Meeting with lawyer next week

[hughewil]

I have scheduled my fist meeting next week with a lawyer. It is the initial consulation so I will see how it goes. I might be jumping the gun, I have been working a second job, but even with that we barley pay the bills and he 14 hour days are really eating at me.

My second job ends this week, so I will have to wait 6 months for that income to roll off before i can file correct?
Is it a waste going to see an attorney now, should I wait the 6 months?
Should I have my home appraised now or wait (want to see if I can strip a second)?

i aahve so many questions and just don't know what to do.

[SMinGA]

Does the income you were paid in the prior 6 months (Nov '09 - Apr'10 since the earliest you could possibly file is May) put you under or over the median income for your state & family size? That is a key factor, and why some people wait to let income 'drop off' of their 6 month look back.

If you believe your home may be worth less than you owe on the 1st, then finding out for sure would be a good idea. Assuming you believe you can afford the 1st mortgage if the 2nd, unsecured debt go in bankruptcy. You would need to be able to fund a plan payment however.

[hughewil]

if I let the 6 months drop off then income is going to be very close to median probably a couple of hundred dollars over.

Without the second and credit cards I can afford the 1st, and I believe my house will come in about 10k less than I owe on the first, but will not know for sure till it's appraised. I guess my question was would an appraisel now hold up when I file in 6 months?

[keepinitreal]

Is it a waste going to see an attorney now, should I wait the 6 months?

Should I have my home appraised now or wait (want to see if I can strip a second)?

No, it's not a waste of time to see an attorney now. It's smart. Your attorney may tell you to stop paying your unsecured debt now, since your 2nd job is ending. Also, ask your attorney about checking your house value on zillow.com or getting a free Comparative Market Analysis (CMA) from a realtor or getting a professional appraisal.

I would recommend waiting until you're almost ready to file before you pay for a professional appraisal.

Good luck!

[hughewil]

I looked on zillow.com and they had my house listed for more than I bought it for, I looked at some other sites and they had it for much less. I will definatly get a professional appraisal done, I guess I'm just not sure when to do it.

Maybe I will have to get two, if I can't strip the second loan then filing BK wouldn't be worth it so I might need to get one now to figure out what I should do.