Tomorrow, we will meet with our attorney to officially file an Emergency Chapter 13 banktruptcy.
The last 3 years have been, without a doubt, the hardest of my life. We have a small business in Pennsylvania, and we were hit hard when the economy went down. Our world collapsed 3/17/2009.
We are in the Car business, Car sales, Repair, Truck Rental and towing. We've done everything we could possibly do to avoid this, but we can't fight the bank anymore. We file, or they take it all...
Attorney fees to date: $19,165.63
These are the fees we've actually written checks for. This does not include the banks attorney fees, which we are responsible for and are added to the amount we owe them. I can't include this number because the bank will not provide us with an accurate accounting of what we owe them, the fees they have added, and what happened to all the payments we have made against this loan since 2009. Isn't there supposed to be something called truth in lending?
The best is yet to come..
For the next five years, we will pay a monthly payment to a Bankruptcy Trustee. They will retain a fee - of 10% of any amount recovered. This is estimated to be $353.50 per month - over 5 years = $21,210.00
Grand total of $40,375.63
But we're the bad guys ..
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