cancel
Showing results for 
Search instead for 
Did you mean: 

wife BK, need to buy our current lease

tag
StartingOver10
Moderator Emerita

Re: wife BK, need to buy our current lease

Not only does your attorney get paid first, the trustee gets paid 10% (IIRC the percentage) of the assets collected for the creditors. In other words, say you pay in $50k to the creditors over the life time of the BK, then the first payout is to the trustee - then to your attorney - then to the creditors.

Message 11 of 12
Creditaddict
Legendary Contributor

Re: wife BK, need to buy our current lease


@StartingOver10 wrote:

Not only does your attorney get paid first, the trustee gets paid 10% (IIRC the percentage) of the assets collected for the creditors. In other words, say you pay in $50k to the creditors over the life time of the BK, then the first payout is to the trustee - then to your attorney - then to the creditors.


which means if you pay say $500/month and lets just use the attorney fee of $3k that mine took.

that means for 6 months no one is getting paid while the attorney is taking money!

 

Message 12 of 12
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.