A good way to approach the decision of whether to hire a lawyer is to buy (and read) Nolo's book How to File for Chapter 7 Bankruptcy. It will give you a good idea of what issues may arise when you file, and flags specific situations when a lawyer's help is called for. It will also give you a good idea of whether the filing process seems to complicated for you.
A Bankruptcy Trustee (in most cases, the Official Receiver) is appointed to deal with all matters regarding the administration of the bankrupt estate. The Trustee's job includes notifying creditors of the estate and dealing with creditor inquiries; ensuring that the bankrupt complies with their obligations under the Bankruptcy Act; investigating the bankrupt's financial affairs; realising funds to which the estate is entitled under the Bankruptcy Act and distributing dividends to creditors if sufficient funds become available.
Also, all Chapter 7 cases require you to fill out extensive bankruptcy forms, research exemption laws (to protect property), and follow all local court rules and procedures. If you aren’t comfortable doing the work—and assuming the risk—consult with a bankruptcy lawyer. If you’d like to file on your own, consider using a good bankruptcy self-help book.
Chapter 7 bankruptcy is designed for individuals (and married couples) who can’t pay their bills such as credit cards, medical..etc. If your monthly income less your monthly expenses then you’re may eligible for a Chapter 7 bankruptcy. Generally speaking, you will be able to wipe out your debt such as credit cards, medical and dental bills, unsecured personal loans and others. In Chapter 7, you may keep your house, car and no more garnishment.
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After meeting with a bankruptcy lawyer, you can expect to feel a great sense of relief (it’s wonderful knowing that a solution is in sight) and want to get the process started. Many people who don’t have the funds turn to friends and family—and sometimes even employers—and find most understanding when it comes to a request for help with bankruptcy fees. It’s likely because it’s cheaper to help someone fix a financial problem once and for all, rather than to help out on an ongoing basis.
Please note that we cannot guarantee the results or outcome of your particular procedure. For instance, the government may reject a trademark application for legal reasons beyond the scope of LegalZoom's service. In some cases, a government backlog can lead to long delays before your process is complete. Similarly, LegalZoom does not guarantee the results or outcomes of the services rendered by our legal plan attorneys or attorney-assisted products. Problems like these are beyond our control and are not covered by this guarantee.
Bankruptcy in the United Kingdom (in a strict legal sense) relates only to individuals (including sole proprietors) and partnerships. Companies and other corporations enter into differently named legal insolvency procedures: liquidation and administration (administration order and administrative receivership). However, the term 'bankruptcy' is often used when referring to companies in the media and in general conversation. Bankruptcy in Scotland is referred to as sequestration. To apply for bankruptcy in Scotland, an individual must have more than £1,500 of debt.
Bill “No Pay” Fay has lived a meager financial existence his entire life. He started writing/bragging about it seven years ago, helping birth Debt.org into existence as the site’s original “Frugal Man.” Prior to that, he spent more than 30 years covering college and professional sports, which are the fantasy worlds of finance. His work has been published by the Associated Press, New York Times, Washington Post, Chicago Tribune, Sports Illustrated and Sporting News, among others. His interest in sports has waned some, but his interest in never reaching for his wallet is as passionate as ever. Bill can be reached at [email protected]
Our Glendale, Arizona debt relief experts offer free consultations. Call us today and find out what types of debt relief are available to you and your family. Let our low priced bankruptcy lawyers in Glendale explain the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy. Our Glendale and Avondale bankruptcy offices offer some of the lowest legal fees on all of our bankruptcy filings. Compare our rates, we know our bankruptcy fees are the lowest! Find Arizona’s best bankruptcy lawyers.
A bankruptcy attorney can help you manage personal or business debts you are unable to pay. Bankruptcy laws allow people and businesses to (1) get a “fresh start” by relieving most debts; and (2) repay the money owed to all creditors as fairly as possible. When you file for bankruptcy protection, all other legal actions against you are put on hold. Creditors cannot sue you, garnish your wages, repossess your car or home entertainment system, or start or continue with a foreclosure action against your home. There are different types of bankruptcy filings and each has its own advantages. Since bankruptcy can significantly impact your future purchasing power and credit rating, you should see a bankruptcy attorney to make sure the benefits of filling bankruptcy outweigh the consequences.
In Chapter 13, debtors retain ownership and possession of all their assets, but must devote some portion of future income to repaying creditors, generally over three to five years. The amount of payment and period of the repayment plan depend upon a variety of factors, including the value of the debtor's property and the amount of a debtor's income and expenses. Under this chapter, the debtor can propose a repayment plan in which to pay creditors over three to five years. If the monthly income is less than the state's median income, the plan is for three years, unless the court finds "just cause" to extend the plan for a longer period. If the debtor's monthly income is greater than the median income for individuals in the debtor's state, the plan must generally be for five years. A plan cannot exceed the five-year limit.
Median income is set by the US Trustee and determined based on household size. In Florida, as of May 1, 2018 median income is as follows: Household of 1 -- $48,000; Household of 2 -- $58,960; Household of 3 -- $65,278; Household of 4 -- $76,953; Household of 5 -- $85,353; Household of 6 -- $93,753; Household of 7 -- $102,153; Household of 8 -- $110,553; Household of 9 -- $118,953; Household of 10 -- $127,353. Source: https://www.justice.gov/ust/means-testing
Tax refunds you are entitled to receive are considered property in bankruptcy just like money in your bank account. You must disclose any anticipated tax refunds as an asset on your bankruptcy schedules. This means that if you want to keep your refund, you must be able to exempt it. If you can exempt your tax refund in Chapter 7 bankruptcy, you can keep it.
Individuals who make too much money to qualify for Chapter 7 bankruptcy may file under Chapter 13, also known as a wage earner's plan. The chapter allows individuals and businesses with consistent income to create workable debt repayment plans. The repayment plans are commonly in installments over the course of a three- to five-year period. In exchange for repaying their creditors, the courts allow these debtors to keep all of their property including nonexempt property.