How much does it cost to file for Chapter 7 bankruptcy?   no comments

Posted at 5:20 pm in Chapter 7 Basics

What is the cost of not knowing what you don’t know?

Volume bankruptcy lawyers don’t take the time to provide a thorough personalized experience to help you maximize the benefits of filing bankruptcy or to understand how you came to be in financial difficulty and consider other options. You may never know …

The out of pocket costs to file bankruptcy are: The filing fee for Chapter 7 is $335 and for Chapter 13 it is $310. There can be minor other costs such as credit counseling and search fees.

Why should you pay more than is necessary?  Every case is different.  If you want a fair fee, invest in a thorough evaluation of your circumstances and then the fee can be tailored to be fair for you, and me.

 

Contact us now to take the first step to “Peace of Mind.”

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Written by RobG on May 15th, 2017

Will my co-signor have to pay if I file for bankruptcy?   no comments

Posted at 11:39 am in Chapter 7 Basics

As long as you are current with your payments and continue to make them, your co-signor will not have to pay. If you surrender the asset or stop making the payments, the creditor can go after the co-signor.

Contact us now to inquire about our Chapter 7 Bankruptcy related legal services.

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Written by RobG on June 2nd, 2014

Will my spouse be affected if I file for bankruptcy?   no comments

Posted at 11:44 am in Chapter 7 Basics

As a general rule, the answer is no. If your spouse does not file the bankruptcy court has no jurisdiction over your spouse. However, for you to be eligible for bankruptcy relief, you are required to provide certain information, such as your household income. The trustee needs to be satisfied that you are not subsidizing your spouse’s lifestyle at the expense of your creditors and that your spouse is contributing his or her fair share to the household expenses. The various factors one looks at and how one might address issues can depend a lot on the circumstances and should be evaluated by an experienced bankruptcy attorney. As regards one’s credit rating, your filing has nothing to do with your spouse’s credit.

Contact us now to inquire about our Chapter 7 Bankruptcy related legal services.

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Written by RobG on November 13th, 2013

Can I file for bankruptcy a second time?   no comments

Posted at 11:42 am in Chapter 7 Basics

The general rule is that one is eligible for another Chapter 7 discharge of one’s debt eight (8) years from the date the prior case was filed. If one obtained a discharge under Chapter 13, one may file another Chapter 13 case four (4) years after the date the prior case was filed. If you are not eligible for another bankruptcy discharge, that does not necessarily mean you cannot get any relief. One may file for relief under Chapter 13 any number of times regardless of a prior discharge, as long as the filing is not abusive and the Plan is proposed in good faith. Thus, if you are behind with your mortgage or car payments, or struggling to pay credit cards and other debts and the creditors are demanding higher monthly payments than you can afford, while you may not be eligible for another ‘discharge’ of your debt, you may still get relief by being able to spread your payments out over three (3) to five (5) years, as long as your Plan is viable. Any of that debt that is not paid off through the Plan will not be wiped out (discharged) so you will still have to pay any balance after the bankruptcy period ends. However, at least you will have had up to five years of manageable payments without creditors harassing you on the phone, taking you to court and garnishing your pay or attacking your bank accounts.

Contact us now to inquire about our Chapter 7 Bankruptcy related legal services.

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Written by RobG on November 13th, 2013

Are refinancing or debt consolidation better options than Chapter 7?   no comments

Posted at 11:36 am in Chapter 7 Basics

In most cases it is a bad idea to convert unsecured into secured debt. Before making such a decision, consult with an experienced bankruptcy attorney to thoroughly review your situation. Doing so will cost you far less than a bad decision!

Contact us now to inquire about our Chapter 7 Bankruptcy related legal services.

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Written by RobG on November 13th, 2013

What will happen to my credit if I file for bankruptcy?   no comments

Posted at 11:35 am in Chapter 7 Basics

Your credit will likely improve! If you need to file bankruptcy your credit is either bad already or your debt is so high that if even if your payments are current you will have difficulty getting credit in the future. Once your debt is discharged in bankruptcy, you won’t owe that money any longer, so your income-to-debt ratio will be much better and you will be able to qualify for some credit. Interest rates will likely be higher and you will need to look around and stand up for yourself so that you are not taken advantage of. Although the bankruptcy will be reflected on your credit report for 7 years after filing, as a practical matter you can take steps to rehabilitate your credit immediately after your discharge.

Contact us now to inquire about our Chapter 7 Bankruptcy related legal services.

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Written by RobG on November 13th, 2013

Who will find out if I file for bankruptcy?   no comments

Posted at 11:33 am in Chapter 7 Basics

Friends and family typically would not know that you filed bankruptcy unless you spread the word. Creditors, landlords and others who have reason to check your credit when you apply for credit or a contract will know. Your employer typically will not know. If you feel bad about filing bankruptcy and poor money management is the main reason you need to file, you will know what not to do in the future so that you won’t put yourself in this situation again. If your financial difficulty is due to illness, loss of a job, separation or divorce, loss of benefits, and other causes beyond your control, and you have done your best, then it is time to let it go. Be thankful that in this country we have a social safety net that allows one to make a fresh start, and channel your energy in a positive direction, namely to take care of getting bankruptcy relief and planning for the future.

Contact us now to inquire about our Chapter 7 Bankruptcy related legal services.

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Written by RobG on November 13th, 2013

Could I lose my job if I file for bankrupty?   no comments

Posted at 11:30 am in Chapter 7 Basics

Employers are prohibited from discriminating against anyone who files for bankruptcy relief. Thousands of people file bankruptcy every month. Most employers have some familiarity with bankruptcy and are not overly concerned about it. In fact, in most Ch. 7 cases, there is no reason for the employer to know that you filed. Individuals whose job requires a high security clearance may have an issue because financial problems may be a legitimate concern regarding job performance and security considerations.

Contact us now to inquire about our Chapter 7 Bankruptcy related legal services.

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Written by RobG on November 13th, 2013

Should I continue to pay my creditors if they’re harassing me?   no comments

Posted at 11:26 am in Chapter 7 Basics

If you are seriously considering bankruptcy, meet with your bankruptcy lawyer as soon as possible. Don’t make any more payments on debt you intend to wipe out. That is simply throwing good money after bad debt. If you are not sure whether you can afford to keep your house or your car, rather discuss your situation with a bankruptcy lawyer before making another mortgage or car payment. Once you understand your rights and options you can make an informed decision.

Contact us now to inquire about our Chapter 7 Bankruptcy related legal services.

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Written by RobG on November 13th, 2013

Do I need to go to my court date if I’m filing for bankruptcy?   no comments

Posted at 11:24 am in Chapter 7 Basics

Generally, if you owe the money there is no point going to court. You will get a judgment against you anyway. The first step is to meet with a bankruptcy lawyer as soon as possible to review your situation and to plan the best approach for you. If you receive a Subpoena to go to court that is different from receiving a Summons. You do need to go to court if you get a subpoena.

Contact us now to inquire about our Chapter 7 Bankruptcy related legal services.

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Written by RobG on November 13th, 2013