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bankruptcy questions

How much does filing bankruptcy costs?: Chapter 7 – Court costs, or filing fees are $299.00. There are two required credit counseling sessions, ranging in price from $30.00 to $50.00 for the first one, taken before the case can be filed with the Court, and from $30.00 to $50.00 for the second mandatory Debtor Education course which is taken after the case is filed. (Free if you are on Social Security Disability).

The Court has set fees at no more than $1,500 for a typical Chapter 7 case.

Chapter 13 – The Court Costs right now are $274.00 to file a Chapter 13 and there is the mandatory credit counseling session before you can file any bankruptcy that costs $30.00 to $50.00 over the internet or if taken over the phone. The Court sets all attorneys fees in Chapter 13 cases to make sure they are fair and reasonable. Right now the Court has set fees at $2,500.00 for a chapter 13 case.

What are these credit counseling sessions?: You must do two credit counseling sessions. The first one is done before we can even file your case with the Court. It does not take too much time, perhaps 45 minutes and you can do it over the internet, on the telephone or in person. You must complete this session and provide us with a certificate of completion before we can file your case. Shortly after we file your case, you must do another credit counseling session. Failure to do this second session, will result in your case being closed without receiving the all important discharge of your debts! You can either give us the money and the credit counseling agency bills us, or you can pay them directly using a debit card. You must use a credit counseling agency that has been approved by the Office of the U.S. Trustee.

Do I have to lose any of my property?: Our job is to help you save your home and your car, not lose them! We will do all that we can to help you keep your home, your car and all of your other property. You do not need to lose anything when you file bankruptcy that is exempt under the Bankruptcy Act.

What about my future credit?: There is no doubt that filing any type of bankruptcy will affect your credit negatively. Filing bankruptcy can be reported on your credit reports for 10 years. This means that anyone looking at your credit will see that you filed bankruptcy. It does not mean that you will not get credit for 10 years. But you must be very careful after a bankruptcy, and shop around very carefully to protect yourself and your family from the predatory lending practices that exist to take advantage of working people. You must use certain time-honored methods to find the best deals for credit: shopping around comparing prices and interest rates; doing your homework and knowing how much you should pay for the particular item you want to purchase. It is very important that you purchase wisely.

Can I keep my car and a credit card?: Yes, you can keep your car, so long as you keep paying for it, and keep it insured. Keeping a credit card is another matter. This is up to the creditor. Many times, a creditor will be pleased to let you keep the card, so long as you keep paying them. The best thing to do is to have us contact the creditor and make an arrangement for you in writing. We must tell the judge everyone you owe money to, even though you want to keep paying some of your debts. You are free to pay anyone you wish, but you must disclose all to the Court.

How can I re-restablish my credit and get a house after bankruptcy?: We have filed bankruptcy for many people who later went on to buy a home. The important thing is to start making payments on time after you file bankruptcy. Future lenders want to see that you can pay your bills on time. That is how you will re-establish your credit. Perhaps you will begin with a debit card at your bank, or with your car loan.

What about taxes and student loans?: Some taxes are dischargeable in bankruptcy, if they are income taxes, and you did file the returns on time, and they were filed more than three years plus eight months ago. If you filed late, they must have been filed more than two years ago. Student loans are never dischargeable in bankruptcy. This became the law in October 1998.

What is I have a co-signter?: You must let us know whether you want to protect your co-signer or not. With Chapter 13 we can force the creditor to accept payments that are lower than you must pay now and still protect your co-signers! There is no co-signer protection with Chapter 7.

What about parking tickets?: We can get your car unbooted very quickly but parking violations are not dischargeable in Chapter 7! We can sometimes pay as low as 10 cents per dollar using Chapter 13!

Will I have to go to court?: In every case, there is at least one appearance that you must make at the office of the U.S. Trustee. The Trustee is appointed in each bankruptcy case to administer the case for the judge. This meeting does not take place in a courtroom, and an attorney from our office is with you at all times. The meeting is called a Section 341 meeting, and it is held at the office of the U.S. Trustee. We will take care of you during the meeting. You have already gone over all the details with an attorney from my office, and I have personally reviewed your file. There will be no surprises for us at the meeting.

Are any debts not covered by bankruptcy?: There are a few debts that cannot be wiped out. Child support, alimony, student loans, income taxes for recent years, parking tickets, fraudulently acquired credit, or judgments arising from accidents involving driving under the influence of alcohol or drugs. These debts must be paid back using Chapter 13.

How do I know if bankruptcy is right for me?: You should take advantage of our free initial telephone consultation to go over your financial affairs, without any obligation. Obtaining information will help you decide. Read, investigate. Learn all you can. The pressure put on you by your creditors will help you decide. Are you robbing Peter to pay Paul? Not sleeping at night? Are the creditors calling you at all hours, even at work? Are you using credit cards to pay other credit cards? These are the warning signals that your finances are getting out of control and you must pay attention. No one wants to file bankruptcy. Is there another solution, realistically? How long can you work two jobs? How long will it take you to get out of debt paying as you are now? Do you have health insurance? What are your priorities? We can refer you to a reputable credit counseling company if you would like to discuss your options with them before you decide.

We welcome the opportunity to be of service. To arrange a consultation to discuss your legal issues, please phone our office at 401.253.2500 (Toll Free 800.645.2560).

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Disclaimer: Nothing contained herein can substitute for the advice of an attorney, nor is it intended to do so. This website is not legal advice. It is an advertisement. Links to pages outside of this website are not an endorsement of those sites or of the information provided on those sites. By merely reading the information provided herein, an attorney-client relationship does not exist. No attorney-client relationship will be established with Rego & Rego without a written retainer agreement prepared by the Law Firm and that has been signed by the client.