My spouse and I met with our attorney's paralegal today to sign our plan and to go over our payment amount. We had expected a payment somewhere between $1,000-$1,400. We have about 54k in loan/credit debt and have two cars that we thought we were going to be paying outside of the bk.
When we looked at the plan the paralegal noted that we would be paying back 86K over 60 months with a payment plan of $1,313. She also noted that the lawyer decided that it was in our best interest to pay one of the cars in the bk because we have had problems with the credit union that we financed it through wanting to take it back (even though we are up to date on payments) due to cross collateralization on loans and cc from them that we are including in the bk. He said the car will be safer that way and actually will be paid off through the bk faster than it would have been if we paid it outside of the bk.
We were pleased with this payment (especially considering it included the car). I know things could change with the payment a little but right now this plan amount will allow us to pay our debt without going completely broke.
One of the things that I did have a question about concerned my student loans (they cover a bachelor's and master's degree and several classes required for my job). The amount is pretty high and had been previously consolidated and were on a deferment which was due to end in August. She said that the secured student loans would be added into the plan but not pay on them. Does that mean they are going into deferment due to the bk during the plan or does that mean they are going to be added into the payment at a later time?
Anyway, we will have our case number in the morning and she said we should have our 341 meeting date by the beginning of next week. She said not to stress out about it and to bring only a picture id and ss card with us.
She also stressed that we should not contact any creditor with info. She said if they contact us we can answer and give them the case number but she said other than that not to contact anyone (she said the court would be doing that (thus starting our automatic stay). Does anyone know how long that takes?
Sorry for all of the questions-I am just so ready to get this show on the road.
Hopefully we are on our way. I will be sending payment #1 on 8/1/08.
When we looked at the plan the paralegal noted that we would be paying back 86K over 60 months with a payment plan of $1,313. She also noted that the lawyer decided that it was in our best interest to pay one of the cars in the bk because we have had problems with the credit union that we financed it through wanting to take it back (even though we are up to date on payments) due to cross collateralization on loans and cc from them that we are including in the bk. He said the car will be safer that way and actually will be paid off through the bk faster than it would have been if we paid it outside of the bk.
We were pleased with this payment (especially considering it included the car). I know things could change with the payment a little but right now this plan amount will allow us to pay our debt without going completely broke.
One of the things that I did have a question about concerned my student loans (they cover a bachelor's and master's degree and several classes required for my job). The amount is pretty high and had been previously consolidated and were on a deferment which was due to end in August. She said that the secured student loans would be added into the plan but not pay on them. Does that mean they are going into deferment due to the bk during the plan or does that mean they are going to be added into the payment at a later time?
Anyway, we will have our case number in the morning and she said we should have our 341 meeting date by the beginning of next week. She said not to stress out about it and to bring only a picture id and ss card with us.
She also stressed that we should not contact any creditor with info. She said if they contact us we can answer and give them the case number but she said other than that not to contact anyone (she said the court would be doing that (thus starting our automatic stay). Does anyone know how long that takes?
Sorry for all of the questions-I am just so ready to get this show on the road.
Hopefully we are on our way. I will be sending payment #1 on 8/1/08.
Comment