I just met with 2 lawyers in my area. One yesterday who seemed to know the system and was able to quickly go over my numbers and tell me what was in the cards for me. He was relaxed, not the most impressive office, cluttered but seemed to be on his game.
The second lawyer I met with today was obviously a "type A" personality, part of a large firm using an immaculate office, but he was fast talking telling me about the "magic" he can work for me with his team of 40 lawyers! He will charge me $750 more than the first guy "it's the standard fee through the courts", gives me a ballpark figure for what my payment would be that was about $900/mo higher than the first guy and he says that they won't try to strip my 2nd because they want to see the value of my house appraised for at least $50k less than the balance of my first. The guidelines in our area are if your 2nd is not secured by any equity in the home, it can be stripped and moved to an unsecured status. Also that ballpark figure of what my monthly payment he gave me would in fact pay almost 150% of my unsecured debt
.... clearly, I will just be a number to him.
The first guy said that his experience with the trustee and the court in our area is that if the equity in the house is not enough to secure the 2nd by even a dollar the court strips it without looking twice.
The main difference in fees were with the first guy a $500 retainer, balance prior to filing, no fees inside the monthly trustee payment, so 100% up front. The second guy wants $250 retainer, total of 50% plus filing fee to file, the remainder paid in monthly trustee fees.
I think we'll go with the first guy. I just got a better vibe from him.
The second lawyer I met with today was obviously a "type A" personality, part of a large firm using an immaculate office, but he was fast talking telling me about the "magic" he can work for me with his team of 40 lawyers! He will charge me $750 more than the first guy "it's the standard fee through the courts", gives me a ballpark figure for what my payment would be that was about $900/mo higher than the first guy and he says that they won't try to strip my 2nd because they want to see the value of my house appraised for at least $50k less than the balance of my first. The guidelines in our area are if your 2nd is not secured by any equity in the home, it can be stripped and moved to an unsecured status. Also that ballpark figure of what my monthly payment he gave me would in fact pay almost 150% of my unsecured debt
.... clearly, I will just be a number to him. The first guy said that his experience with the trustee and the court in our area is that if the equity in the house is not enough to secure the 2nd by even a dollar the court strips it without looking twice.
The main difference in fees were with the first guy a $500 retainer, balance prior to filing, no fees inside the monthly trustee payment, so 100% up front. The second guy wants $250 retainer, total of 50% plus filing fee to file, the remainder paid in monthly trustee fees.
I think we'll go with the first guy. I just got a better vibe from him.
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