I have an appointment monday so now what happens?

[suzyqpug]

Ok, I have decided to go see an attorney. I thought that because my husbands base salary was 116,500.00 and he gets a yearly bonus of anywhere from 0-48,000.00. Its not guaranteed, but he has been getting on for the pst thirteen years. Now the attorney that I spoke to today said we might be able go do a chapter 7. I have 2 kids and live in NJ. The median for 2 kids in NJ is 95,000.00 How is he able to say we might qualify for a chapter 7? Also, if we doa chapter 13 will they take his bonus every year? And if thats the case I will be paying back at 100% then. Whats the sense of claiming a BK if I have to pay back 100%? Any information on the chapter 7 and our income would help? I am sooo nervous I want to throw up? I have 175,000.00 in credit cards. Thats all that is going into the bankrupty, except I might have them take the boat that we have. The loan is the amount that the boat is worth. We have no equity in it at all. Should I have them repo it? Ohhh the problems, I am so depressed. HELP

[NowImDownInIt]

Don't be depressed. It WILL get better, no matter where you go from here. I can't answer most of your questions, but as for 100% payback, well, I can sorta answer that. I am doing 100% payback... but it's my only chance to keep certain secured things.. like my car for instance. 13 with 100% payback still protects most of your assets... So if it's the only option that will allow you to keep your stuff, it's a better option than none.

[suzyqpug]

yeah but I have 175000 + in credit card debt. If i have to pay back at 100% I won't be able to afford the payments.

[AngelinaCat]

Don't just settle on the one attorney; see at least two more. Most offer a free consultation. Good luck to you, and yes, it will get better though it doesn't look like it now.

You may want to go ahead and purchase the BK7 book that nolopress.com has for sale. Several of us here have bought it and recommend it because it is written in plain English. The print and online version is for sale at their website for about half what it costs in the retail bookstore. If you do that and they offer a 'freebie', take that too. It will be worth your while. Also, if you buy the online version, you will be able to download it almost immediately, then you can start reading and getting ready for your appointment Monday.

Again, Good luck.

[MajorMike]

You're only going to put in your disposable income so it's not based on 100 percent. If you have say 2K a month left over after paying all your expenses, that's what you'll pay which is about 100K by the end which is 60% or so.
It's all about what you have left over ...You have 6 month look back and if he has a bonus coming, yes they could take that to pay the creditors. Even if you payback 100 percent, you're interest is still stopped and you get to keep your assets.