Bankruptcy

Sometimes, life deals you heavy financial blows that you simply cannot recover from on your own. Perhaps you lost a job, incurred medical bills, lost a business, or simply made a series of bad decisions, and now you are in so deep, you cannot dig yourself out. Fortunately, the law provides the option of bankruptcy in such situations. Bankruptcy offers a fresh start by discharging debts that you would otherwise owe. Sometimes you can solve your financial problems without turning to bankruptcy, but fortunately, bankruptcy is available as a last resort.

There are many types of bankruptcies. A few of the important ones are Chapter 11 for larger businesses, Chapter 13 for high income individuals and those who need to keep non-exempt assets that they would otherwise lose in a Chapter 7 consumer bankruptcy, and of course, Chapter 7 bankruptcy which is available to middle and lower income consumers. A means test will be required to see if you qualify for filing a Chapter 7 bankruptcy.

Our office handles Chapter 7 bankruptcies only. We will be happy to consult with you about your financial situation to determine if Chapter 7 bankruptcy is right for you. If another chapter is more appropriate, we will be happy to refer you to those professionals who handle such cases. Our initial consultation is free.

What does it cost? Our fee for handling a Chapter 7 bankruptcy is $1,500.00. In addition, you must pay a court filing fee (which as of 2014 is $306) and the class fee for two classes you must take (about $50 per person). The fee for couples is the same as for a single person. To get started, we require a $1,000.00 down payment and the remainder will be due prior to filing your petition with the court.

How long does it take? As long as you are diligent about bringing us the required documentation, a Chapter 7 bankruptcy case takes about four months from the time of your first consultation until you receive your discharge, unless we decide to delay your filing for strategic or financial reasons.

What paperwork do I need to get started? We prefer that you bring in three years of your most recent tax returns, the last six months of your bank statements and wage advices as well as all your bills. If you have lawsuits or wage garnishments, you should bring in such paperwork as well.

Bankruptcy is very complicated and every case is different. We will advise you of the specifics of your case. Call us for your free consultation today!