Well, we met with an attorney tonight. I have been stressed out about it for 2 weeks. We own a business (LLC) which makes things a little more complicated. After spending an hour and a half going over things (and feeling sicker by the minute), attorney came up with a payment of $450/month for 5 years, which is pretty good considering our debt of $100K. We have to get some appraisals on business equipment, and track down a few more pieces of paperwork. He has actually done a few businesses like ours before, so he was familiar.
While I was freaking out about possibly losing the business, he told us that generally, in our area, that cases like ours are easy to get through because no trustee wants to jump in and take over a business that is worth very little on paper. He tells us the trustee in our area (there is only one!) is mainly concerned with the means test and making sure that the creditors get what they would get in a chapter 7.
We meet with another attoney on Monday, but I really like this guy and was impressed.
If things go well, we should be able to file in about 3 weeks, when I have all the $ together to pay him.
mt
While I was freaking out about possibly losing the business, he told us that generally, in our area, that cases like ours are easy to get through because no trustee wants to jump in and take over a business that is worth very little on paper. He tells us the trustee in our area (there is only one!) is mainly concerned with the means test and making sure that the creditors get what they would get in a chapter 7.
We meet with another attoney on Monday, but I really like this guy and was impressed.
If things go well, we should be able to file in about 3 weeks, when I have all the $ together to pay him.
mt
Comment