Newbie--help!

[travelmama]

Some questions i hope some of you can answer.

1. how many BK attorneys did you "interview" and how did you decide on the right one? any suggestions for a dallas area atty that was great?

2. my primary homestead is also my business location. how will that affect how the trustee looks at assets? other than the business' assets i don't have much but personal furniture. the business is an llc

3. car is worth less than owed, how is car handled?

4. how "public" in my small community is BK going to be

5. will BK save my home from foreclosure? i've been doing the modification dance for over a year and after being rejected once, pre-qualified currently, but no resolution from them yet, they just put me on the oct chopping (sale) block.

if BK will not save my home/business, i have no reason to file, as some of my old debts are already several years old and will "fall off" after a few more years anyway. correct me if i'm wrong...

[ccsjoe]

Hi travelmama,

I can answer 1 (partially) and 3, give you an opinion on 4 and general guidance on 5. No idea on 2.

1. Interviewed 3, went with the one that did not make me feel rushed, discussed setting expectations for our working relationship, and was well known to the trustees. No knowledge of Dallas area though.

3. I believe you are saying you have a car loan outstanding. If so, then your car, being worth less than the loan is not an asset. You have 3 options here:1. Reaffirm the loan, meaning once the bk is over this loan will not be discharged and if you default post-bk you are liable for the deficiency, 2. Ride and pay, many car companies allow you to not reaffirm but retain the vehicle so long as you continue paying on time for the life of the loan. Under this option, if you default in the future, you are not liable for any deficiency. And option 3, surrender the vehicle. Here you may ask why would anybody reaffirm and not just ride and pay? Some companies, notoriously Ford, will repo a vehicle unless the person signs a reaffirmation.

4. Shouldn't be very public at all unless your very small community publishes bk listings on their Sunday paper or if you run into someone you know at the courthouse during your 341 meeting...maybe the mailman makes a comment about your unsolicited bk related junk mail.

5. Filing BK will stay the action against your home, however the lender can file for a Motion for Relief of Stay prior to your discharge to allow the action to continue.

[kartoons19]

I interviewed 2 attorneys. I had planned on interviewing more, but I felt so comfortable with the 2nd one I interviewed that I stopped my search. She has a good reputation (I did some research), only focuses on bks and has been in the business for over 20 years. I also liked that she is a one-person office, so I would always deal directly with her, not a paralegal. The negative side of this was that because she was so busy, it took a little longer to file, but I'm still glad I went with her.

I have a side business (sole-prop.) that I operate out of my house (rental). Per my attorney, I did not not count any portion of my rent towards businesses expense. I did count my business furniture and equipment towards my tools of the trade exemption. The rest of my furniture, went into household exemptions. I wasn't close to the max in either one of these categories. I'm not sure if your situation will be different since you are an llc. My business wasn't even mentioned during the 341, but then again my business income is minute, so maybe that is why it wasn't discussed. I still plan on operating my business after discharge.

BKs may be public record, but how many people actually have time to look it up or even know how to? Even if it is posted in your local paper, I would venture to say that most people don't read that section. Given the economy, bks are becoming more common that I don't think it carries the same stagma or negative impact it once did. At least that is how I see it. Good luck to you.

[AngelinaCat]

We went with the first attorney we interviewed, mostly because she was 'out of town'. We also live in a small community, and we didn't want anyone to know our business. While attorneys are not supposed to divulge anything because of the attorney-client privilege, they are human, and there is a group of them that meet after hours at the local watering hole for drinks.

Next, this woman made us feel like she totally understood our situation and was ready to aid and assist us. She also was a one person office with a paralegal as a helper.

We should have interviewed at least two more attorneys, because once we retained her and started filling the paperwork out, she was almost never available to answer questions. Her paralegal, 'Sue', was knowledgeable and answered questions fairly readily. But when she left, and 'Adam' came in, communication was almost non-existent. We were too far in, to switch attorneys, and had to go on. But there were many errors in the case that she made, and we made, that should have gotten our case dismissed. Instead, we had a good trustee that overlooked a lot and worked with us.

At the time, we did not know of this forum. Had we found it back when we started, we would have gotten ourselves properly educated in the process and handled things differently.

BTW, if someone does have an attorney recommendation for the OP, please send it to them via a PM. Thanks.

Good luck!

[kmattin]

I interviewed three attorneys. The first one seemed as though he had no interest. The second one, the first thing out of his mouth was "how much are you going to pay me today". Strike two. The third, spent approximatively 45 minutes with me, explained the process and about how much I would be expected to pay each month. I wrote him a check on the spot and this attorney filed within two weeks. Thanks to this forum, I went in with confidence.