My wife and I met with our lawyer today and decided to retain her. She was 10 minutes late for our 11:00 appointment, even though her office said to be there at 10:45 to fill out paper work. So we sat there twiddling our thumbs for nearly half an hour.
The lawyer was nice, but talked over us alot and gave us quite the salesman pitch. She told us that we failed the means test, so we must file Chp. 13. After reviewing our debt, she determined that we prob. will only pay pennies on the dollar for what we owe, advised us to stop paying our unsecure and some secure debt, and stressed that we should go purchase a new car before we file because the car I have now will not last 5 years. I have a real hard time not only stopping payment of my bills, but making a new vehicle purchase. However it does make sense to get one now and pay 100% on it through the BK and have a vehicle, as opposed to my POS breaking down during BK and I am unable to get a new one. What does everyone think?
Our lawyer said the she will file an addendum or whatever so the court takes our student loans into consideration and need to be paid back. She said we are looking at a monthly $400-$500 repayment fee that does not include our mortgage and new car. We will reaffirm on one of our current vehicles at its blue-book value and not the loan value, reaffirm on our mortgage, my wife's engagement ring, and our furniture. She said after reaffirming the secure debt, the remaining repayment schedule will go towards unsecure debt, which we have alot of, but will according to her, only be paying pennies on the dollar.
In addition her total fee is $2400, but we would only pay $824.00 and the rest would be included in the repayment plan. Does this sound like she is blowing smoke or is this a pretty good deal? Im pretty nervous and would appreciate everyone's opinion.
The lawyer was nice, but talked over us alot and gave us quite the salesman pitch. She told us that we failed the means test, so we must file Chp. 13. After reviewing our debt, she determined that we prob. will only pay pennies on the dollar for what we owe, advised us to stop paying our unsecure and some secure debt, and stressed that we should go purchase a new car before we file because the car I have now will not last 5 years. I have a real hard time not only stopping payment of my bills, but making a new vehicle purchase. However it does make sense to get one now and pay 100% on it through the BK and have a vehicle, as opposed to my POS breaking down during BK and I am unable to get a new one. What does everyone think?
Our lawyer said the she will file an addendum or whatever so the court takes our student loans into consideration and need to be paid back. She said we are looking at a monthly $400-$500 repayment fee that does not include our mortgage and new car. We will reaffirm on one of our current vehicles at its blue-book value and not the loan value, reaffirm on our mortgage, my wife's engagement ring, and our furniture. She said after reaffirming the secure debt, the remaining repayment schedule will go towards unsecure debt, which we have alot of, but will according to her, only be paying pennies on the dollar.
In addition her total fee is $2400, but we would only pay $824.00 and the rest would be included in the repayment plan. Does this sound like she is blowing smoke or is this a pretty good deal? Im pretty nervous and would appreciate everyone's opinion.
Converted to asset case 5/26/2008 [X]
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