Right now, he has me at least filing for a chapter 7 and my father for a 13. We should be meeting with the bank early next week on the business loan to make them a settlement offer. If they accept the offer, We will avoid having to file bankruptcy period. If not, then we will file.
The attny figured what my father's 60 month repayment would be and then it was discounted by the amount which would go to the ttee and the attny. We have since discounted that by the present value of the remaining sum for the offer - figuring the bank would rather have cash now then have to wait for the entire five years to get their money.
Something interesting came of the meeting today. We point blank asked our attorney about the payment increasing over time if income increased. He said while it is possible, he has not seen it happen in our district over his career.
So we are hopeful to get the meeting arranged early next week and we will make our offer to the bank. Then we will see what happens.
The attny figured what my father's 60 month repayment would be and then it was discounted by the amount which would go to the ttee and the attny. We have since discounted that by the present value of the remaining sum for the offer - figuring the bank would rather have cash now then have to wait for the entire five years to get their money.
Something interesting came of the meeting today. We point blank asked our attorney about the payment increasing over time if income increased. He said while it is possible, he has not seen it happen in our district over his career.
So we are hopeful to get the meeting arranged early next week and we will make our offer to the bank. Then we will see what happens.