Just getting started in NC...Need info and an attorney

[deadbrokeinnc]

Hello All,

I have realized that we are just in over our heads in DEBT.. I need a way out. I was hoping to file Chapter 7 but was told we are WAY above the income level for North Carolina.
Funny I make to much money and still cant afford our bills. I have learned from this expereince and just want to start fresh!!!!

Iwant to know if someone can suggest a good attorney in the Triad area of North Carolina. Greensboro, High point, Winston Salem , Kernersville. We would be willing to go to Durham or Raleigh if you have a strong recommendation based on previous expereince with the attorney.

Also, I had a few questions:

1) Is it true that the 7-10 years of bankruptcy on my credit report will not start untl after my last pymt??

2) Has anyone started to rebuild there credit while making pymts in Ch 13? Is this possible?

3) Will they watch my every move for the next 5 years? Take tax refunds, wage increase etc...

4) What happens when after mortgage, daycare, utiltites, insurance, car notes, food and other very basic needs you have NOTHING left? What type of payment will they offer?

5) LAST QUESTION ( Thanks for reading ) For those of you who are already there... Does it feel better now that you have done it? Do you see a light at the end of the tunnel? Is your credit getting better? I feel we really need to do this but I am so overwhelmed.

FYI...I will file BK alone since most of the CC debt is in my name only and my husband is rebuilding his credit.

[Flamingo]

Here's how you start in NC (or any state for that matter) where you have no family or friends to refer you to a good, known attorney. Look in your phone book under the state section and look for the NC State Bar Association. Call them, state you are new to the state and would like a referral to a good BK attorney in your area. They will give you names of good, reputable attorneys experienced in that field. Many attorneys give free initial consultations for bankruptcy. Call and make an appointment.

Your questions:
(1) If you file Chapter 13, the BK will stay on your credit reports for 7 years from the date of fililng; 10 years for Chapter 7.
(2) Yes. Do not be late with any payments (electric, phone, anything) during your Plan and that includes your Plan payment itself. It does help. You cannot apply for credit or a loan during a Chapter 13 without permission from your Trustee. You will need to learn to live on a cash only basis for a whlie.
(3) They may or may not - it depends on your Trustee and depends on the practices of the district you file in. You will see on here that some folks have to provide all sorts of documentation and others do not. What you do is comply with what you have to provide and do not worry about what others are required to hand in. Your case/matter is different from theirs. No Chapter 13 is alike.
(4) Your payment is based on many things including the exemptions in your state, the median income, your income, total debts, total assets, etc. You will have money left and it will just be enough to survive on. Just be thankful for what you do have and that you were able to get a fresh start and out of the debt crush.
(5) We are discharged. Been in your shoes. Prior to filing I swore I was going to have a nervous breakdown I was so emotional over the entire situation. After filing and getting it all out of the way, it was a nice feeling even though our lifestyle had changed tremendously and we would still worry about how to make house or car repairs since we had no credit cards to fall back on. But it turned out we didn't need any credit cards and usually everyone finds that out also. You do what ya gotta do. We are almost two years out of discharge; I purchased a new car two years ago at 0% interest, and we refinanced to make some major house repairs that could not wait until our Plan was actually over (new roof needed badly). We got in April 2006 6.5% on a 30 year fixed mortgage. I remember some brokers offering us adjustable rate mortgages but we listened to our attorney who gave us the name of an excellent broker who worked with us to get us a fixed rate and good percentage. We were told our past credit history and how we conducted ourselves during the Plan (no late payments, etc.) worked to our benefit. We now have two department store credit cards, I have an Old Navy Card, and we have our debit card through our long term held bank and a Mastercard in my name with Orchard Bank ($900 limit) and my husband and I jointly were approved through Washington Mutual 1 1/2 years ago for a Visa at 11.99% interest for $3,500. They raised that amount to $8,500 just before Christmas last year (of course!) but our balance is zero on all of them.

Call and make that appointment and it will put you in the right direction and you will obtain all the information you need. Best of luck to you!

[deadbrokeinnc]

Thanks!