Too early to consult a lawyer?

[pa333]

Hi all -

I detailed my situation below, but in essence we owe $175K and must file Ch 13. We will need to wait up to a year, because we recently paid a relative $22K and used our cards quite a bit over the holidays, before we realized we weren't going to get our usual bonus and are in really bad shape.

So, is it too early now to consult a lawyer? Because we had these charges so recently, I am afraid we are going to look like we are frauds (We aren't) and won't be taken seriously. So should I wait and pay the cards for a couple of months (we willl soon need to ask for reduced minimum payments, but could maybe make full payments for a month or two at most) and then consult a lawyer a couple months down the road. Or is smarter to go now and find someone that is experienced and can help us develop the smartest plan for this? Would we be taken seriously by a lawyer? Surely we are not the only people having unexpected problems due to the economy?

Thoughts?

MANY THANKS

[indebt00]

Hi all -

I detailed my situation below, but in essence we owe $175K and must file Ch 13. We will need to wait up to a year, because we recently paid a relative $22K and used our cards quite a bit over the holidays, before we realized we weren't going to get our usual bonus and are in really bad shape.

So, is it too early now to consult a lawyer? Because we had these charges so recently, I am afraid we are going to look like we are frauds (We aren't) and won't be taken seriously. So should I wait and pay the cards for a couple of months (we willl soon need to ask for reduced minimum payments, but could maybe make full payments for a month or two at most) and then consult a lawyer a couple months down the road. Or is smarter to go now and find someone that is experienced and can help us develop the smartest plan for this? Would we be taken seriously by a lawyer? Surely we are not the only people having unexpected problems due to the economy?

Thoughts?

MANY THANKS

we are right there with you. you not the only ones. we also expected bonuses and increases in income that are now probably not happening due to the economy. We also used cc's over the holidays....and looking to wait the 90 days out.

[AngelinaCat]

Hi all -

I detailed my situation below, but in essence we owe $175K and must file Ch 13. We will need to wait up to a year, because we recently paid a relative $22K and used our cards quite a bit over the holidays, before we realized we weren't going to get our usual bonus and are in really bad shape.

So, is it too early now to consult a lawyer? Because we had these charges so recently, I am afraid we are going to look like we are frauds (We aren't) and won't be taken seriously. So should I wait and pay the cards for a couple of months (we willl soon need to ask for reduced minimum payments, but could maybe make full payments for a month or two at most) and then consult a lawyer a couple months down the road. Or is smarter to go now and find someone that is experienced and can help us develop the smartest plan for this? Would we be taken seriously by a lawyer? Surely we are not the only people having unexpected problems due to the economy?

Thoughts?

MANY THANKS

Hi Pa333: I think now would be an excellent time to start consulting with several attorneys to see what they would advise. You will want to consult with at least three before settling on one.

You will need some time to plan your BK strategy and you want someone that you can work with.

It was 17 months before we filed, for a number of reasons, one of which is that each January we get a sizable stipend from a Trust, and had to wait at least 180 days to file, so that would drop off the six month look-back period. During that time, I lost my FT employment which made us have to switch fromm planning for a Ch13, to a Ch7. So there can be lots of things to do and take care of before you actually file.

Good luck!

[Flamingo]

Since you state you will have to wait a year to file, a lot can change over the coming months, either good or bad, so it's up to you how you want to handle that. It never hurts to get a free consultation to find out what would work or benefit you and your family in the long run as things stand now and get some suggestions from the attorney. Being proactive is always a good thing.

[fltoo]

Honestly, the best BK planning advice can be gotten right here on this forum.
I learned more here than 10 lawyers could have taught me.

As you already know, the look back for the preferential payment is one year.
If you have not done so, I would make at least 3 payments on the new charges. Then sit back and read here and wait.

I had a two year wait, but because of this forum, I had peace of mind knowing that I could handle whatever came up.

The best advice I could give you is to handle the situation calmly and don't go into panic mode on every little thing. Less drama is less stress.

[EricaCallaha]

Take a breath and dial that phone. It can't hurt to start planning now. Most attorneys offer free consultations. Go and talk to some to get a feel for who is right for you.

Good luck...I wish that I had the same forthought as you to plan so far ahead.