This section addresses many of the most frequently asked questions. If you do not see what you were looking for let us know and we will work on getting you the information you seek.
Should I file for Bankruptcy?
The answer is it really depends on your particular financial situation. The only way to tell is for us to review your debt and income. Set up a free consultation now. We will then be able to give you a more precise answer.
The Bankruptcy Firm's sole goal is to help our clients attain a Fresh Start, Clean Slate, Debt Relief as allowed under The United States Bankruptcy Code. We only represent personal debtors. This is all we do!
What types of cases do you handle?
Our practice is dedicated to Chapter 7 & Chapter 13 cases.
Our Firm is state of the art and highly efficient. Most of the process is managed online! We can get started today! Fill out the request for consultation and our Firm will respond! We can provide all of the steps along the way to a stress free life. The Bankruptcy Firm strives to provide a Holistic Approach to financial freedom. We provide each client with the first steps toward stress management with a free spa day for your choice of meditation, massage, facial or yoga at the end of your case. At The Bankruptcy Firm we believe in healing both your financial and mental health. Have a Peaceful Day! A Fresh Start is on its Way!
What is Chapter 7 Bankruptcy?
It is a part of The United States Bankruptcy Code that allows debtors to discharge all or most of their personal debt with certain exemptions.
What is Chapter 13 Bankruptcy?
This is the part of The United States Bankruptcy Code that creates an affordable payment plan to pay off all or most debt and maintain all of their assets, with certain exceptions.
What is the difference between Chapter 7 and Chapter13?
Chapter 7 is the liquidation form of bankruptcy. In exchange of the some of the debtor's assets in excess of allowed exemptions, The Court will discharge most an individual's debt. Most people who file Chapter 7 get to keep their house, car and other necessary assets, as long as they stay current on payments
Chapter 13 is able to adjust the debts of an individual with regular income, with an affordable payment plan.
How long does the bankruptcy process take?
A chapter 7 bankruptcy takes about 4 to 6 months from filing to final discharge, as long as the person who's filing has all their ducks in a row. There are a lot of moving parts to filing a Chapter 7 bankruptcy and missing or delaying any one of them can slow down or stop the process.
How much does it cost to file Bankruptcy?
Chapter 7 total cost is $338.00 as of 2021. The breakdown is Filing Fee: $245, Administrative Fee $78, Trustee Surcharge Fee $15.
Chapter 13 total cost is $313. The breakdown is Filing Fee $235, Administrative Fee $78.
How much are the Attorney's fees for Bankruptcy?
The average attorney's fee for a bankruptcy is about $1500 to $2500 for an average case after filing. If a trial is required for creditors that object to the bankruptcy plan or discharge, additional attorney's fees will by required.
What is the best debt relief option for me?
To really decide what your best option is set up a free consultation with one of our Attorney's. Each persons situation is different and many factors can vary the best course of action for you.
Can I keep my house, car and furniture if I choose to file under Chapter 7?
Many times The Bankruptcy Firm will be able to save a client's home, car and furniture after a Chapter 7 discharge.
Can I make a payment plan for my Attorney's Fees?
The Bankruptcy Firm is able to accept a payment plan for fees if the plan is approved by the Court.
What if I have collection actions, lawsuits, IRS liens, garnishments, foreclosures, repossessions?
When a bankruptcy is filed an Automatic Stay is issued and STOPS all actions, foreclosures, lawsuits, collections, harassing calls, garnishments, repossessions and all other debt collections immediately.
What is the process usually like to file bankruptcy?
The Bankruptcy Process
The first step is to contact The Bankruptcy Firm for a free consultation. Take the first step now by either filing out our contact request form on this site or simply call our office and Press 1 for an appointment to consult with an qualified Bankruptcy Attorney. Our number is 720-600-0460.
The second step will be a complete evaluation of your financial situation. We will then advise you of your options and the best course of action. You may not need to file for bankruptcy. We may be able to help you find a non-bankruptcy solution. Maybe you would be better served by filing a Chapter 13 Adjustment of Debts of an Individual with Regular Income. Possibly a Chapter 7 Liquidation would be the best choice for you.
Once we have provided you with your options and advised of the best course of action, you then decide how you would like to proceed. The Bankruptcy Firm will work hard to get you to a better financial situation no matter which avenue you choose. If you weighed all your options and do decide to file one of the bankruptcy cases, we will need to refer you to a required court approved debt counseling class. While you are taking the required class, we will work with you to collect all of the information necessary to properly prepare you case for filing with the US Bankruptcy Court. Once we receive the certificate of completion from the debt counseling course, we will then file your case.
An Automatic Stay is then issued to all legal action, cases, collections, liens, garnishments, foreclosure and harassing calls. Everything must stop and wait for the Court to decide your case. Meeting of Creditors (341 hearing) The Trustee shall commence a meeting of creditors within a reasonable time after the filing of a case. At this meeting an Attorney will represent you before the Trustee as he goes over the case with you and asks if any of the creditors have any valid objections to your proposed plan or request for discharge. If no objections arise and the trustee is satisfied with the documents filed, the case gets sent to the Court for the Judge's approval. You will be required to take a second debt counseling course and obtain a certificate of completion.
If all is well at this point the Court will issue a Discharge Order in the case of a Chapter 7 or approve the plan in a Chapter 13 case. In a Chapter 7 your case is now complete! In a Chapter 13 case you will now make your payments to the Trustee as agreed in your plan.
While this is a brief summary of the process, bare in mind that not all cases go smoothly. Many factors can cause additional hurdles along the way. We will be here to minimize these obstacles and make the process as smooth as possible. The most important element is to provide the most honest and complete picture of your actual financial situation.
Request your free consultation today! Do not delay. We can help you get the fresh start you deserve.
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