Going to see the lawyer

[ease]

So we are taking the next step and seeing a bankruptcy lawyer tomorrow. He has a small "boutique"practice with his wife and they do all the work. They don't farm it out to paralegals. My impression is this is semi retirement for them. They've handled thousands of cases in our state and have a sterling reputation. They specialize in chapter 7. One of my husband's clients, who is also self employed, used this lawyer and was very happy. DH said this lady is like a new woman after filing chapter 7.
I think I'm rambling here. Just wanting to tell someone.
Have been up and down for the last several days.
Today was the first day that the thoughts of bankruptcy didn't consume me.
I'd love advice on how to manage the mental strain of it all.
Or is it just part of the process, a hoop to jump through, the price to pay?

[JRScott]

Well if your already feeling some relief then I'd say you are on the right track.

You'll interview lawyer
You'll gather information
Lawyer will fill out bk petition
You'll review petition
You'll sign petition
Lawyer will sign petition.
Lawyer will file petition.
You'll have to attend a 341 meeting generally held 30-45 days after filing.
Then there is 60 days for objections.
If all proceeds smoothly you'd be discharged after those 60 days.
The Closing should follow shortly but could take additional time especially if its an asset case.

[ease]

Just got back from the lawyer's home office. What a nice guy. We had to bring our youngest who was home sick from school today.
Instead of the office we met in his kids' playroom. Totally put me at ease. He lives in a neighborhood similar to our own, not one of the status neighborhoods in town but still nice.
We are proceeding with the chapter 7, keeping the house. He was very frank that we should consider letting the house go into foreclosure although we could see it as a step 2 after the chapter 7. DH and I will chew that over. 8 months of not paying a mortgage that consumes 1/2 our income is very attractive. We could probably rent just up the block for 1/2 what we pay now.
I need to clarify with him if we can do both at the same time.
In the meantime, we are holding the mother of all garage sales next weekend to get rid of all non essential items we own so we can pay him asap. He'll give us a number to give to the creditors when they start calling. I really don't want my kids intercepting CA calls.
Feeling that 5 year old knot in my stomach loosening.

[Trixie007]

That's great news about the lawyer, it's so important to be comfortable in your choice. Good luck with the yard sale, hopefully you'll bring in enough to pay the lawyer in one fell swoop.

[ease]

I got a full 8 hours sleep last night and feel amazing. We're both pretty clear we're ready to let the house go. In order to really get a fresh start and keep the house, we'd have to pull in 10-12K a month. It's tough to do that in our industry right now.
Lawyer gave us great advice that really rings true... with the economy being so crazy, structure your life to live on a waiter's salary.
We are concerned about being able to obtain a lease after all of this and the prospect of moving every year or two with 3 kids.
Guess I'll check out the foreclosure threads!

[ease]

I got a full 8 hours sleep last night and feel amazing. We're both pretty clear we're ready to let the house go. In order to really get a fresh start and keep the house, we'd have to pull in 10-12K a month. It's tough to do that in our industry right now.
Lawyer gave us great advice that really rings true... with the economy being so crazy, we should structure life to live on a waiter's salary.
We are concerned about being able to obtain a lease after all of this and the prospect of moving every year or two with 3 kids.
Guess I'll check out the foreclosure threads!