It sounds like your drum might need to be replaced also. You can buy a drum and brakes already assembled from a lot of places for around $100 per side. All you need to do is install, replace break line and bleed. This should take about 30 minutes per side. If you don't need to replace the drums, it is still a pretty easy job, but will take more time and is just a bit messy if you are going to repack the bearings. You can also upgrade to disc breaks pretty easily.
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