Is there a "Till Rate" in all states/ districts?

[Mere]

I called an attorney today for a second opinion consult, and I inquired about the "till" rate, and they had no clue what I was talking about. Nor was it mentioned to me by my 1st attorney consult...hummmm.

Is it possible not all states follow this rule? Is there a web site to consult?

I Googled, and really didn't find much about it. I hope it's just a really well kept secret that you guys have let me in on ;)

Let me know guys!!! Thanks

PS- We live in Pennsylvania

[LadyInTheRed]

The term "Till Rate" is from a case called "Till v. SCS Credit Corp" heard in the U.S. Supreme Court, so the case is controlling in all states and districts. The "Till rate" is not a specific rate, but a formula for determining the appropriate rate on a secured loan being paid in BK. From what I found in a Google search, the ruling calls for the rate to be determined based on the current prime rate plus an additional percentage that takes into account the risk of deafult. The rate may vary by each case because the risk of default is not the same in each case. My guess is that there are probably customs in each district that guide attorneys in proposing a Till rate.

Even if there is no set Till rate, I would be careful about hiring an attorney who is not familiar with the term. A BK attorney should be familiar with a 6-year old Supreme Court ruling in a BK case. But, I'm not suprised that an attorney wouldn't mention it during a consultation if you didn't specifically ask. They can't cover every detail in an initial consultation.