Hi all. I'm posting this to a new thread because I want to keep a running chronicle of what I learn/experience.
I am just now looking into Chapter 13.
I have a permanent HAMP mod. on my first mortgage (no kidding. Took 16 months).
My house is worth less than my first mortgage.
I had always thought you could strip a second with a Chapter 7. My bad. I get it that you can't. I make a little too much money for a 7 anyway.
I talked with a lawyer (first one, need to talk to more). He said:
The cost is $4,274. the $274 is the BK filing fee. They need 1/2 of their fee, $2,000 up front, and the rest is threaded into the BK payments.
He advised me to buy a car (not a luxury car) before filing, since my 12 year old car will probably not make it for five years. My FICO is shot already, since I haven't paid on my second since August, so I'm going to have a high interest rate, and this payment could also be threaded into the BK.
My questions are:
1. is $4,000 reasonable?
2. is it normal practice to do something like buying a car before filing?
3. What if I also buy a laptop before filing (the one I am typing on is 10 years old)
4. Do we get a say in who our trustee is? I have heard at least one horror story of a trustee being downright cruel.
5. He suggested I use his appraiser and that it would cost about $370. Is that about right?
Okay there will be more questions, but I have these for starters. I have to talk with more attorneys this week and next.
I love it that there is this forum! Thank you!
I am just now looking into Chapter 13.
I have a permanent HAMP mod. on my first mortgage (no kidding. Took 16 months).
My house is worth less than my first mortgage.
I had always thought you could strip a second with a Chapter 7. My bad. I get it that you can't. I make a little too much money for a 7 anyway.
I talked with a lawyer (first one, need to talk to more). He said:
The cost is $4,274. the $274 is the BK filing fee. They need 1/2 of their fee, $2,000 up front, and the rest is threaded into the BK payments.
He advised me to buy a car (not a luxury car) before filing, since my 12 year old car will probably not make it for five years. My FICO is shot already, since I haven't paid on my second since August, so I'm going to have a high interest rate, and this payment could also be threaded into the BK.
My questions are:
1. is $4,000 reasonable?
2. is it normal practice to do something like buying a car before filing?
3. What if I also buy a laptop before filing (the one I am typing on is 10 years old)
4. Do we get a say in who our trustee is? I have heard at least one horror story of a trustee being downright cruel.
5. He suggested I use his appraiser and that it would cost about $370. Is that about right?
Okay there will be more questions, but I have these for starters. I have to talk with more attorneys this week and next.
I love it that there is this forum! Thank you!