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Been there!

LynnA
(@lynna)
Member Moderator

When I started down the road to bankruptcy I was super stressed and embarrassed. I wish I had a place like this to talk to someone...so I guess I here to "pay it forward" Not an expert  but been there  and willing to share/chat if it helps someone else

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Topic starter Posted : 10/05/2021 8:33 pm
Don1949 liked
Veronica
(@veronica)
New Member

We filed for bankruptcy in November of last year and we have surplus income ..we are paying a staggering 1715 a month between my husband and I. I just received a call from them that because his income was higher in November -an extra 1400 he will have to pay an extra $196 per month. That $1400 was from work he earned in October from an online tutoring job ...he was let go from it Nov 2 because he was ill. Our bankruptcy start date was Nov 20th. Not sure why this is coming out of the blue 6 months later..they were well aware of this extra income and knew it would be a one time thing...I am told this will not be going down and we will have to pay it for another 16 months until we are finished...makes no sense ...we are paying an extra 3200 because of a payment of $1400...thoughts anybody ..I don’t honestly thing we can make it ..had we known we would have filed a CP

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Posted : 12/05/2021 1:06 pm
Don1949
(@don1949)
New Member
Posted by: @lynna

When I started down the road to bankruptcy I was super stressed and embarrassed. I wish I had a place like this to talk to someone...so I guess I here to "pay it forward" Not an expert  but been there  and willing to share/chat if it helps someone else

What were the biggest challenges getting the budget thing going and staying on track??

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Posted : 12/05/2021 7:22 pm
LynnA
(@lynna)
Member Moderator

@don1949. Honestly, the budget wasn't that hard. I work with numbers (ironic as that is) so the act of doing it was pretty simple. It was just scary to see it laid out on paper. However, once we claimed bankrupty staying on track wasnt hard! Thats cause we only had one small bankruptcy payment a month instead of more payments then pay, and no creditors calling!!! Stress level.dropped instantly!

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Topic starter Posted : 12/05/2021 8:58 pm
Don1949
(@don1949)
New Member

Did you find it liberating to be paying cash for things or just not having them at all. No online shopping or the like.

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Posted : 12/05/2021 10:52 pm
LynnA
(@lynna)
Member Moderator

@don1949

Honestly the bankruptcy time flew for us ..and we were so relieved to not be drowning that it didn't seem like we were going without?!  For online shopping, it was pre Covid, so not as.much a necessity. However, when we got released and did shop online we just used our bank card (Visa debit) and the few places that didn't accept Visa Debit we purchased a prepaid credit card. Both options worked to still shop online  and you are essentially paying cash. So you don't get uourself into the debt cycle again 🙂 

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Topic starter Posted : 13/05/2021 7:55 pm
LynnA
(@lynna)
Member Moderator

@veronica 

Maybe I am.missing something but yes, that makes  no sense to me either?! How long is the $196 payment for? Are they trying to have you pay the full $1400 back? Also, did you ask what prompted the change. Was there a meeting of creditors or something?

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Topic starter Posted : 13/05/2021 8:13 pm
LynnA
(@lynna)
Member Moderator

@veronica 

Maybe I am.missing something but yes, that makes  no sense to me either?! How long is the $196 payment for? Are they trying to have you pay the full $1400 back? Also, did you ask what prompted the change. Was there a meeting of creditors or something?

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Topic starter Posted : 13/05/2021 8:40 pm
Veronica
(@veronica)
New Member

@lynna

He will be paying the $196 until our time is up august 2022He will be paying back $3136 after all is said and done. They just said that because that payment went into our account in November even though it was before the bankruptcy it has to be counted and his payment is based on that. Have no idea if creditors met...but why they waited this long to tell us I have no idea...they said it was either that or he would have to add three months onto his time.

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Posted : 13/05/2021 9:47 pm
LynnA
(@lynna)
Member Moderator

@veronica

I personally wouldnt just accept it. I would talk to them and ask them to explain it until I felt comfortable I fully understood what happened. Like you said, this change is post filing on an item you had disclosed.  So, they had the info when they were calculating your payments and working with you to review your options.  If it was their error, at the very least i think they need to own that and maybe they can help you to deal with the unexpected increase. You made the decion that bankruptcy was the right choice based on the info they provided you (monthly payment, length of time etc) and that info appears to have been incorrect. I am sorry you are dealing with this! Hopefully a meeting with them helps! However, if not, trustees are licensed by the Office of the Superintendent of Bankruptcy (OSB) so if you have an issue,  that is who you can contact for help.

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Topic starter Posted : 14/05/2021 8:25 am
Veronica
(@veronica)
New Member

@lynna

they did a call back as I told them I didn’t understand the calculation. They have seen since then that his pay has not changed, it’s been the same amount each month since December, he is retired so it’s his work pension and it’s not changing. I thought when you had surplus income it could change each month or every few months based on averaging. I know how to calculate surplus income because it was included in our package how they arrived at the amounts we would both have to pay, which for him has now changed a lot $196 a month is a lot when we are nickel and diming everything already. They just kept saying the same thing over and over that the calculations are complicated and it would not change unless he asked for a review a few months down the road. I thought they did that automatically since I am sending in reports each month. I’m just very discouraged. I think somebody made an error in calculations like perhaps they didn’t include their fee as I think that is supposed to be in there somewhere and I never saw it in our package of what we owed. It is what it is and we will have to borrow the money from our son if we have to in order to get by.

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Posted : 14/05/2021 9:09 am
Wendy O.
(@wendy)
Member Moderator

Hi Don1949. Yes, budgetting can be a bit of an adjustment if you're not used to it.

What should make it easier is the freedom from so many bills to keep track of and add up!

Working out the figures should not be hard at this point, and if you make a habit of sticking to your budgetted amounts now, you will still be able to follow a budget (hopefully a bigger one) and keep your bills under control once your bankruptcy is finished.

It's really worth the effort to make following a budget a habit.

All the best,

~Wendy

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Posted : 14/05/2021 4:23 pm
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