Ok.. I live in Dallas texas, and I am seeking council for my bankruptcy. Today I seen 3 Bankruptcy lawyers to weigh out my options. 1st lawyer said chapter 13, and I'd have to pay $900/mo for 5 yrs.. 2nd lawyer said chapter 13, but my payments would only be around 500/mo for 5 yrs.. 3rd lawyer said I qualified for chapter 7.. This left me a little confused.. how and why would there be such a discrepancy?
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it all depends upon what kind of assets you have and what type of debts you have.
Taxes, child support, student loans, mortgage arrears and car payments would lead to a chapter 13 most of the time, but if you own no assets, or don't have those types of obligations, then maybe you earn above the median in your area and don't qualify simply for a chapter 7.
If you give some more info, there are lots of folks on here who can give great insight...Chapter 7 filed: 07/30/2009 PRO-SE
341 scheduled: 09/11/2009
Discharged: 11/13/2009
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Hi Freedom7.. thanks for the reply.. i gross around 70K, have a mortgage, car payments, and student loan.. all are current. I have around 93k debt that is a combination of unsecured loans, and credit cards. My question isnt what I would qualify for, as much as it is.. why would 3 different lawyers give me 3 different answers..Comment
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I think that the lawyers don't really know what to say until their paralegals fill out the forms and run all the numbers.
The median income for a family of 4 in TX is 66400. So maybe if you fall above that one guy says Chapter 13 without even taking expenses into account yet. The next guy says oh, he's above the # but probably passes the means test and we can do a 7, and the last guy says, we can get more fees off a 13 and we'll sell him on a cramdown of his car and a reaffirmation on their house.
All of this is just from my experience with the consultations. I have 2 cars and NO HOME(we rent) and I too fall below the income # but each lawyer tries their own method to guide ya. Two of the 5 consults tried to get me into a 13 just to cramdown a car loan, so anything is possible.Chapter 7 filed: 07/30/2009 PRO-SE
341 scheduled: 09/11/2009
Discharged: 11/13/2009Comment
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and of course, each plan could include different things, like the car payments, or not, the lawyer and trustee fees, mortgage arrears, taxes and student loans.
One guy may include the car in plan pays and the other may not, they really just need to break down their numbers better for you, so you can compare apples to apples and see what property they want you to keep or lose.
anyway, best of luck...Chapter 7 filed: 07/30/2009 PRO-SE
341 scheduled: 09/11/2009
Discharged: 11/13/2009Comment
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netzilla,
to answer your question. It appears at least 2 of the 3 attornies, and quite possibly all 3 of the attornies are speaking out their behinds.
they give you answers and appear confident. the meeting is their sales pitch to you.
after you sign and pay, they'll do the work and if it differs from what they originally say, they'll deal with that then.
Initial consults may be good for an overview, but it's really a sales pitch by the attorney.Comment
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Freedom7 and Poorold.. thanks for the insight.. it makes more sense now.. the first two that I met with were the paralegals, but only took my income information from me.. the last person I met with was the atcual lawyer who's name was on the firm.. He viewed all my information.. thanks again for the replys..Comment
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