top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Opinions please

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    Opinions please

    This will take a minute to read so please bear with me:

    Basic background:
    My wife and i have decided to file Ch 13 BK. We have met with and retained a lawyer. We have taken our first course of CC in late Aug. We stopped paying our unsecured creditors 45 days ago and have just begun getting calls. My wifes income in salary only.

    I work in sales and get paid commision quarterly. my payout in mid July was at 90% of plan. my expected payout for my scheduled payment in Oct is 100%. Our original plan was to wait until after the Oct payout hit and then file so we would have money to pay payments and just get the process started. My lawyer also suggested that we not go more than 90 days not paying CC's cause they get more aggressive.

    Today i found out that my quota's for this current qtr are sky high and I will most likely get paid only 20-40% on my scheduled Jan payment. I am now thinking of filing in late Jan/early Feb.

    My question is this: Is it worth the extra hassle of three months of collection calls to have a 6 month period of income that is lower by 4 or 5 thousand dollars?

    I haven't asked my lawyer if she would support waiting the extra time, but if she balks should i just find another lawyer? I am only into her for 500.00 and would write that sum off to save my self a bundle throughout a 5 year plan.

    Any opinions would be appreciated. Part of me says just file and get the damn process started. The other part wants me to do what is sound for the long term.

    I am in need of help. Lots.
    Tags: None
    #2
    Originally posted by holycrap View Post
    My question is this: Is it worth the extra hassle of three months of collection calls to have a 6 month period of income that is lower by 4 or 5 thousand dollars?

    I haven't asked my lawyer if she would support waiting the extra time, but if she balks should i just find another lawyer? I am only into her for 500.00 and would write that sum off to save my self a bundle throughout a 5 year plan.

    Any opinions would be appreciated. Part of me says just file and get the damn process started. The other part wants me to do what is sound for the long term.

    I am in need of help. Lots.
    If your intention is to show a lower amount of Disposable income and a lower Ch.13 payment, then of course it is worth waiting.

    After 90 days, in my experience, the calls really dont get any worse or better. But one thing is for sure, when you tell them your'e filing a BK, and you already have a attorney on retainer, just give them that information, and it will stop calls for months. So I do not understand where he is coming from on that.

    Comment

      #3
      Originally posted by optimistic1 View Post
      If your intention is to show a lower amount of Disposable income and a lower Ch.13 payment, then of course it is worth waiting.

      After 90 days, in my experience, the calls really dont get any worse or better. But one thing is for sure, when you tell them your'e filing a BK, and you already have a attorney on retainer, just give them that information, and it will stop calls for months. So I do not understand where he is coming from on that.
      I am not sure either. Maybe it is a perception thing she is trying to keep under control. Maybe i will "look" like I am working the system. Which of course I am. I feel i need to work the system to ensure i have the best opportunity of completing my plan and paying back as much as possible at the same time.

      I called her today and now she wants me to file before the Oct payout. That seems silly to me. As much as i do not want to put this off. I do want to be successful in the long term.

      Comment

        #4
        Plenty of people work the system, I myself am waiting to file so that I can show a decrease in income to then get a 3 year instead of a 5 year plan.

        You are allowed, and you are absolutely right with this statement "I feel i need to work the system to ensure i have the best opportunity of completing my plan and paying back as much as possible at the same time."

        What is this October Payout she speaks of?

        If you choose to fire her, most likely time is on your side being not even at 90 days yet. I am at a year almost, I have stopped all collection activity with $5.54 and a cease and desist letter. Although she might charge you something for the work she has done so far.

        Comment

          #5
          I have only paid her 500.00 and all she has done so far is meet with us for a consultation and tell us we shouldn't wait for more than 90 days.

          I am going to talk it over with the wife tonight, but if the only downside is a few more phone calls and maybe irritating my lawyer than I think we will just wait.

          Comment

            #6
            Definitely go get some more consults, and bring up your point in detail with other bankruptcy lawyers, see what they say, and then make a decision.

            Comment

            Previous template Next

            bottom Ad Widget

            Collapse
            Working...
            X