Hello

[Hickt003]

Just registered.
I had first consult with recommended lawyer & boy is he organized and knowledgeable!
I’m a bit overwhelmed As we had zoom appointment and some technical audio break ups to where I wasn’t sure of what he said. I have all info packet to go over.

im just concerned as CH 7 sounds like best fit.
my revolving debt is not that much, but as a waiter, hit hard by Covid, I cannot pay minimums, & can only afford to pay my mortgage, utilities, & eat.

just concerned of understanding means test.

lawyer seemed to confident 7 was way to go & volume was increasing daily b/c of covid.

will print out packet, fill out, & return.

he is highly recommended in Orlando area. 40 years in business.
many many happy customers.
No pressure from him and price is inline with all research I’ve done.

All he stressed was every client contemplating BR always say, “ they wished they’d done it sooner”!

anyway...HELLO!

[justbroke]

Welcome to BKForum!

The Means Test only looks to see if you have the "means" (resources) to pay your creditors something. That "something" is technically at least 25% of their balances over the next 3-5 years. There are some other nuances, such as there would be no interest charged at all and depending on what you own and keep, there could be a minimum amount set.

Since you are out of work, the Means Test will only factor if your income over the last 6 months (averaged) somehow exceeded the thresholds. If you've been out of work since March/April, that's not going to be a factor.

Everyone is stressed until the day after filing... when the phone(s) stop ringing! The next stress relief is right after the 341 Meeting when you realize that it was "that" easy. Nearly everyone on here will say that they wish they had done it sooner. I spent over $100K of thousands of my 401(k) and $80K of cash, and ran up debt, trying to keep investment property while fending off creditors. Wasted money, for sure. In fact, the creditors would probably had been better off had I filed earlier because they would likely have lost less.

Again, welcome to the forum. Feel at home.

[Carmella]

It sounds like you have found a good reputable attorney. To me that is the most important thing when filing.

My husband and I are almost at the halfway point of a chapter 13. You can add us to the list of those who wish they would have done it sooner.

BK isn't always easy, probably most of the time not easy, but it does help to give a fresh start.

[Macc404]

Finding a great attorney is key. You can definitely add my name to the list of people who wished he had done it sooner. I was actually flirting with the idea of filing for over a year before I actually did it. And, just as JB pointed out with his situation, I wasted thousand of dollars trying to stay afloat and fend of creditors with here and there payments beforehand. Felt so good day I signed paperwork and it got filed, was like the weight of the world lifted off my back lol. I'm in a 13 myself, so getting my plan confirmed was the next weight that got lifted. Loving financial life much more now, and looking forward to a better financial future at the same time. Trust me, and every one else here, you will have that same feeling once those papers are in and the process is started