My mother added me and my sister to her house deed, now I'm filing ch 7, problems?

[murphsmom]

Debee, I really am thinking that I'm going to have to tell a little white lie here. It will just send her into a tizzy and I'm not even sure what we are doing yet.

I comped my moms house today, and I can say with 100 honesty that I believe it's worth less than what I "thought" the value might be. The appraisal will be interesting. Home values in her area have gone down significantly from when she purchased it 3 years ago, and they are building a brand new Super Wal Mart right across the street as I type this.

I'm now debating the ch13. If hubby can discharge all of his in a 7, then we only have mine left which is about $22,000. I owe $375/mo for 3 more years on my debt consolidation, I'm only behind the last payment due beginning of April. If I can pay $200 a month on my CC card debt, I can pay it off in 4 years, stretch that to 5 years and it's about $170 month. SO, the dual ch13 filing/payment plan would need to be LESS than that $575 per month for 5 years, or it's just not even worth filing. In fact, I'd say that it would have to be significantly less than $575, given the drawbacks of filing bk in the first place. I'm doubting that we'd be given a 5 year pay off less than $400 - $500 a month or so, but I could be wrong. (Total debt between the two of us is about $65,000).

It will be interesting to see what the attorney suggests tomorrow.

[debee]

Sounds like you have some options. Once you have all your numbers and info, you will be in the right position to make the best decision for your family. I hope it goes well for you. Keep us informed!

[BKAttyMI]

Wow Debee, you're expecting an awful lot of time and legal analysis for $1000 in attorney fees in addition to the time already spent preparing the petition. Just as a comment, I bill at $185/hr minimum, when I do a basic Chapter 7, you're essentially "buying" about 5 hours of my time. That time is spent going through your paperwork, creating your petition, meeting with you for a signing meeting, filing your case and attending the hearing. Some cases end up taking more time, especially if the client is calling me every other day. The point is, Chapter 7s are barely profitable, especially in cases like this where a lot of work is involved. Some of my cases I don't even "make" any money, this sounds like it's going to be one of them for your attorney. Be respectful of his or her time and advice. Spending that time arguing with an attorney is worthless for both of you.

[debee]

Wow Debee, you're expecting an awful lot of time and legal analysis for $1000 in attorney fees in addition to the time already spent preparing the petition.

I'm not really sure what you're referring to, BKAttyMI. But I will try to answer/defend myself.

If you mean my recent posts about the attorney not having done the calculation or about what appears to be exemption mistakes, those aren't criticisms. That is just information for OP. I would hate for the OP to make a decision about her financial future based on what was said in a quick phonecall.

But I think you bring up a good point in that people usually get what they pay for.

[AngelinaCat]

Okay everyone, this thread at SEVEN pages, is far too unwieldy to be useful. There are several ancillary questions here besides the original question that Murphsmom posted. I am closing this thread and suggest that Murmphsmom create a new thread, once she gets some answers about her latest questions to her attorney.

For what it is worth, Murphsmom, if you are talking to an attorney who is/or was also a trustee, that is the person you should hire and listen to. He/she is the best person to know exactly what goes on you your particular district regarding property issues.

My best~~~~