Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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What do you think about this? Lawyers advice (I feel better).

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  • What do you think about this? Lawyers advice (I feel better).

    I met with a lawyer today, and he looked over my debts/info which I layed out in extreme detail.

    To make it short and sweet...

    $29,000 unsecured credit card debt, most are current, but 4 of them I need to pay a few months I missed to make them current.

    Car was just repo'd last week, Ford will send me a deficiency balance of around $8,000-11,000 depending on auction sale (it was a leased car that I was extremely under on/negative equity rolled in etc)

    Honda Motorcycle is behind 3 months on payment, all I have to do is pay $450 to get it current.

    Taxes.....oh the taxes lol. I will owe around $8,000-10,000....this was due to me taking out my pension early/401k early, and having to pay the 10% penalty + I might have to pay more in taxes as Fidelity only took out the required 20%. More on this later....

    Now, here's the good part.

    I started a new job, and literally just got a $2hr raise due to a new union contract. So I'm making $19.42hr + Commission. Average rep here makes $60,000+yr and others make $70,000 a year.

    The Lawyer told me that I need to hustle and pay off the credit card debt, and just throw the Motorcycle in storage and pay the payments and throw extra $$$$ towards that if I can, with overtime pay etc. He told me flat out, and I laughed when he said it. He said "screw those jackasses at Ford, they raped you when they made you bend over for a $600 a month lease payment". He suggested that I let them sell the car, and mail me the deficiency balance. He said that after a while, they will try to sue, he said this can be 6 months to 2-3 years. He said at that point, try to settle the now "unsecured debt" for half of what they ask. He said most likely they will take what you offer, just make sure it's in writing etc.

    Now onto the taxes, he said to contact the IRS to do an installment plan, and pay off a good chunk with the last remaining $9,000 I have now in the bank.

    He told me that my case is really not that bad, and peanuts compared to what he usually sees. He did say that it is better to pay off the creditors quickly even if I eat beans all day because Discover and Citibank are RUTHLESS he said.

    Overall I left pretty much relieved, he told me that I have a good job, and I can easily make it out of this mess in a few years or sooner.

    SInce I started in the end of January I was able to save around $3,000 so far, pretty good money, I'm blessed that I got this job, this past check I had 12 hours of overtime pay.
    Last edited by Trevor; 02-24-2018, 11:51 PM.

  • #2
    I'm really glad to hear your new job is going well and things are looking up for you, Trevor. Regardless of whether you file bk or not, you'll be able to look back at this "low point" you went through and you've learned a lot of valuable lessons for your future. I wish you all the best!


    • #3
      All sounds plausible. Bottom line, not including the taxes, you need to figure out how you are going to pay $40,000.00 of debt. Once you do that you should be fine.



      • #4
        Good to hear of an attorney interested in what's best for their potential clients vs what's best for their pocketbook. Class act.


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