What Happens After My Free Bankruptcy Consultation?

/in , , , , , /by

After your free bankruptcy consultation, you may choose to sign a contract.  We will thoroughly explain each section of the contract, answer any other questions that you may have and allow you as much time as necessary to review our work agreement.  At this time we can set you up on an easy payment plan, which allows you to give us an estimate of a time frame of when you expect to file and allows you to make payments toward the attorney fees.

We will then give you your paperwork, along with an example of the paperwork as a quick reference guide.  We will explain in detail the documents needed to file, and the process of turning them in.  Lastly, you’ll get an email contact of someone in the office should you have any further questions.  No matter what, we want you to be as informed as possible and we want this process to be smooth and efficient for you!

In other words, you choose what the next steps are after your consultation.  You may choose to file bankruptcy with our law firm or you may wish to think about some of your options.  Again, we are here to answer questions as they come about.  We hope we get the opportunity to earn your business and we look forward to working with you. Contact us to get your fresh financial start today!

Important Issues When Completing Your Bankruptcy Paperwork

/in , , /by

The foundation of your bankruptcy starts with your paperwork.  We find it easier to gather all of your documents and then start to fill out your workbook.  When gathering all of your documents, make sure that they are all there.  We would rather receive too much information than not enough.  The documents themselves determine quite a few things in your bankruptcy- your pay determines whether you qualify for a Chapter 7 bankruptcy or not;  or how much you can pay back in a Chapter 13 bankruptcy.  Papers from the purchase of vehicles show whether or not to pay the car back in full or at the value of the vehicle.  These all have an impact on your bankruptcy plan.  Sometimes one piece of paper can save you several hundred dollars in your Chapter 13 plan  (well worth the effort of gathering them!).

Make sure that you list anything and everything that is in your possession, especially if there is a papertrail to it; we will try to protect everything that you have.  Leaving things out only hurts you in the future.  You definitely do not want to be called to court because you were trying to keep a possession hidden.   List all creditors’ account numbers and addresses; if they cannot locate your account, it may not be taken care of.  Above all, just make sure to fill out the workbook completely; if it is not filled out, we will ask for the answer either way,  it makes it less work for you if it is done correctly in the first place.

What is the Means Test in Bankruptcy?

/in , , , , /by

With major changes in the bankruptcy laws in 2005, you are required to undergo a “means test.” Simply put, your household’s income for the six months prior to filing bankruptcy (your income, your spouse’s income and any contribution to your household from others) is annualized and compared to the Census Bureau’s median income for the same size household within your state.

Read more

What is a Chapter 13 Bankruptcy?

/in , /by

For individuals, there are two common types of bankruptcy: Chapter 7 bankruptcy and Chapter 13 bankruptcy.  We discussed Chapter 7 bankruptcy in a previous post, but as a quick refresher, Chapter 7 bankruptcy is a liquidation bankruptcy that will allow a person to eliminate most of their unsecured debt such as credit cards, medical bills, and personal loans.

On the other hand, a Chapter 13 bankruptcy is a repayment plan.  People who file Chapter 13 bankruptcy are often behind on their house or car payments and want to keep their house or car.

As mentioned in the Chapter 7 bankruptcy post, some individuals may be required to file a Chapter 13 bankruptcy instead of a Chapter 7 bankruptcy if their income exceeds the amount allowed by federal bankruptcy laws.  You would need to visit our office for more detailed information on this bankruptcy law requirement.

In Chapter 13 bankruptcy, the repayment plan usually lasts 3-5 years, and monthly payments are made to the Bankruptcy Trustee.  In order to file a Chapter 13, however, you must show sufficient income to make your monthly payments to the Trustee as well as provide for your family as you normally would.

We encourage you to contact our offices for a free consultation to learn more about how bankruptcy can help you eliminate your debts.