FAQs
- How much does a bankruptcy cost?
- What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?
- Should I file Chapter 7 or Chapter 13 bankruptcy?
- How long does the bankruptcy process take?
- Will I be able to keep my house and vehicles?
- Can I keep boats, trailers, 5th wheels, quads, motorcycles that I still owe on in Chapter 7 or Chapter 13 bankruptcy?
- Can I keep boats, trailers, 5th wheels, quads, motorcycles that I own free and clear?
- Will I lose my retirement plan, 401k, or IRA account if I file bankruptcy?
- Will bankruptcy stop foreclosure and lawsuits?
- How long is a bankruptcy on my credit report?
Call us.
Call the Law Office of Alec Harshey at 866-497-0982 from 9:00 am – 5:00 pm Mondays through Fridays for more information.
How much does a bankruptcy cost?
The Chapter 7 minimum attorney fee is $1,550. The Chapter 7 filing fee to the court is $299. The Chapter 13 minimum fee is $4,000, payable one-half prior to filing your case and one-half payable through your confirmed Chapter 13 payment plan. The Chapter 13 filing fee is $274.
Our office charges an additional fee of $40 per person to obtain a bankruptcy-useful credit report.
A bankruptcy may cost more than the minimum fee if you have many creditors, lawsuit(s), presently conduct a business or recently conducted a business, have non-exempt assets, or your situation is complicated, thereby requiring special Chapter 7 qualification analysis and structuring.
What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?
In Chapter 7 bankruptcy, if you qualify, your unsecured debts with certain exceptions are discharged, which means you do not ever have to pay those debts. In Chapter 7, you are allowed to keep certain exempt real and personal property. Property that is not exempt can be taken from you to pay your creditors.
In Chapter 13 bankruptcy, you pay all or a percentage of your debts over a period up to five years. The amount you pay your creditors is determined primarily by your disposable monthly income. In Chapter 13 bankruptcy, you can keep assets that are worth more than your allowed exemptions. However, you will not be allowed to keep luxury items you are paying for, or investment rental properties that have a negative cash flow.
Should I file Chapter 7 or Chapter 13 bankruptcy?
Our office has successfully filed thousands of bankruptcy cases. We will consult with you and advise you whether you should file Chapter 7 or Chapter 13 bankruptcy.
How long does the bankruptcy process take?
After your Chapter 7 case is filed with the bankruptcy court, you will be required to attend a meeting with the Chapter 7 bankruptcy trustee assigned to your case. This occurs 5 weeks after your bankruptcy case is filed. In most cases there are no further appearances required and you will receive a discharge of your dischargeable debts in about 2½ months. From filing to discharge, your case will take about 3½ months.
Will I be able to keep my house and vehicles?
Yes, in almost all cases people who file Chapter 7 bankruptcy keep their house and cars; however, you must still pay for your house and cars if you want to keep them. In Chapter 13 bankruptcy, it is possible to remove an entirely unsecured second deed of trust from your house and pay a portion of the balance as an unsecured debt.
Can I keep boats, trailers, 5th wheels, quads, motorcycles that I still owe on in Chapter 7 or Chapter 13 bankruptcy?
Generally, no you cannot. Although there can be exceptions.
Can I keep boats, trailers, 5th wheels, quads, motorcycles that I own free and clear?
Maybe, depending on the value of all your non-exempt assets.
Will I lose my retirement plan, 401k, or IRA account if I file bankruptcy?
No, you will not. Practically, only the IRS can take your retirement account of the 401K or IRA type.
Will bankruptcy stop foreclosure and lawsuits?
Yes, Chapter 7 bankruptcy will stop a foreclosure, but not for long unless you take other action as part of your bankruptcy. Chapter 13 bankruptcy can permanently stop a foreclosure, but you will have to pay your mortgage arrears in most cases through a Chapter 13 repayment plan.
Yes, bankruptcy will stop lawsuits and get rid of unsecured court judgments permanently. Judgment liens on your house require a separate procedure in bankruptcy to remove.
How long is a bankruptcy on my credit report?
A bankruptcy, like other public records, is on your credit history for ten years. Ordinary credit reporting, like for credit cards, is on your credit history for seven years.
UNDER BANKRUPTCY LAW, WE ARE A DEBT RELIEF AGENCY. MY OFFICE HELPS PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE.
