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Chapter 11 Newbies
I hate to chime in on the ragging on newbies who take chapter 11s because "there is a really big emergency - the sale is tomorrow." BUT, I get probably one call a day from someone who wants to file chapter 11 to save their home and/or 2 or 3 other properties they bought 3 years ago when times were good. I tell them $15,000 (or $20,000) plus the filing fee. Depending on the vibes I get on the telephone I sometimes go down to $10,000 or $7,500. If the client sounds difficult or, even worse, unrealistic about their chances or what they want to accomplish, I will stick to the $15,000 and sometimes go up. Especially when they tell you they need the rent to buy food or are insulted because the bank wouldn't voluntarily modify the loan (I'm being melodramatic now). Especially these single asset real estate cases. I don't need the headaches.
The point is that these emergency clients who have found you have probably already talked to an experienced lawyer who would not drop the fee because of the difficulties which are on the horizon. Not everyone can save their home. Don't file the case. (If its your mother, file it and call one of us later).
JH
The post was migrated from Yahoo.