just accepted I must file soon

[dunno]

saw the lawyer yesterday

Well. she says I don't pass the means test for 7, so 13 it is.

Apparently, her experience here is that if you don't pass the means test, it's not worth trying anyway as the local trustee red flags it and tears it apart. Too much extra work and anxiety.

Not much emphasis at all on the inventory list and values. Weird, huh?

What I don't get is I told her I have $55K in CC debt, another $74K 2nd lien on property in foreclosure with a short sale contract pending in the amount of $200K against a $240K first (a $40K shortfall), $16K medical, $10K other debts and collections, $6.5K to IRS for 2005 taxes and $3500 for a work van worth aprx $1K -- she said my month payment for the next 5 years, including her fee would be....

$311????

Is that even possible? Did she leave something out???

oh! AND she gave me a copy of something about opening another bank account before filing... I don't get that.

Dunno

[NowImDownInIt]

Well. she says I don't pass the means test for 7, so 13 it is.

Apparently, her experience here is that if you don't pass the means test, it's not worth trying anyway as the local trustee red flags it and tears it apart. Too much extra work and anxiety.

Not much emphasis at all on the inventory list and values. Weird, huh?

What I don't get is I told her I have $55K in CC debt, another $74K 2nd lien on property in foreclosure with a short sale contract pending in the amount of $200K against a $240K first (a $40K shortfall), $16K medical, $10K other debts and collections, $6.5K to IRS for 2005 taxes and $3500 for a work van worth aprx $1K -- she said my month payment for the next 5 years, including her fee would be....

$311????

Is that even possible? Did she leave something out???

oh! AND she gave me a copy of something about opening another bank account before filing... I don't get that.

Dunno

That is an amazing payment. I'm not sure if you can strip the second mortgage with a sale pending, but it does sound like you have negative equity in the house, so that may be part. That
would be $74k just gone. Because you have credit card debt, and I am assuming some of that is through your CU, she may have given you the information about the bank account because of cross collaterization, and because some CU's will close your account when you enter a bankruptcy and include them in it.

How old is the loan on the work van? If pre Oct. 2005, your debt could have been crammed down to the actual value of the van rather than what you owe on it.

Then, on top of all that, your unsecured debt will actually only be paid by what's left after priority debt (the taxes, attorney's fees, and maybe arrearages on your mortgage though I can't remember if you had any of that last part) You will only pay a percentage of your unsecured debt and if your means test says that all you can pay is $311 a month over 5 years, that may be all you pay, and you could pay as little as 0% to unsecured.

[dunno]

thanks for the input and speculation -- it's just that at this point, as I don't even know the intelligent questions to ask when I am with her.

The concerns I have is that EVERYTHING be included - no surprises later from unknown debts or collections, no re-filing or amending the documents, etc.

I mean, if I am going to be tied to this thing for the next 3-5 years, I sure don't want anything else cropping up, do I?

Is there someplace I can go to find this formula for paying back? You mention secured vs unsecured loans, stripping liens, etc.

We currently have 2 leins on the house - one from a judgement tied to hubby's business and his name and one from the HOA - can't those be stripped, too?

Should we be naming every possible creditor from the business,too, just in case they try to attach hubby's name? (I dont think it/he has any outstanding debts I've not accounted for, but WHAT IF?)

Dunno