FREQUENTLY ASKED QUESTIONS

Do I need a Bankruptcy lawyer?

If your monthly bills are becoming difficult to pay or you have suffered a loss of income that has caused you to be unable to pay your debts a free consultation with a Bankruptcy lawyer may help inform you of your options regarding your debt problems.

What should I expect when I meet with a Bankruptcy lawyer?

We will review your income and expenses and review your debts.  We will evaluate your assets and their value such as the market value of your house and other items of property you own.

What should I bring to the consultation?

A list of your debts, income and expenses are useful for the attorney to evaluate your individual situation.  If you do not have time to list your debts bringing a stack of your monthly bills into the office for review is helpful.

Are there different filing options to consider?

Individuals may file under Chapter 7 or Chapter 13.

A Chapter 7 case results in a discharge of debt with no payment to creditors.

A Chapter 13 case involves the filing of a Plan of Repayment of your creditors over a period of years.  Chapter 13 Bankruptcy Petitions are filed mostly by individuals facing mortgage foreclosures or those that have property not covered by exemptions.

What are Bankruptcy Exemptions?

Exemptions are contained in Federal and State law and allow people to keep certain property away from their creditors.

Will lose house or my automobile?

Most people do not lose their house or automobile in a Bankruptcy case.  Experienced Bankruptcy counsel can guide you through the exemption process taking full advantage of the laws that can protect your assets.

How much does a Bankruptcy cost?

The cost of filing Bankruptcy depends on the complexity of the case.  Generally Chapter 7 case legal fees range from $900 to $1,200.  Legal fees for Chapter 13 cases range from $2,000 to $2,500. Filing fees payable to the Bankruptcy Court are an additional cost.  The Chapter 7 filing fee is currently $209 and the Chapter 13 filing fee is currently $194.  Each case is unique and these fees are only estimates.  Your filing may cost more of less than these estimates.

What happens after I retain a Bankruptcy lawyer?

You may immediately refer all your creditors to our office and we will advise them of the representation and we will continue to receive their calls since they will not longer be able to contact you.  We will prepare the Bankruptcy Petition and related papers for your signature.

What happens after I file a Bankruptcy Petition?

A Bankruptcy Trustee will be appointed to review your petition and advise the Court regarding your case.  A meeting will be scheduled with the Bankruptcy Trustee so that he may review your Petition and file a report with the Court.  One of our attorneys and the Bankruptcy Trustee will be present.

Do I have to go to court?

In most cases you will not have to go to Court.  The Bankruptcy Trustee will file a report with the Court.

When will my case be over?

After the Bankruptcy Trustee files his report with the Court your Bankruptcy Discharge will be entered and a document will be mailed to you indicating that your Bankruptcy Discharge has entered and your case has ended.

What effect will the Bankruptcy filing have on my credit?

Then Bankruptcy filing will appear on your credit report indicating that you have received a discharge.  In many instances the reporting of the discharge may actually improve your ability to get new credit since your old overdue debts no longer have to be paid.

CONTACT A BANKRUPTCY ATTORNEY NOW.