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This can't be right !!!


Ex IT Guy
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Went to see two different attorneys yesterday to discuss filing BK. Was hoping to be able to file a 7, but knew that with our income we probably couldn't. Well, both confirmed that we do not pass the means test and told us we need to file 13.

One of the attorneys said that she can give us monthly amounts for payment into the 5 year plan once we pay a $500 retainer up front.

Here is the part that doesn't make sense to us:

The other gave us a figure of a $1581 monthly payment for the unsecured creditors per month. So by our calculations our total payment amount at 60x1581 is almost $95K. And the total unsecured debt is only $57K.

Why would we want to file bankruptcy then?? It would seem we are better off trying to negotiate a settlement, and if the CC companies don't want to settle, then offer them full repayment but over a longer timeframe.

Any thoughts?

Thanks,

EX IT Guy

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Went to see two different attorneys yesterday to discuss filing BK. Was hoping to be able to file a 7, but knew that with our income we probably couldn't. Well, both confirmed that we do not pass the means test and told us we need to file 13.

One of the attorneys said that she can give us monthly amounts for payment into the 5 year plan once we pay a $500 retainer up front.

Here is the part that doesn't make sense to us:

The other gave us a figure of a $1581 monthly payment for the unsecured creditors per month. So by our calculations our total payment amount at 60x1581 is almost $95K. And the total unsecured debt is only $57K.

Why would we want to file bankruptcy then?? It would seem we are better off trying to negotiate a settlement, and if the CC companies don't want to settle, then offer them full repayment but over a longer timeframe.

Any thoughts?

Thanks,

EX IT Guy

Need more information such as how many accounts still with original creditor, how many with junk debt buyer. I would not pay another penny and defend against any dunning letters and or lawsuits. Would not recommend a bankruptcy.

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