Question

Super paranoid to post this and afraid someone I know is in this group BUT I have to ask. Anyone else currently in a Chapter 13 BK? A very small handful of people know my husband and I went this route. We are half way through. If you are in the same situation, what are your goals? I don't have any debt cuz it's being paid through the bankruptcy. We don't own a home. We make decent money just haven't been managing it well. So the #1 thing we are saving for is an eventual down payment on a house. Just curious if any one out there is in the same boat? If by chance someone out there knows me. Shhhh! Lol

Answer 1

We did in 2018. Unfortunately we still had to keep our student loans, tax debt and my husbands arrears for his older children’s child support, and we chose to keep our house. But we had a lot of credit card debt and 3 vehicle loans that were taken care of by the bankruptcy so it really really helped us start over. We saved and paid cash for a vehicle, and my husband was given one to use for work from his job. I lost my job at the same time as we were finalizing the bankruptcy so we’ve really been trying to get a good budget being on one income.  

Answer 2

Girl we went thru this back in 2011 and you will get thru this. This budget system will definitely help you manage your money better. We have done so well using this and gotten our credit back in great shape and are no longer struggling from paycheck to paycheck.  

Comments

@coexist649 how long did it take your credit to bounce back?  

---

After we were discharged, we started rebuilding our credit with a pre-paid credit card thru our bank and saw results within 6 months of having it. We would pay the card off every paycheck so that helped greatly.  

---

We make sure we pay everything on time now too. We bought a car a year later and got a regular credit card thru our bank and these have helped us build our credit to a good score where we can now buy a house. It was hard sometimes but so rewarding in the end and you feel like you’ve overcome the hardest thing ever!  

Answer 3

A couple of my family members have done it. From what I have seen, they have changed their spending habits since then.  

Answer 4

Yes. We just closed in September. We kept our cars out, but soon realized they were killing us too, but are now stuck. I know you can do a down after 2 years. Your not alone. People are having to do it. Or sucks. Let me tell you!  

Comments

We also have picked up the face Ramsay way!