Chapter 13. Two lawyers gave highly different payments
Not asking for legal advice just wanted to chat with my Reddit family. Got two questions that’s evaded my research.
In the process of looking into chapter 13 in Texas, I’ve consulted three lawyers. Single filer as most debt under my name only $170K debt. $180K two person income. 3 person household. Al three lawyers have stated that I’d be in 100% plan.
Monthly costs.
$4K/mortgage.
$750/day care.
High utilities $1,200/month for Water/Elec/internet/phone/etc
$450/month for 3 401K loans.
No car.
My current disposable income is around $1,500 after reviewing everything.
First lawyer said my best bet is debt settlement In speaking with CC reps, gotten settlement offers for 40% and 50% of debt but all of course want lump sum within 3 months which I can’t afford. No creditor accepting monthly payments for more than 24 months but then they would make me pay 100%.
Second lawyer( I paid a consultation fee and they went through my expenses and came up with $2,083/month payment.) They took into account my $9K bonus (non guaranteed, just this year I was the superstar so they gave me 140% of regular bonus) which put an extra $900/month into my income. They said that my DMI ~ $5,000/month but still gave me a payment of $2,083.
Third lawyer (free consultation) gave me an estimate of $1,380 based on my income without the bonus.
Of course I would love to use the 3rd lawyer but everything I’ve read and used different ways to estimate payments come up around $2,000. I don’t want to pay the third lawyer and they say oops it’ll be $2k/month.
So my questions are:
Have you guys seen this type of difference in payments?
Also my car just broke down … it’s a 2012 accord. I want to get a lease since I can’t afford a car payment. Would my lease have no effect on my payment since the lawyer determined that my DMI is around $5k/month or would my lease payment cut into the ~2K/mo BK payment?
Have any of you guys tried to buy a car right before filing? And what was your experience in terms of how the trustee treated the car payment?