Chapter 7 Bankruptcy Starting from a $550 Attorney Fee
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($335 Court filing fee not included, but may possibly be waived by the court or paid in installments)
If you want to file for bankruptcy, you should first file a petition with the bankruptcy court. According to Uscourts.gov, a petition can be filed by an individual, husband and wife together or by a corporation or other entity.
When filing for bankruptcy, you should also file statements listing your possessions, income, liabilities, and the names and addresses of all your creditors and your debt to them.
When you file a bankruptcy petition, creditors are unable to take debt collection actions against you or your property.
“As long as the stay remains in effect, the creditors are not able to bring or continue lawsuits, continue wage garnishments, or even call the debtor demanding payment. Creditors receive notice from the clerk of the court that the debtor has filed a bankruptcy petition.” - Uscourts.gov
As told by the Uscourts.gov website, you can file for a Chapter 13 bankruptcy to reorganize and establish a plan to repay your creditors. In a Chapter 7, you can file what is named a "liquidation bankruptcy" which gives you the ability to sell off all non-exempt items in order to pay off your creditors.
However, with many bankruptcy cases that involve liquidation, your estate may have little money attached to it. In this case, you may be given a "discharge" of most debts without any protest from creditors. This means that you are no longer liable for repaying your burdening debt.
Although some may be able to get out of their debt, bankruptcy disputes may result in legal action over other matters. These legal matters include determining:
Legal action over bankruptcy is conducted in a very similar way to how the courts handle civil cases. This means that there may be time to gather evidence, hold pre-trial proceedings, offer settlement efforts before the trial, and then a trial.
You can count on Bekerman Law Firm, P.C., to personally handle your situation by:
Would you like to learn more? Give me a call today.