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There are Four (4) major steps to a bankruptcy:
1.You are required to take a Pre-Bankruptcy Credit Counseling class before your bankruptcy can be filed. This is the Federal Law. The classes run $35-45 and most can be done online, in an hour or so. This will get you organized to find the information the Bankruptcy Court will want. The class fee is paid by us, as part of your fee – you will simply come back to this page and log-in to your right.→
2. You gather up all necessary financial information, we input it all into a bankruptcy program and then file electronically with the Bankruptcy Court. Your attorney must be paid in full before the filing.
3. You are required to take a second class for Pre-Discharge Debtor Education – this course is longer (3-4 hours) but generally costs less, around $30. Again, we pay for the class.
4.Approximately 90 days after we file, you have your final day at the nearest Federal Court. At that time your debts are fully discharged or you are put on a payment plan, depending on the type of bankruptcy you and your attorney decided was best for you.
The classes offered by the companies below give your attorney at UpOnLaw direct access to your certificates of course completion when the time to file comes. This provides the fastest processing time for your bankruptcy filing – helping you move on with your life.
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Q & A
1. When do my creditor’s stop calling me?
Answer: Once you retain our firm to handle your bankruptcy, you will advise your creditors to contact us and all calls to you should stop.
2. When do garnishments stop?
Answer: Garnishments will only stop when your case is filed with the Bankruptcy Court and we have a case number. In some instances we can recover monies for you that were taken up to 90 days prior of filing.
3. Will I lose my house if I file for bankruptcy?
Answer: In most cases no. As long as you don’t have above the alloted amount of equity and can afford to keep it.
4. What is the difference between Chapter 7 and Chapter 13 bankruptcy?
Answer: Chapter 7 is a liquidation of all of your unsecured debt. You do not have to pay back any of your unsecured debt and get a fresh start. Chapter 13 bankruptcy is a reorganization of your debts. This is a repayment plan for 3 to 5 years where you are paying a percent of your unsecured debt back.1. What is the difference between chapter 7 bankruptcy and chapter 13 bankruptcy?
5. Do I qualify for bankruptcy?
Answer: Since the bankruptcy law changed in 2005, the Court now looks at your income to determine if you qualify. If you are above the median income a more complex formula can be used and you may still qualify. For more information please call our office.
6. Are there debts I can’t discharge in a bankruptcy?
Answer: Yes, you cannot discharge back taxes, student loans, child support, or debts obtained thru fraud.
7. Does my spouse have to file bankruptcy with me?
Answer: No you can chose to file jointly or indvidually, depending on your specific circumstances. Sometimes all the debt is in one spouse’s name, in this instance it wouldn’t make sense for both to file.
8. How long does a bankruptcy stay on your credit report?
Answer: A chapter 7 bankruptcy stays on your credit report for 10 years. However, this does not mean you will have bad credit for 10 years. Many people can dramatically raise their credit score within as little as 2 years.
As soon as a bankruptcy filing is made, the garnishments stop, the harassing phone calls stop, and [sometimes] you can get a portion of recent payments or garnishments BACK! It is in your best interest to hire an attorney as soon as possible to cut your losses.