BKY Update

iVillage Member
Registered: 07-10-2001
BKY Update
5
Sat, 09-03-2005 - 12:30pm

Hi all!

Just thought I'd pop an update in this morning.

Overall, the Chap. 11 is looking very good. The legal fees will be higher than Chap 13, $7,000-15,000 vs. $3,000, but the actual debt payback is going to be far less, ($20,000 vs. $62,000) and there is no trustee to pound me. So at worst $35,000 vs $65,000 over three years.

Taking some preliminary defensive steps....paying back as much as I can on two cash advances from June. One is paid, the other I might be able to squeeze out. I basically have to drain all of my divorce/custody fee stockpile that I had. No choice in that matter.

Good news is if my two divorce motions come in my favor, the Ex will owe me close to $9000.

iVillage Member
Registered: 03-27-2003
In reply to: az_tbone
Sat, 09-03-2005 - 3:05pm

Thanks for the update! I'm glad to hear you in better spirits, and I hope it continues to go well for you. I'm interested in hearing how the process works as you go through it. Thanks for keeping us in the loop!

Heather

Avatar for mymartes
iVillage Member
Registered: 03-26-2003
In reply to: az_tbone
Sat, 09-03-2005 - 9:20pm

Thanks for the update.

Glad to hear things are looking a little better for you. Good luck.

MYM

iVillage Member
Registered: 11-13-2004
In reply to: az_tbone
Sun, 09-04-2005 - 6:08am
Thanks for the update! Keep us informed as things move along. Glad to see you are in better spirits and that there is some light at the end of the tunnel. I hope things go in your favor with ex and that she pays you every cent so you are able to recover financially from this. Good luck to you and keep hanging in there!
iVillage Member
Registered: 05-30-2003
In reply to: az_tbone
Sun, 09-04-2005 - 5:07pm

I'm not so sure you should count on the divorce motions going in your favor,LOL. Based on personal experience (living through DH's court battles, not my own), what is right and what is done can be 2 completely different things!

I'm glad that this is working out for you. You seem more at peace than you have been in awhile.

Good luck!

Lisa

iVillage Member
Registered: 07-10-2001
In reply to: az_tbone
Sun, 09-04-2005 - 9:21pm
Oh, even if I win the Court motions, I'd wouldn't expect to see any $$ for years.