First consultation with attorney

[tipofthespork]

So i spoke with an attorney today.

He said my income alone is $400 above the max for Chap 7. Add my wifes to that and we are over about $30,000. Basically said i need to file a Chap 13. My question is, is there a calculator out there that will help me get a rough idea of what my payments would be? I've read a few too many horror stories about people filing a 13 and then not being able to manage it for 5 years....i want a chance to start over and do things right. I don't want to find myself in another crappy situation in a year or 2. thanks for the help in advance

[Anonymous]

I don't know of a calculator to figure this out as our attorney did all of the work for us. Best suggestion is to sit down with him/her when you have all your debt together and he will come up with a figure that will work for you with your income. Ours was very reasonable given the amount of debt. We had no problem paying this monthy. They are not out to make it any more difficult for you. Just make sure you have a good attorney, one that will work for you. It might seem overwhelming right now, but you will feel the weight being lifted off your shoulders once you file. The time will pass quickly and you will be on your way to a fresh start. Good Luck. 

[TRC_WA]

Your attorney should give you that info... mine did.  He had the payment calculator right there on his PC.

I'm not sure of one freely available on the internet because I've never looked.  I was told the same thing that I made too much for a 7... I kept my car outside of the BK and the $230 payment associated with it.  My payment to the trustee was $220.  I paid that for 4 years and then made a $2000 lump sum payoff.  I paid back roughly 50% of my unsecured debt.

[tipofthespork]

Thanks for the info.
I keep seeing this vision of them taking ALL of my income for the next 5 years and never having the ability to do anything. Or move on until it's all paid off. Scares the crap out of me.

[Anonymous]

Nooooo. It will be okay, don't worry. It was the best move we made. You'll be just fine. Just make sure you have a good attorney, like I said. It makes a world of difference.

[ojefferyo]

Sorry to hear, everything will be back to normal before you know it.

[tipofthespork]

So I've been talking to my wife about this. She's more of the type to not do the research. I've been getting her onboard for a few weeks. My new question is, she wants to stop working until next fall when my son starts school. How will this affect a chap 13? Any advice on what to do/ tell her

[Anonymous]

I don't know if you're still looking, but I found this last night while looking for the same thing...

http://www.legalconsumer.com/bankruptcy/means-test/