week prior to her demise.
I understand now that I should have never moved here since I don't like the outdoorsy, dry, high-altitude climate (which is physically devastating my body) and the "culture" (mountains, dog parks, craft beer, and major sports teams, mainly the Broncos.) There is little else here and I want different things out of life than is currently available to me.
Hopefully, if we can make the necessary repairs to the second residence purchased in Oct. 2016 (after selling the "investor home" at a loss) and get it on the market before summer, we can come out with a sizable profit just every other Colorado seller normally does in this over expensive bubble housing market and instead of wasting the money here on an overpriced, underwhelming local property, we can relocate to a fresh, more interesting place with real possibilities for me to travel, use my language skills, and return to the profession of the performing arts, instead of being trapped in a quagmire of nothing besides PT and chiro medical visits and struggling during the frigid winter to get to the gym and hating the sunny summer heat and six month wildfires than can even occur in December, LOL!
I need and deserve more out of life than knuckling under and settling (as we have since October 2014.)
If you have any BK13 Colorado questions, please feel free to PM me and again best of luck on sailing through your years of BK13!

[Cohome81]

Barbisi Im so sorry to hear about your mom and all that has happened to you here in CO. While I was raised here I have lived in and loved other places and briefly considered relocating before the gravity of our financial situation became apparent. Now, we’re really just hoping to hang onto everything, get through the next few years as best as we can. I’m not a big fan of the outdoorsy culture either, although I don’t mind the winter so much. Too bad I won’t be traveling any time soon. Lol.

I am hoping to have a confirmed plan in the near-ish future so we know exactly what all we are dealing with!

[Barbisi]

Thank you Cohome81,
The 6th anniversary of my mother's death is fast approaching, and I am feeling quite depressed in spite of the discharge. (We haven't gotten the closing yet, but we are hopeful that will come soon.)
I really hope you guys get a plan that you can live with fairly comfortably and without too much deprivation!
As others have said, it really is a process and sometimes your plan needs a lot of fine tuning before you can cruise steadily down the road to the end of the line and freedom.