Is bankruptcy right for me
Bankruptcy allows the honest but unfortunate individual an opportunity to get a fresh start. When a person files for bankruptcy, all collection activity must stop immediately. This includes phone calls from creditors, lawsuits, garnishments, levies, repossessions, and foreclosures. Bankruptcy helps debtors get relief from the stress of job layoffs, unemployment, reduction in pay, loss of insurance, medical hardships, divorce, and other unforeseen financial difficulties. Individuals who qualify for a bankruptcy discharge are forgiven of their legal obligation to repay most debts. Some debts cannot be discharged in bankruptcy (see below). After obtaining a discharge, an individual may voluntarily choose to repay his or her creditors.
What are my bankruptcy options
Most individuals considering bankruptcy will file a Chapter 7 or a Chapter 13 case. If a person does not qualify for one of these options, a Chapter 11 case may be considered (mostly used for businesses). Husbands and wives can file a joint case, or they can file individually.
What is a Chapter 7 bankruptcy
Chapter 7 is a debt elimination bankruptcy. It is also called a liquidation bankruptcy. Individuals who file under Chapter 7 generally lack the ability to repay their debts. Such individuals must pass an income test (commonly known as the “Means Test”) to be eligible for a discharge. A trustee is appointed by the bankruptcy court to administer any nonexempt assets for the benefit of creditors. Debtors who qualify for Chapter 7 relief are entitled to retain their exempt assets and also any property that is not administered by the bankruptcy trustee. The main purpose in filing a Chapter 7 bankruptcy is to obtain a fresh start.
What is a Chapter 13 bankruptcy
Chapter 13 is a debt repayment plan, conducted under the supervision of the bankruptcy court. Debtors seeking Chapter 13 relief formulate a plan to repay their creditors. The repayment plan must be approved by the court. A trustee is appointed to collect payments from the debtor, to pay creditors from funds collected from the debtor, and to ensure the debtor lives up to the terms of the repayment plan. Chapter 13 is only available for consumer debtors with regular income. Business debtors are not eligible.
How do I know what type of bankruptcy is right for me
Bankruptcy is a specialized area of the law. It is best to consult with an experienced bankruptcy attorney who can help you understand your options, determine your eligibility to file, and make an informed decision on which option is right for you.
How much does it cost
The filing fee for a Chapter 7 case is $338.00. The filing fee for a Chapter 13 is $313.00. Attorney fees will vary depending on the complexity of the case and other factors. We offer payment plans to clients who qualify.
What should I bring with me to my first consultation
The following items are helpful to bring with you, but are not required: (a) a recent paystub from work; (b) a list of your debts, indicating who you owe and how much you owe; and, (c) a copy of any garnishments or lawsuits that are open and pending against you. We can help you pull a free credit report at the time of your appointment, as long as you have not already obtained one during the last 12 months.
What debts cannot be discharged in bankruptcy
Certain debts cannot be discharged in bankruptcy. With some exceptions, these debts include most taxes, student loans, child support and alimony obligations, criminal court fines, and debts incurred by fraud. If you have a question about whether a debt can be bankrupted, please be sure to ask us at the time of your appointment.
Do you do debt settlements with creditors
Yes, we offer additional services besides bankruptcy. We like to explore all options, including debt work outs, offers and compromise, lump sum settlements, and debt freedom plans. Our results speak for themselves. It is far easier to have us deal with your creditors, and we get better results because of our bankruptcy background and our experiencing in negotiating with bill collectors.
Why should I choose your office
Simply stated, we rock. No other law office can beat our five-star reviews. Will Morrison is the best reviewed bankruptcy attorney on KSL Local (it’s not even close). Our compassionate and friendly staff is ready to help, every step of the way. This is the firm your friends and family recommend. Tried, trusted, and true.