Thanks for the responses on whether we now make too MUCH for BK? Here is where I think we are with everything; basically we went into this planning to lien strip the 2nd, got appraisal done & thought we were ready to finalize. We are now several months behind on CC's, one (the Credit union) is already suing in order to try to get a judgement so we need to get this done) with our income, we were in good shape to get this done, have the payment & be done in 5 years.
Now DH was offered a new job, & yes it is a consultant type position so it is contract work, so it is/should be steady for 4/5 years but that could be a problem when the contract is up (that is pretty normal around here when you are working for military base, etc. anytime contract is up, we go through this) But with the amount of money they are offering him, we would basically be able to pay everyone back 100% even the stinking lien we were stripping...I just couldn't even see how that was possible.
So attorney (who is great with all this by the way, I am and have been very impressed with him working with us & trying to figure the best option out, guess that' why I hired him) he wants us to really run serious numbers...downfall, we may pay back a LOT more than anticipated..but I think we should still be filing. I don't think that the estimated pay is correct, as he will get paid X amt per hour & yes it is more than double his hourly rate now, but he now has to pay his own self employment taxes, etc. & once we figure all that, not to mention when he doesn't work, he doesn't get paid. So I think he will be bringing home less than what we would be thinking. So we need to get that number on paper & go from there.
If anything happens down the road, i.e, his job loss, etc. we would still be in the plan & have the lien stripped & heaven forbid, have to ask to change the plan at that time.
in the meantime though, I think the ball has already gone too far to try to back track now. I mean, there is no way we could not do this; now that we are several months behind & he will not even get his first really good check for at least another month & these companies want cash yesterday.
Any thoughts, or any other similar situations out there? I will be glad to put this behind us & get the stress level down
Now DH was offered a new job, & yes it is a consultant type position so it is contract work, so it is/should be steady for 4/5 years but that could be a problem when the contract is up (that is pretty normal around here when you are working for military base, etc. anytime contract is up, we go through this) But with the amount of money they are offering him, we would basically be able to pay everyone back 100% even the stinking lien we were stripping...I just couldn't even see how that was possible.
So attorney (who is great with all this by the way, I am and have been very impressed with him working with us & trying to figure the best option out, guess that' why I hired him) he wants us to really run serious numbers...downfall, we may pay back a LOT more than anticipated..but I think we should still be filing. I don't think that the estimated pay is correct, as he will get paid X amt per hour & yes it is more than double his hourly rate now, but he now has to pay his own self employment taxes, etc. & once we figure all that, not to mention when he doesn't work, he doesn't get paid. So I think he will be bringing home less than what we would be thinking. So we need to get that number on paper & go from there.
If anything happens down the road, i.e, his job loss, etc. we would still be in the plan & have the lien stripped & heaven forbid, have to ask to change the plan at that time.
in the meantime though, I think the ball has already gone too far to try to back track now. I mean, there is no way we could not do this; now that we are several months behind & he will not even get his first really good check for at least another month & these companies want cash yesterday.
Any thoughts, or any other similar situations out there? I will be glad to put this behind us & get the stress level down
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