maddog2112 Posted July 31, 2008 Report Share Posted July 31, 2008 :(I am in a ch 13 and have been paying a 75% payback for 17 months. Needless to say it is very difficult to live on the money the trustee allows. I am into my second year and the trustee now wants an 80% payback and an increase in weekly payments from 416.00-475.00. I made a considerable amount more this year than when I filed due to massive overtime and working like a dog to keep up financially. My question is , Im beginning to wonder if I did the right thing in the first place. Maybe I should have tried to settle my debts before going bankrupt.If I was to ask to be dismissed from my 13 now, would I be dealing with my original creditors or collection agencies? When I check my accounts at the national data center, it shows my payments going to collection agencies. Would they be willing to take a percentage of what the agreed upon amount with the trustee is now? Would I have to have a lawyer to help me settle these accounts? Has anyone out there done this before? Thanks for any help in advance! Link to comment Share on other sites More sharing options...
blueranger Posted July 31, 2008 Report Share Posted July 31, 2008 why did you not file chapter 7....Also why are you paying 75%.... you should be paying 5 or 10%man your lawyer was good....you can just pay 100 % on your own schedule as you see fit...So pay when and how you want.... one of those settlement companies could have gotten you a better deal then 75%....your probably better to go to one of them... Link to comment Share on other sites More sharing options...
maddog2112 Posted July 31, 2008 Author Report Share Posted July 31, 2008 My income was way too high. 100 grand a year. Still is. I just got caught up in cc debt, 129k. I know it sounds stupid and it is.After my house payment vehicle payment ,and monthly expenses thats what the lawyer said I would have to pay and the trustee agreed. This is why I`m wondering if I would be better off settling the debt on my own. Has anyone out there done this before?? Link to comment Share on other sites More sharing options...
blueranger Posted July 31, 2008 Report Share Posted July 31, 2008 well, I am in kentucky louisville....I think if i were you I would try to change lawyers....your lawyer was just no good....call Nick thompson in louisville.....then if that does not work then I would do it on my own...Just pay whoever when ever you want as you see fit... your credit will be bad but its alread bad anyway... Link to comment Share on other sites More sharing options...
maddog2112 Posted July 31, 2008 Author Report Share Posted July 31, 2008 I`m in louisville also and have seen the name. Have you dealt with him before? Link to comment Share on other sites More sharing options...
blueranger Posted July 31, 2008 Report Share Posted July 31, 2008 he is my lawyer and I went chap 7 in 2005.... I still have the house from then..... he keeps answering them.... Also my wife is about to go and I will use him again.... I go fishing with him.... good guy..go talk to him.... he has a web page called bankruptcy - divorce dot com or something like that... he has a manual called tatical bankruptcy..I never heard of anyone paying 75% in Louisville... man that is not worth going bk over.... you could have got that yourself... Link to comment Share on other sites More sharing options...
jq26 Posted August 1, 2008 Report Share Posted August 1, 2008 There are other issues though. Once filed, credit cards will not accrue interest anymore. That is a huge benefit over five years. Out of bk, you accrue interest. You would also lose the protection of bankruptcy such as from foreclosure, repossession of your vehicle, and suit by the creditors. Not to mention constant phone calls and other collection activities including wage garnishment in Kentucky. So really it is a gamble. If creditors see you as a high income debtor with assets, they may not want to settle because they can get paid. Link to comment Share on other sites More sharing options...
maddog2112 Posted August 1, 2008 Author Report Share Posted August 1, 2008 Thats why I was wondering, if anyone else had ever dropped out of a 13. How would my old creditors or ca`s know what my income is? I was wondering if I would be able to settle for the same amount or less than the 80% of debt that I`m paying back now. My house and vehicle are outside of the 13 so I`m not worried about losing them. Making those payments isn`t whats killing me. It`s the large weekly to the trustee that he`s decided to increase from 416 to 475. I don`t mind paying back , but I`ve got to live in the meantime. Thanks for your:( input. Link to comment Share on other sites More sharing options...
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