so confused! meeting w/ lawyer today

[Kkole425]

OK we had our first meeting today with our attorney. Our business lawyers told us to use him he was the best around and after checking I believe this. Very nice I like him. Our deal:
House- 1st and 2nd current and owe a little more than it is worth
Cars- High monthly payments on 2
Cars- Own 2 others out right for my kids total value $7000.00
Home stuff- Value $4500
2 boat docks in FL we own free and clear value $100000.00

OWE
Unsec. Credit cards $200000.00
IRS $60000.00 2008 taxes from a business sale.
Odd and end cell phone, my parents so on and so on.

My husband does not really have a job. Is working 1 day a week here and there. The dentist killed himself on my husband's first day of work.
Me no work.

I thought 13 for sure because we have back taxes. Well since we have no reagular income 13 is out and we are in line for a 7. I didn't think this was even a option. He said it was our only option.

So this is what will happen turn boat docks over to TT they sell boat docks and keep what is their share pay off the IRS and what is left goes to CC'S.
If not enough money is made to pay off TT and IRS we may have to pay IRS what is left and CC's get notta!!
We keep our house and stuff and cars if we want to keep paying on them.

Does this all sound right?

[JoeBankrupt33]

It sounds pretty much right to me.

One thing that you need to watch out for, and I'm not sure how to handle it:

You will probably have a timely discharge, which is about 60 days after your meeting of the creditors (aka 341). This is when the automatic stay is lifted (assuming the case wasn't closed or dismissed before then). Anyhow, the gov't can then persue collecting the taxes regardless of what the trustee is doing. This is where it gets messy, because it could take several months to sell the boat docks, unless the 100K is a quick sale amount.

It also looks like you might be able to exempt some value of the boat docks with your remaining exemptions. If this is the case, the trustee sells the docks, must pay you first, then himself, then taxes, then unsecured non-priority. Even if your exemption means that the taxes don't get fully paid, it is better for the trustee to pay you, then you pay taxes because he doesn't get a commission on anything he pays you.

[Kkole425]

So once we file and get things started should we start paying the IRS and just see what happens? I know how good the IRS is at returning a overpayment. LOL I know those boat docks are not going to sell in a timely matter. We have had them up for sale for almost 3 years and nothing. We have come down on our price $100000.00. The docks are in a condo association and you have to live there to own one. I am sure that doesn't count for the TT but to sell them the TT has to sell them to someone who lives in the association. I talked to my realtor down in FL Saturday and she said a boat dock has not sold down there in over a year.