Any advice greatly appreciated! Terrified! $300K in unsecured debt, 2 mortgages totaling $800K (waiting on a house to sell), 40K student loans. Husband 100% commission sales in auto industry with dealership reporting worst year since 1982. Serious health diagnosis this year for me; currently undergoing treatments and no longer able to return to my commission-only job as well. Husband met with a rather unpleasant BK atty 2 wks ago who scoffed at him and stated he made too much money to file ch 7 and even ch 13! $120K per yr income. Any thoughts or ideas are greatly appreciated.
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Originally posted by grdups View PostAny advice greatly appreciated! Terrified! $300K in unsecured debt, 2 mortgages totaling $800K (waiting on a house to sell), 40K student loans. Husband 100% commission sales in auto industry with dealership reporting worst year since 1982. Serious health diagnosis this year for me; currently undergoing treatments and no longer able to return to my commission-only job as well. Husband met with a rather unpleasant BK atty 2 wks ago who scoffed at him and stated he made too much money to file ch 7 and even ch 13! $120K per yr income. Any thoughts or ideas are greatly appreciated.
Schedule several more apointments with other attorneys, find one that will work with and for you!Filed CH13 - 06/2009
Confirmed - 01/2010
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Yes, go to see other attorney's... I went to 3 and now wish I had gone to more..
I am a divorced women with a decent income. Not high / not low . 2 attorney's kinda gave me the "well you make this much money statement"...It turned me off right away. I have only been in this job for 2 yrs and before that I was making 1/2 of what I make now and thats when my credit card debt was mostly incurred. After loosing my child support (son turned 18) I found myself robbing peter to pay paul and getting nowhere with my credit card debt. Signed up with a debt settlement company which made matters 10 times worse. Late pmt charges, higher & higher interest rates and wow could not hold on any longer.. Got letter with intent to sue from one credit card and that was it. I knew I had to do something... I wanted to scream at them yes, I got myself into this mess, and yes I am willing & able to make some kind of pmt for the next 5 yrs I just cant pay it all..... So I am filed, had my 341, made 3 pmts so far and waiting for the confirmation in March..... I just want this financial nightmare to be done with !!!!
The previous post is correct about the 6 mth look back period. You want it to reflect you not working . It doesnt mean you cant retain an attorney if you find one you like . It just means you will not file the paperwork until then.... Good Luck...Those who live in glass houses should not throw stones
Chapter 13 filed 10-21-09
Discharged 4-13-15
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Thanks everyone for taking time to share advice; it is very helpful! We will definitely taking your advice to meet with other attorneys and see if we get other results.
Last night I completed an online session with Consumer Credit Counseling and await contact from them (not that truly expect it will be beneficial at this point, since we are averaging $5K a month shortage of income).
With this huge income deficit per month, will we even be able to gain trustee's approval for a ch 13 repayment? I'm scared they'll just say too bad and we're going to end up homeless and hungry
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You sound like a Ch 7 case with negative $5k/mth! Keep interviewing BK attorney's until you find the right one. The income measure is only one part (above/below median income) - it is not even the most important part of determining your ability to file a Ch 7 or Ch 13.
The most important part is your disposable monthly income (DMI) from your sch I and J. Find an attorney that will represent you and be your advocate. Its not so easy. Some posters here had to interview 6 or more attorney's (I think Liz in CA is one) before they found one that was the right one.Filed CH 7 9/30/2008
Discharged Jan 5, 2009! Closed Jan 18, 2009
I am not an attorney. None of my advice is legal advice in any way..
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Originally posted by grdups View PostThanks everyone for taking time to share advice; it is very helpful! We will definitely taking your advice to meet with other attorneys and see if we get other results.
Last night I completed an online session with Consumer Credit Counseling and await contact from them (not that truly expect it will be beneficial at this point, since we are averaging $5K a month shortage of income).
With this huge income deficit per month, will we even be able to gain trustee's approval for a ch 13 repayment? I'm scared they'll just say too bad and we're going to end up homeless and hungry
Here is a link to the Means Test Calculator...thsi will show you if you can do ch 13 and how much your payment would be approx....its a great tool for helping you get info.
http://www.legalconsumer.com/bankruptcy/nolo/
Filed July 09
Confirmation - June 2010
Final Payment - June 2014 - 7/2/14 DISCHARGED
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Many thanks for the helpful insight, all. Our negative 5K is due to high unsecured debt. Making calls to schedule appts with a couple other attys to see what can be done....but their business is booming here and no one can see us for 3 wks How should we handle collection calls in mean time?
Also, just curious -- since I am no longer physically able to earn income, is it possible I can separately file ch 7 and hubby can file ch 13? Much of the unsecured debt is in my name. Any thoughts?
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Originally posted by grdups View PostMany thanks for the helpful insight, all. Our negative 5K is due to high unsecured debt. Making calls to schedule appts with a couple other attys to see what can be done....but their business is booming here and no one can see us for 3 wks How should we handle collection calls in mean time?
Also, just curious -- since I am no longer physically able to earn income, is it possible I can separately file ch 7 and hubby can file ch 13? Much of the unsecured debt is in my name. Any thoughts?
just don't answer the phone if you can manage
Filed July 09
Confirmation - June 2010
Final Payment - June 2014 - 7/2/14 DISCHARGED
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