Hi everyone, I am new to this forum. I belong to others but really wanted the specialization for BK right now. I have been reading here this week, pretty much everything I could. I did learn to check with my group legal plan here so big thank you!!
Unlike a lot of people when they first decide to file, I don't view it as a bad thing nor do I feel guilty about creditors. Mostly because I am well versed in consumer law (not bk law tho) and I 100% know that those creditors do not give a crap about me or my family, they would let us rot rather than help so my stance is right back at em - they can rot. We will be filing ch 13 as soon as possible. Our main hold up is our house & the equity. Right now exemption is 150K and all the attorney's we contacted want to use zillow estimates which as most know are laughable. The last attorney I spoke with actually told me if I could something in writing from a realtor or someone that puts the value below that 150K exemption then we would be good to go; however, if not we have to wait until Jan 1 when the exemption moves to 250K. I thought I would play it safest and I ordered an appraisal for myself which will happen tuesday 10/12. We should get that report back NLT 10/22. I'm hoping it's good enough to put us in the "now" category. I know the market in my area is crazy good.. we have only owned the house since feb 2020 so either way its a silly amount of equity in a year and a half.. glad we bought when we did.
On with my longer than I realized story. Our filing is completely my fault. I handle all the finances and hid problems from my husband. The house has been in forbearance for a year and that ends 12/16 so you can see why I want to file sooner than Jan. The lender wants their almost 37K in a lump sum which I don't have so as I have carried all the worry about this watching it get out of control. I sat my husband down last week and came clean and we agreed ch 13 was our best option to move forward in life. The attorney we are working with did some "crayon & napkin" rough figures and figures we may be looking at roughly $3850/mo to trustee which is just fine with us as here it includes house, car, everything so that is a huge burden relieved.
Unlike a lot of people when they first decide to file, I don't view it as a bad thing nor do I feel guilty about creditors. Mostly because I am well versed in consumer law (not bk law tho) and I 100% know that those creditors do not give a crap about me or my family, they would let us rot rather than help so my stance is right back at em - they can rot. We will be filing ch 13 as soon as possible. Our main hold up is our house & the equity. Right now exemption is 150K and all the attorney's we contacted want to use zillow estimates which as most know are laughable. The last attorney I spoke with actually told me if I could something in writing from a realtor or someone that puts the value below that 150K exemption then we would be good to go; however, if not we have to wait until Jan 1 when the exemption moves to 250K. I thought I would play it safest and I ordered an appraisal for myself which will happen tuesday 10/12. We should get that report back NLT 10/22. I'm hoping it's good enough to put us in the "now" category. I know the market in my area is crazy good.. we have only owned the house since feb 2020 so either way its a silly amount of equity in a year and a half.. glad we bought when we did.
On with my longer than I realized story. Our filing is completely my fault. I handle all the finances and hid problems from my husband. The house has been in forbearance for a year and that ends 12/16 so you can see why I want to file sooner than Jan. The lender wants their almost 37K in a lump sum which I don't have so as I have carried all the worry about this watching it get out of control. I sat my husband down last week and came clean and we agreed ch 13 was our best option to move forward in life. The attorney we are working with did some "crayon & napkin" rough figures and figures we may be looking at roughly $3850/mo to trustee which is just fine with us as here it includes house, car, everything so that is a huge burden relieved.