Monday, April 5, 2010

Official Retainer

Today I met with my lawyer again and officially retained him.

Lawyer Paperwork:

I signed a two-page document that clearly outlined what my lawyer was offering and at what price, what my responsibilities are, what extra work costs if above and beyond the normal bankruptcy proceeding, that all must be paid before filing, and so forth. I saw nothing disagreeable. I paid $200 out of the $1500 fee with the remainder to be paid when I turn in the packet of Chapter 7 paperwork.

Mom Advice:

The lawyer was concerned that she still has funds in her account. Becuase I could have gone in and taken money out (not that I would, but I could have), the trustee is going to think s/he can do so as well. However, since her income is solely from Social Security, which is exempt, there shouldn't be an issue. The money she received from her mother has been spent, as has her onetime tax stimulus credit that she got a few years ago.

The Process Now:

This is how the process is going to work from this point to filing:
  • I have to fill out the worksheet and make an appointment to go back to the office.
  • I have to gather a bunch of forms including any correspondance from creditors within the last 60 days, 6 months of bank statements, and so forth.
  • The lawyer and I will spend approximately an hour going through the worksheet line-by-line.
  • The paralegal will take the worksheet and put it into their computer system.
  • I meet with the other lawyer (the one who will be at my 341 meeting and who is also a trustee) to go over what's been put in.
  • Revisions are made if necessary.
  • The lawyer presses "send" and my Chapter 7 bankruptcy petition is officially filed.
Chapter 7 Paperwork:

I was given a very large worksheet of almost 40 pages to take home. This broke down the forms that the government uses into questions that make a lot more sense are are more user friendly. A few sections were confusing. Once I got the idea of how it was laid out it was much easier.

The paperwork also gave a "double-check" list to see if the filer may have missed any accounts. This was a long list of reminder is the form of "Do you have..." questions.

One thing that I did not like about the paperwork is that the order of "Yes" and "No" check areas were reversed frequently. Sometimes the first blank was for a yes check and othertimes it was for a no check.

I filled out the worksheet based on what forms I had previously filled out and it was very fast. I'm going to go back through and complete the few missing items now. That leaves the posession list. I think I can get that done today, revise it tonight with hubby's help, and check it tomorrow.

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