First Paid Meeting w/Atty today

[nervousSC]

Well today is my first meeting with my atty where I have to hand over some cash ($250). Like someone else suggested, I'm going to ask what the minimum is they require before I file, b/c if I could afford to fork over 1,000 at the drop of a hat I wouldn't be filing! If you can think of any questions to ask at this meeting that would be helpful. I filled out ALL the paperwork yesterday, it took about four hours to gather everything!

This forum has been a Godsend!

Thank you SO much!

[Minnymouth]

Let us know how your meeting went with your attorney......

[nervousSC]

Does this sound right?

I went to the meeting and I had ALL of the paperwork and they attorney figured that I would be able to file a Chapter 13 and also with some moving around of my expenses I would qualify for a 7. The reason I have opted to go for the 13 are: 1)Don't have to pay the atty all fees upfront to file 2)My student loans would become immediately due after the 7 was discharged - with a 13 though the interest keeps accruing, it gives me some time 3)My payment will probably only be 100/month for 36 months. 4)My car would be seized.

I told the atty that I wouldn't be able to file until around Oct 1st b/c eventhough I don't have to pay all $$ upfront it's still $1200. So he suggested that I skip my mortgage payment for May and June (I've never been late) and use the extra money to pay atty and put those two payments in the bk....what do you guys think of that? Does that sound OK? (I would also have $$ left over to go to the dentist and get my car serviced). They assured me that this kind of bk pre-planning was ok as long as I didn't take the money and buy an entertainment system or something like that.

[alh]

I went to the meeting and I had ALL of the paperwork and they attorney figured that I would be able to file a Chapter 13 and also with some moving around of my expenses I would qualify for a 7. The reason I have opted to go for the 13 are: 1)Don't have to pay the atty all fees upfront to file 2)My student loans would become immediately due after the 7 was discharged - with a 13 though the interest keeps accruing, it gives me some time 3)My payment will probably only be 100/month for 36 months. 4)My car would be seized.

I told the atty that I wouldn't be able to file until around Oct 1st b/c eventhough I don't have to pay all $$ upfront it's still $1200. So he suggested that I skip my mortgage payment for May and June (I've never been late) and use the extra money to pay atty and put those two payments in the bk....what do you guys think of that? Does that sound OK? (I would also have $$ left over to go to the dentist and get my car serviced). They assured me that this kind of bk pre-planning was ok as long as I didn't take the money and buy an entertainment system or something like that.

Just some items I would consider. Most student loans can be put in forebearance or deferment for up to a year pretty easily for almost any reason.

Chapter 7 would be less expensive. The down payment on the 13 would almost pay for the chapter 7

You didn't mention what the situation was with your car in detail Are the payments behind much.

In general if you can do a 7 you are better off as you can get on with your life and rebuild your credit much quicker. Chapter 13 can be more like purgartory.

It looks like the big factor might be what the situation is with your car?

Just some thoughts

[nervousSC]

My car has too much equity in it, even using Edmunds, Kelly, or NADA. I own it outright....SC only allows 1200 in car equity and it's worth (the minimum we could find...3000-5000). The trustees here are apparently taking cars even if the equity 1201.

[SinkingFast]

Is there anything wrong with your car that perhaps needs repair??!!

We were basically able to almost completely knock out one car due to some rust damage. KBB value on it was $2000. We took it for a repair estimate and that ate 75% of the KBB value. $1500 gone. The estimator said if it were an insurance repair job, he'd have to stop at that point and call the insurance company. Most likely, the car would be totalled.

We gave the repair estimate to our attny in our docs we turned in for the BK.