debtisbadnews Posted September 13, 2008 Report Share Posted September 13, 2008 I had my ch13 hearing in July. I am now making biweekly payments to the trustee. I can file ch7 again in Sept of 2010. I am wanting to get married, should I wait? I don't want my husband to be to be affected by this mess at all. Should we do a prenup? I still own a home and owe 72,000 we will probably sell it. I also owe 41,000 in student loans. Any advice is welcomed. Thank you so much. Did I ever tell you this forum ROCKS! Link to comment Share on other sites More sharing options...
Methuss Posted September 13, 2008 Report Share Posted September 13, 2008 I would wait. The trustee can nullify your prenup if it is designed to prevent assets from being distributed. Under the chapter 13 payment program if you household income increases you may have to pay more to the trustee, up to 100% repayment of the debts (in other words, no discharge of anything and you still have the bankruptcy black-mark on your reports).Besides, why would you even think about bringing a financial mess to the relationship from the get-go? Seriously, both of you should take a financial management course before you get married even if you were not in a bankruptcy. 75+% of divorces are because of money related problems poisoning the relationship. If you are both on the same financial page when you start, you will be better off for the long run.Check out Financial Peace University if you want to take a course. If you learn even one thing that saves you money from it you have done better than most people. Link to comment Share on other sites More sharing options...
LadynRed Posted September 16, 2008 Report Share Posted September 16, 2008 How do you figure you can file Ch 7 again in 2010 with a Ch 13 underway now ?? That's not how it works under this new law. Link to comment Share on other sites More sharing options...
Methuss Posted September 17, 2008 Report Share Posted September 17, 2008 How do you figure you can file Ch 7 again in 2010 with a Ch 13 underway now ?? That's not how it works under this new law.The courts have determined that the clock starts with the day of the Ch13 filing, not the discharge. If she filed for the just this past summer, she would qualify for another discharge in 2013, if my math is correct. Link to comment Share on other sites More sharing options...
Denita Posted September 17, 2008 Report Share Posted September 17, 2008 I don't understand....If you are in a Chap 13 now, why would you plan a future Chap 7? Aren't the issues being taken care of in the 13? Link to comment Share on other sites More sharing options...
bingo Posted September 17, 2008 Report Share Posted September 17, 2008 It sounds like the OP has a previous Chapter 7 and she is waiting out the 8 years from the prior filing date to convert the present Chapter 13 to a 7. Link to comment Share on other sites More sharing options...
LadynRed Posted September 17, 2008 Report Share Posted September 17, 2008 Sounds like serial BK filings to me.. even with the wait The fact that ANOTHER BK is apparently being planned for is disturbing.. and old habits won't be broken or modified. Link to comment Share on other sites More sharing options...
OMGWhatHaveIdone Posted December 18, 2008 Report Share Posted December 18, 2008 My BK is a 13. What my attorney told me, is that once the secured debt arrears on the payment plan have been paid off, you can convert the 13 to a 7 for all the unsecured debt, thus erasing it. Maybe that's what the OP meant? Link to comment Share on other sites More sharing options...
johnsteed Posted January 9, 2009 Report Share Posted January 9, 2009 My BK is a 13. What my attorney told me, is that once the secured debt arrears on the payment plan have been paid off, you can convert the 13 to a 7 for all the unsecured debt, thus erasing it. Maybe that's what the OP meant?Yes, I too thought the same...Reorganizations usually bypass filing bankruptcy. Filing Chapter 7 bankruptcy should be the last resort for all involved. Link to comment Share on other sites More sharing options...
OMGWhatHaveIdone Posted January 9, 2009 Report Share Posted January 9, 2009 Yes, I too thought the same...Reorganizations usually bypass filing bankruptcy. Filing Chapter 7 bankruptcy should be the last resort for all involved.Can you clarify this please? What is meant by Reorganizations? My 13 was filed near a year ago. Converting to a CH 7 wouldn't necessarily do any more damage than the 13 that was already filed, correct? It's just erasing the unsecured debt. Link to comment Share on other sites More sharing options...
debtisbadnews Posted January 10, 2009 Author Report Share Posted January 10, 2009 I was told by my "wonderful" atty, that I can "convert"my ch 13 (that was filed this summer) to a ch 7 in 2010. The reason being, I filed ch 7 in 2002--so living in Iowa I would have to wait 8 years now(used to be 6) until I can "do" a ch 7 again. Doing a ch7 is basically to erase the debt instead of being held up financially in a ch13 for 5 years. I am not a bk junkie folks, my atty even said it, family and friends say it....high high high student loans and low low income keep me in bk. I should have majored in something other than social work in college! like accounting? financial planning, then I might not be in this mess. Believe me I didnt like spending the day after my 40th birthday going to a ch13 trial! very depressing! this is not what I envisioned my life to be, and having people I know see my name in the paper a 3rd time in 2010 for yet another bk is NOT what I want either. If you have any bright ideas other than playing the lottery, getting a 3rd job or selling a kidney just let me know! Link to comment Share on other sites More sharing options...
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