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Consultation yesterday

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    #1

    Consultation yesterday

    We met an attorney last night for a free consultation.
    First she was soooo nice! Very helpful and didn't rush to tell us everything and answered our questions with explaining everything so well! At first she thought Ch7 was the way for us to go. Then after talking to us she feels like Ch13 would be best. Especially since we'd like to keep our cars if we can. She told us she could bring down the interest rates on our cars down to 5.25%. And we'd pay 10% of our 26k CC debt. $2600 in 3-5 years!!! Wow! That would be amazing! She was going to work up the figures and get back to us by the end of the week or Monday. We will surrender our camper. We filled out some paperwork for her. We were there for almost 2 hours. We felt so good walking out of there. Just knowing we have a plan or options felt sooo good. DH talked to me about it the whole way home. Which was a first. He never talks to me about any finances because I'm sure he's feeling depressed about the whole thing.

    Does this sound right? Is there a chance that we could lose our house? We've never been late on a payment.

    We're just ready to get this done.
    2/23/11 - Filed notice to convert from Chapter 13 (1/13/10) to Chapter 7
    4/4/11 - Meeting of the creditors
    6/30/11 - Discharged!!!!!!
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    #2
    Any equity in the home? What is the payment compared to the IRS standard?
    19% dividend

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      #3
      Originally posted by debtinohio View Post
      Any equity in the home? What is the payment compared to the IRS standard?
      Apparently we have a really good payment and a good interest rate. We have no equity in the house. Well...it depends on what you look at. Our mortgage company is saying 11k less than what we owe, Zillow says $20k more, our county assessment says 2k less.
      2/23/11 - Filed notice to convert from Chapter 13 (1/13/10) to Chapter 7
      4/4/11 - Meeting of the creditors
      6/30/11 - Discharged!!!!!!

      Comment

        #4
        You will probably have to get it professionally appraised, my attorney had one she uses all the time.

        Sounds like you should be fine. There are housing exemptions to cover equity to a certain amount. Also, as long as your payments are reasonable to your area and your income you're good. Most say you can often even argue/justify higher payments.
        19% dividend

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          #5
          Originally posted by debtinohio View Post
          You will probably have to get it professionally appraised, my attorney had one she uses all the time.

          Sounds like you should be fine. There are housing exemptions to cover equity to a certain amount. Also, as long as your payments are reasonable to your area and your income you're good. Most say you can often even argue/justify higher payments.
          She's actually a realtor too and she said she thinks we'll be ok. She said that the way the market is, most trustee's won't even mess with it unless it's really over the exemption. She is going to do a "CMA" to check.
          2/23/11 - Filed notice to convert from Chapter 13 (1/13/10) to Chapter 7
          4/4/11 - Meeting of the creditors
          6/30/11 - Discharged!!!!!!

          Comment

            #6
            So what happens now? Once the attorney calls us with the info do we just pay her and start the process? How does that piece work?
            2/23/11 - Filed notice to convert from Chapter 13 (1/13/10) to Chapter 7
            4/4/11 - Meeting of the creditors
            6/30/11 - Discharged!!!!!!

            Comment

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