Thoughts on Chapter 13--Was it worth it?

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Posted by: Wendy on 10/23/06:

Just wondering if those who have been in Chap 13 for awhile, have finished or almost finished or those w/exp in new law can plesae tell me if they thought it was worth going through now in our situation.

We are current on everything, but owe what we make in a year in ccs and have no equity in house. Have tried to cut back, etc and I am working overtime. Still not getting ahead. Fico is 675. Between high interest rates on a few big cards and raised mins--often have to charge necessities after all cards paid at end of month. We live in a modest home and do not even take vacations but are still paying from years of cc mistakes.

Too much $ left for Chapt 7. Cars paid off but are 5 and 9 years old. I am terrified to file and end up in 5 years unable to buy a car or washing machine if needed, but have been stuck in this cycle for years. We could pay 100% back--it is just that the interest is killing us. Cannot balance transfer, because they see how much debt we have. In 1.5 years could borrow enough from 401 to pay 1/3 off. Considered credit counseling, but read all the horror stories and credit damage issues. Keep plugging and hoping will be able to get lower rates as things get paid off, credit counseling or Chap 13. Any input would be greatly appreciated.

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