Late last week I met with an attorney that I like... I just wanted to share a few things that she told me, and see what you guys think of it...
First off, we are far above the median income (wife and I made about $90,000 per year. So our "presumption" is based on our disposable monthly income. According to the attorney, after running all the numbers in her software, our house payment is the deciding factor in whether or not we can file a chapter 7. With the house payments, we qualify... Without it, we would have to go chapter 13 (which we don't want)...
1. So she said that as long as the house payments are current on the date of the 341a, then we'd be ok. We can stop making payments immediately after the meeting. Basically, our initial intention would be to keep the house, but we would then decide that we don't want to after all... (FYI, our 1st mtg is $1900 and our 2nd is $600... But we could rent for ~$1800)... Does that game-plan sound correct???
2. We have an RV (travel trailer) that we desperately want to keep. It's the only thing that keeps our family sane. She recommended against re-affirming on any "luxury" item, but said that we may be able to just keep it by continuing to make payments... Thoughts???
3. We have been using credit cards to live off of, up until the day that we met with the attorney (9/20). We stopped using them that very moment (BTW, our 2 major cc's are both with Wells Fargo, one for $17,000 and the other for $26,000). But we did a cash advance to payoff other creditors about 1 week earlier. She said that's no problem, but we should wait about 2 months before filing, plus make 1-2 payments on that particular card just to show that we didn't take the advances fraudulently.
4. But here's the thing, we'd REALLY like to file sooner. For us, the sooner the better. Here's the reason: We'll need to get into a rental house ASAP. If we wait until after the 341a, then our credit will already be shot, and no property management company will rent to us. So here's what we're thinking:
-----Planning on filing petition on 12/1.
-----I will pay 12/1 house payment, and 12/20 equity payment. These will be the final mortgage payments that I'll make.
-----341a should be at beginning of January. At that time, I can say that we're still current on the house (although I wouldn't have made Jan 1 house payment, I'd still be within the 15 day grace period).
-----But here's the kicker; I'll have to rent a house in mid- to late November, and take possession of it on 12/1. Otherwise my credit will already be shot in January, and I won't be able to get a good rental. (But I will still actually live in my house until sometime after the 341a...the rental will be vacant until then).
Anyway, I like what she had to say, I just wish it could all happen RIGHT NOW, not 2 months from now.
What do you guys think about this situation and the suggestions from the attorney?
First off, we are far above the median income (wife and I made about $90,000 per year. So our "presumption" is based on our disposable monthly income. According to the attorney, after running all the numbers in her software, our house payment is the deciding factor in whether or not we can file a chapter 7. With the house payments, we qualify... Without it, we would have to go chapter 13 (which we don't want)...
1. So she said that as long as the house payments are current on the date of the 341a, then we'd be ok. We can stop making payments immediately after the meeting. Basically, our initial intention would be to keep the house, but we would then decide that we don't want to after all... (FYI, our 1st mtg is $1900 and our 2nd is $600... But we could rent for ~$1800)... Does that game-plan sound correct???
2. We have an RV (travel trailer) that we desperately want to keep. It's the only thing that keeps our family sane. She recommended against re-affirming on any "luxury" item, but said that we may be able to just keep it by continuing to make payments... Thoughts???
3. We have been using credit cards to live off of, up until the day that we met with the attorney (9/20). We stopped using them that very moment (BTW, our 2 major cc's are both with Wells Fargo, one for $17,000 and the other for $26,000). But we did a cash advance to payoff other creditors about 1 week earlier. She said that's no problem, but we should wait about 2 months before filing, plus make 1-2 payments on that particular card just to show that we didn't take the advances fraudulently.
4. But here's the thing, we'd REALLY like to file sooner. For us, the sooner the better. Here's the reason: We'll need to get into a rental house ASAP. If we wait until after the 341a, then our credit will already be shot, and no property management company will rent to us. So here's what we're thinking:
-----Planning on filing petition on 12/1.
-----I will pay 12/1 house payment, and 12/20 equity payment. These will be the final mortgage payments that I'll make.
-----341a should be at beginning of January. At that time, I can say that we're still current on the house (although I wouldn't have made Jan 1 house payment, I'd still be within the 15 day grace period).
-----But here's the kicker; I'll have to rent a house in mid- to late November, and take possession of it on 12/1. Otherwise my credit will already be shot in January, and I won't be able to get a good rental. (But I will still actually live in my house until sometime after the 341a...the rental will be vacant until then).
Anyway, I like what she had to say, I just wish it could all happen RIGHT NOW, not 2 months from now.
What do you guys think about this situation and the suggestions from the attorney?
A NEW START!!!
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