WALLSTREETESQ : Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification
WALLSTREETESQ : Will you be able to complete the chapter 13 plan?
Customer: If I use the Social Security retirement money I think so.
WALLSTREETESQ : than you would not have any issues
WALLSTREETESQ : since you are almost done with the plan, the trustee would not have an issue,
Customer: I would opt to find a new job but without a source of income I think that would be harder
WALLSTREETESQ : You could file an amendment later on, and try to modify the chapter 13 plan, if your income decreases, and you cannot pay the plan
WALLSTREETESQ : It may be harder, but it is also possible if you amend your plan to reflect the lower income, you can have a lower chapter 13 plan payment,
Customer: my income would definitely go down immediately, from 33,000 per yr to 21,000 per year
Customer: I also have an exempt pension that cannot be touched
WALLSTREETESQ : Worst case, you can use your pension to cover any months,
WALLSTREETESQ : or try to lower the payments due to your lower income,
Customer: So should I approach the bankruptcy atty office with an attorney ? It is Chicago and I do not know if I have met the bankruptcy attorney. Someone that represented him I believe.
WALLSTREETESQ : No you can send a letter to the trustee, and advise him your income is lower,
WALLSTREETESQ : and speak to your bankruptcy attorney about filing an amendment to lower your payment plan.
Customer: They have been little help
WALLSTREETESQ : You’ll typically need to file a Motion to Modify Chapter 13 Plan and serve the papers on all of your creditors as well as the court and trustee. Creditors get an opportunity to object to the planned modification.If no one objects and the modified repayment plan meets the original confirmation rules, the judge will usually approve the modification after a hearing.
Customer: PF Geraci anonymous and not very interested since the filing
WALLSTREETESQ : Another option is to dismiss the chapter 13, and file a chapter 7,
Customer: Can I use a new attorney if I want to or is that unwise?
WALLSTREETESQ : You can use another attorney to help you with the motion,
Customer: You have been very reassuring - so my opting for early retirement is my own choice and no one can say NO?
WALLSTREETESQ : Yes, you cannot be forced to keep on working if you do not want to.
Customer: Bankruptcy trustee cannot call foul so to speak?
WALLSTREETESQ : No, you can state you are no longer able to work,
WALLSTREETESQ : He cannot force it,
WALLSTREETESQ : and in most cases, your creditors will not object,
Customer: so worst case I payoff the original Chap-13 with less income by maybe extending it the full 60 months?
WALLSTREETESQ : yes, that is another option,
WALLSTREETESQ : and easier to be approved.
Customer: My wife would be upset
Customer: she is looking forward to June 2014 and freedom
WALLSTREETESQ : Or you can try it for the next few months,
WALLSTREETESQ : and see how it goes,
WALLSTREETESQ : Your income may also allow you to convert to a chapter 7,
WALLSTREETESQ : and discharge all the debt now
Customer: I really don't want early retirement but the guaranteed money makes quitting more attractive
Customer: You have been most helpful and thoughtful !
Customer: Thank you for the variety of answers
WALLSTREETESQ : Good luck, and if you have any further questions please do not hesitate to ask.
Customer: I will once I quit inform the trustee of the change of income.
Customer: SSA takes some time to start too !
Customer: I can cover that period
WALLSTREETESQ : Yes, good luck, and see how it goes, If satisfied with our service please provide us with positive feedback.
Customer: Excellent and thank you oh so much !
WALLSTREETESQ : good luck
WALLSTREETESQ : If satisfied with our service please provide us with positive feedback.
Customer: I will give you top score.
Customer: btw if I use a new atty how much would it typically cost for him to process this considering the different approaches that are possible?
WALLSTREETESQ : A new attorney to file a motion may cost you $1500-$2500
Customer: PF Geraci might be a better angle then
Customer: We paid them like $3500 in total already.
WALLSTREETESQ : You can shop around, in a big city it will be more,
Customer: they would do it for less ?
WALLSTREETESQ : if you live outside the city it could be less,
Customer: Would the original atty have to charge a lower fee ?
WALLSTREETESQ : no, but he might, since he knows your case
Customer: every meeting we had was with a different atty it was very impersonal.
Customer: since we owe 1800 * 12 months to finish it off paying out $1500 to plead a new deal ? hmm?
Customer: Well thank you for your excellent advice
Customer: and service
WALLSTREETESQ : You should shop around to see what is better,
Customer: how would you rate the options? top 3 I mean [I promise this is the last query]
WALLSTREETESQ : 1. chapter 7
WALLSTREETESQ : 2. try to pay
WALLSTREETESQ : 3. file a motion to amend
Customer: Thanks again !
Customer: very helpful !
WALLSTREETESQ : good luck, and if you have any further questions please do not hesitate to ask.
Customer: I feel so much better - thank you very much !
WALLSTREETESQ : thank you