Anxiety re Trustee payments

« on: March 24, 2011, 08:05:04 PM »

wecandoit
Newbie

Posts: 2

My husband and I just filed Ch 13 last week. The creditor calls stopped almost immediately which has brought our spirits up. It feels like a doable plan. But it is very tight and I fear not being able to make our monthly trustee payments. Part of what got us into our difficulties is a business we own that took a slump with the economy. We fell behind on personal debt and couldn't catch up. The California Real Estate market also put our home under water, making selling unwise. We tried Consumer Credit Counseling and they referred us for Bankruptcy. My fear is that if the business declines, we won't be able to make the payments and the bankruptcy will be cancelled and our home will go back into foreclosure. But I know that we can deal with even that. So meanwhile I'm focusing on the part of this that I can control, which is our spending. Like most Americans, we lived beyond our means. I have been going through a radical reevaluation of lifestyle and spending choices. It's hard because we have children, but I am trying to pass on a new financial ethic to them (without burdening them with the anxiety of adult financial concerns). In many ways this has been good for us. It has made us look again at what is most important in life. Thank goodness, it has strengthened our marriage rather than eating away at it, as it does for so many others. I welcome your thoughts about how you have been handling your bankruptcy, your challenges, concerns, and the little blessings you have discovered in the process.


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Re: Anxiety re Trustee payments

« Reply #1 on: April 15, 2011, 10:57:35 AM »

top94
Newbie

Posts: 9

I can relate to your fears of being able to make the trustee payments. I just filed for chapter 13 and my first payment is in May, it was suppose to be on 29 April but I called and set up for automatic withdrawal from my checking account (ACH) so they set it up at the beginning of the month so now I have a few more days before it starts. I did that yesterday so now I have to make sure its in the account for these people. I would really be interested on how your coping with this because even though Im just starting, I know its going to be a rough and rocky road for me and my family.
I wish you the best of luck and hope that is goes well for you.


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Re: Anxiety re Trustee payments

« Reply #2 on: April 20, 2011, 11:30:23 PM »

top94
Newbie

Posts: 9

I would like to ask you if you had gone through the court procedings yet. My chapter 13 was filed in March but my court date is May 3rd. Maybe you can tell me what to expect.

The law firm I hired is of no help. I wish I could just stop everything and fire them and get a new law firm to represent me but unfortunately I am committed now with my chapter 13 being filed and the court date being less than two weeks away. I just called them yesterday and was upset with them because they keep sending me letters with new surprises. like coming up with more documentation. Stuff that should of been told to me 2 months ago. Also in Florida. you have to take these classes, one prior to your filing and another after. They told me that I could take the second one anytime after but they didn't specify when i.e., after the filing which I didn't find out till April 12th or after the May 3 court appearance. Now I get a letter on the 20th to tell me I need to take the course now before the court date. Why wasn't I told this earlier. Im just so stressed, frustrated and disgusted about the whole thing.

I don't sleep well now worrying about the court date, making the payments, and everything else. Bankruptcy is not what I thought it was, not at all.

If anyone can tell me what to expect in my upcoming court appearance, please tell me.


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Re: Anxiety re Trustee payments

« Reply #3 on: May 26, 2011, 10:51:05 AM »

FixMoney
Newbie

Posts: 1

Me and my wife have been in Chapter 13 for 17 months now and have 43 more to go. It is definitely has been a challenge. We are basically in survival mode and are back to the bare basics as far as finances go. My wife has had the most difficulty with the bankruptcy, but as time goes by its getting alittle easier. We have a steady monthly income which helps with having consistency to be able to save for the payment. We did have a emergency for a car repair and i called my lawyer and they were able to get me $1200 out of my BK escrow to cover the cost. It will have to be paid back to the BK escrow, but it sure help that month. ALWAYS contact your lawyer with any problems requarding your bankruptcy. We still have 3 in a half years to go, which seems like forever, but there is light at the end of the tunnel. At our discharge we will be free of all remaining debt, house almost paid off, will have still save $80K in my 401K plan..and the best....our paychecks will for the most part be OURS! We have learned alot through all this, even though it is painful financially. We cut back on everythiing, eating out, movies, vacations, clothes, etc. We are more appreciative of any extra monies that may come in from OT or bonuses. When we are back on our feet again, we will be more prepared to handle our finances and still be on a "live by our means" attitude. It sounds like you are ready to accept the challenge and have a good attitude. Me and my wife have our good days and bad ones with all of this, but we know its temporary for the near future. It has made us rediscover ourselves and our marriage. Best of luck to you and keep the faith that you will make it!!


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Re: Anxiety re Trustee payments

« Reply #4 on: July 15, 2011, 08:01:37 AM »

lovelyBeatrice
Newbie

Posts: 1

We are at the beginning of the Chapter 13 process, we have filed but have not had the court date yet so we still do not know exactly what our situation will be. Our situation is similar to some of yours---the business went into a major slump and our personal debt spiraled out of control. The scary thing is that the country's economic crisis continues. Even though we have an excellent attorney who has estimated a debt repayment plan we think is feasible and that the court will hopefully approve, if our business continues to decline we will be in big trouble. The house is underwater, so selling it is not an option, although I suppose we could always just walk away and let the house go into foreclosure if we cannot make the house payments. I would like to know how others have handled the major changes that come with bankruptcy---how to budget for necessities, home repairs, the inevitable unexpected expenses that always seem to come up. Any suggestions are welcome. We probably should have filed Chapter 13 a couple of years ago and not let things get so bad, but the situation became impossible so now we are just going to have to deal with it. Thanks to everyone on this forum who offers advice and a reminder that there is light at the end of this tunnel.


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Re: Anxiety re Trustee payments

« Reply #5 on: September 05, 2011, 07:23:50 PM »

Netter33
Newbie

Posts: 20

For the classes, you take one before you file and one after you get your bankruptcy file number. They cost $50 each unless filing with a spouse then they're $100 each. You have to pay for them with a debit card and you can take them over the phone or on line.

I did my first class and saved each page as a pdf so I could refer to what I filled out later. I will take my 2nd class after I get my bankruptcy number and will also do that one online.

The first class took about 45 minutes to an hour and the second class will take about 2 hours.


« Last Edit: September 07, 2011, 06:59:45 PM by Netter33 »	Logged

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