Hi,
I was really impressed with the attorney I met with Friday. After posting my budget, etc, I am having some concerns here they are:
1. He wanted to file by end of November. If we go to Ch 13 we must wait until after Christmas to be able to cram down car.
2. He highly recommends keeping the timeshares. While they are paid off, they still cost $1800 (at least) per year. We have 2.
3. When I was talking with him I could understand his reasoning on a Ch 7 as my income will be increasing mid 20013 and he was concerned about our payments going a lot higher - plus he said I would then start paying back my student loans. I had thought if we were in BK then we would not pay them until 13 was finished.
4. He also talked about having me do a 7 on myself, and have my husband start making payments on the house that will be foreclosed on. I would think it would be wiser for my husband to file by himself as the BIG reason we are doing it is because of the foreclosure on my husband's old home in the near future.
5. I liked his idea of filing in the district that the rental property is as he feels the UST is easier to work with than the one where our residence is. He said when we would file he would push for the foreclosure house as giving back in full satisfaction so we would be done with it. So would that mean we would not have to wait for the full foreclosure. Would it be kinda like a deed in lieu of, but in BK?
6. He also feels we need to reaffirm the mortgage and car (still talking about Ch 7 here) and Aqua finance (water softerner) so our credit will be rebuilt quicker. I could really care less if Aqua came and took out the water system (if they even would it has been about 4-5 years), we are upside down on the car by about $4000. I have also read here about the reasons not to reaffirm mortgage.
We have not retained him yet. He said if we wanted him to just run the means test to send it to him for $100 and he would do it. That is why he wanted such a detailed budget.
So, should we keep looking?
My other main question is: Is it in our best interest for my husband to file on his own - probably could get a ch 7 as my income would go towards our mortgage (in my name only), car payments, utilities on this house. The reason I hesitate for Ch 13 is the debt management payment plan should end in 2013, CH 13 would go at least until 2017. There is some unsecured debt of my husband's in that, but the majority is mine.
Also, I feel we absolutely need to do something. I have asked this a million times. Should we stop paying the debt management plan now????
If it seems like a 13, then I would want to file after Christmas or January. Even though we have been making these payments (unsecured about $1,035 month) obviously when I ran our "real" budget we have been robbing Peter to pay Paul. I have been taking student loans (which with my new employer I am not going to) which has helped pay our bills.
If we jointly do a Ch 13, instead of my new employer finding out, could either our checking account be drafted or my husband's pension or VA benefits be garnished if that is what we would want?
Thanks!
Lynn
I was really impressed with the attorney I met with Friday. After posting my budget, etc, I am having some concerns here they are:
1. He wanted to file by end of November. If we go to Ch 13 we must wait until after Christmas to be able to cram down car.
2. He highly recommends keeping the timeshares. While they are paid off, they still cost $1800 (at least) per year. We have 2.
3. When I was talking with him I could understand his reasoning on a Ch 7 as my income will be increasing mid 20013 and he was concerned about our payments going a lot higher - plus he said I would then start paying back my student loans. I had thought if we were in BK then we would not pay them until 13 was finished.
4. He also talked about having me do a 7 on myself, and have my husband start making payments on the house that will be foreclosed on. I would think it would be wiser for my husband to file by himself as the BIG reason we are doing it is because of the foreclosure on my husband's old home in the near future.
5. I liked his idea of filing in the district that the rental property is as he feels the UST is easier to work with than the one where our residence is. He said when we would file he would push for the foreclosure house as giving back in full satisfaction so we would be done with it. So would that mean we would not have to wait for the full foreclosure. Would it be kinda like a deed in lieu of, but in BK?
6. He also feels we need to reaffirm the mortgage and car (still talking about Ch 7 here) and Aqua finance (water softerner) so our credit will be rebuilt quicker. I could really care less if Aqua came and took out the water system (if they even would it has been about 4-5 years), we are upside down on the car by about $4000. I have also read here about the reasons not to reaffirm mortgage.
We have not retained him yet. He said if we wanted him to just run the means test to send it to him for $100 and he would do it. That is why he wanted such a detailed budget.
So, should we keep looking?
My other main question is: Is it in our best interest for my husband to file on his own - probably could get a ch 7 as my income would go towards our mortgage (in my name only), car payments, utilities on this house. The reason I hesitate for Ch 13 is the debt management payment plan should end in 2013, CH 13 would go at least until 2017. There is some unsecured debt of my husband's in that, but the majority is mine.
Also, I feel we absolutely need to do something. I have asked this a million times. Should we stop paying the debt management plan now????
If it seems like a 13, then I would want to file after Christmas or January. Even though we have been making these payments (unsecured about $1,035 month) obviously when I ran our "real" budget we have been robbing Peter to pay Paul. I have been taking student loans (which with my new employer I am not going to) which has helped pay our bills.
If we jointly do a Ch 13, instead of my new employer finding out, could either our checking account be drafted or my husband's pension or VA benefits be garnished if that is what we would want?
Thanks!
Lynn
Comment