Good Morning...this is my first post!
We sat down with the attoney yesterday..here are the details
I own a co-op Mortgage $144,500 value Approx. $190,000 (hubby not on any of this) Monthly payment of $936 plus montly maintenance of $765 Total $1,700
We own a 2008 Toyota Highlander - payoff $26,000 worth about $24,000 $541.00 monthly payment
We owe Approx $130,000 in unsecured debt
We have two 401k loans $825 a month (this may be adjusted since I am trying to pay one off and reborrow to cover attorney fees, get DH a commuter car and have a little under the mattress)
Since I receive a bonus in February I need to wait til September to file so this will come off and not "schew" the monthly numbers.
He said I would have to turn over my bonus (this will help get us paid off sooner) and tax refund (no biggy, we paid this year).
We will be at a 100% payback on the unsecured debt. I think he thought we were going to object to this but we further explained that not paying back was not our intention...we just want fees, intererst and time to pay these down. Although it's bankruptcy...for us it's actually a 5 year plan to pay all the debt back and learn to budget. The attorney said it's going to be tight..how much more tight can it be? We've cut back on a lot of things and we are managing. I truly believe we will be better off doing this and in 5 years (maybe less) I will be done with Credit Cards!!
He is asking for $2,828 with a $650 retainer...I am going to get him the retainer in May so I can have the collectors call him.
What are your thoughts on 100% paypack? Fees?
Thanks!
We sat down with the attoney yesterday..here are the details
I own a co-op Mortgage $144,500 value Approx. $190,000 (hubby not on any of this) Monthly payment of $936 plus montly maintenance of $765 Total $1,700
We own a 2008 Toyota Highlander - payoff $26,000 worth about $24,000 $541.00 monthly payment
We owe Approx $130,000 in unsecured debt
We have two 401k loans $825 a month (this may be adjusted since I am trying to pay one off and reborrow to cover attorney fees, get DH a commuter car and have a little under the mattress)
Since I receive a bonus in February I need to wait til September to file so this will come off and not "schew" the monthly numbers.
He said I would have to turn over my bonus (this will help get us paid off sooner) and tax refund (no biggy, we paid this year).
We will be at a 100% payback on the unsecured debt. I think he thought we were going to object to this but we further explained that not paying back was not our intention...we just want fees, intererst and time to pay these down. Although it's bankruptcy...for us it's actually a 5 year plan to pay all the debt back and learn to budget. The attorney said it's going to be tight..how much more tight can it be? We've cut back on a lot of things and we are managing. I truly believe we will be better off doing this and in 5 years (maybe less) I will be done with Credit Cards!!
He is asking for $2,828 with a $650 retainer...I am going to get him the retainer in May so I can have the collectors call him.
What are your thoughts on 100% paypack? Fees?
Thanks!
Comment