Categories: Law

Advice for hiring Chapter 7 Bankruptcy Lawyers – Things you may not know

Chapter 7 Bankruptcy Lawyers

First of all, the bankruptcy applicant must pay the application fee. In Chapter 7, the fare is $ 335. For chapter 13, the fare is $ 310. After submitting the application, the bankruptcy trustee may charge a fee of $ 15 to $ 20. You can ask for application fee in installments; most courts will allow it. If you move to Chapter 13 after sending it under Chapter 7 (usually because you are not eligible to participate in Chapter 7), no additional fee will be charged. However, if you send it after chapter 13 and convert it to chapter 7 (usually because you are behind your scheduled payments) you will need to pay $ 25 as a conversion fee.

In most cases, bankrutpcy lawyers are able to help you with this process. They will also provide advice on how to file your case and what the best way to do so is. They can also advise you on how to get rid of your debts.

Chapter 7 Bankruptcy attorneys are licensed by the federal bankruptcy court system. They have been trained to handle all types of bankruptcy cases.Bankruptcy lawyers have the advantage of knowing what are  options for businesses.

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy

Individuals who reside, have a place of business, or own property in the United States may file for bankruptcy in a federal court under Chapter 7 (“straight bankruptcy“, or liquidation). (United States Government.) Chapter 7, as with other bankruptcy chapters, is not available to individuals who have had bankruptcy cases dismissed within the prior 180 days under specified circumstances.

Before a consumer may obtain bankruptcy relief under either Chapter 7 or Chapter 13, the debtor is to undertake credit counselling with approved counseling agencies prior to filing a bankruptcy petition and to undertake education in personal financial management from approved agencies prior to being granted a discharge of debts under either Chapter 7 or Chapter 13. Some studies of the operation of the credit counseling requirement suggest that it provides little benefit to debtors who receive the counseling because the only realistic option for many is to seek relief under the Bankruptcy Code. (Jones, Yvonne D.)

Chapter 7 bankruptcies remain on credit reports for ten years

Chapter 7 bankruptcies remain on credit reports for ten years from the date of filing. Chapter 13 bankruptcies stay on credit reports for seven years from the date of filing. However, the impacts of these filings aren’t nearly as long as the reporting period. Alternatively to filing for bankruptcy, neither forbearance nor income-driven repayment plans negatively affect a graduate’s credit score. (John Schneider and David Auten.)

The most common bankruptcies for individuals are Chapter 7 and Chapter 13 (so named because of the chapters in the Bankruptcy Code). With a Chapter 7 bankruptcy, all allowable debts may be discharged. With a Chapter 13 bankruptcy, some debts will be repaid under a payment plan while others may be discharged. (Kelly Phillips Erb.)

A good chapter 7 bankruptcy attorney will have a thorough understanding of the bankruptcy laws and regulations.Chapter 7 bankruptcy attorneys can help you file your case by providing legal advice on how to resolve the issue of bankruptcy. They also provide legal advice on how to file your lawsuit against creditors or other financial institutions.

References:

“Chapter 11 – Bankruptcy Basics”. United States Courts. Retrieved 5 August 2015.

“11 U.S. Code § 109 – Who may be a debtor.” United States Government.. Archived from the original on 22 November 2016. Retrieved 21 November 2016.

Jones, Yvonne D. “Bankruptcy Reform: Value of Credit Counseling Requirement Is Not Clear (GAO-07-203)” Washington, D.C.: Government Accountability Office. p. (Highlights). LCCN 2007-414394. OCLC 156274430., 2007.

John Schneider and David Auten. “This Community Has 17% More Student Loan Debt. Is Bankruptcy The Answer?” Forbes, Mar. 2018,

Kelly Phillips Erb. “Taxes From A To Z (2018): V Is For Voluntary Bankruptcy.” Forbes, Apr. 2018, https://www.forbes.com/sites/kellyphillipserb/2018/04/09/taxes-from-a-to-z-2018-v-is-for-voluntary-bankruptcy/. Accessed 10 Mar. 2019. https://www.forbes.com/sites/debtfreeguys/2018/03/20/this-community-has-17-more-student-loan-debt-is-bankruptcy-the-answer/. Accessed 10 Mar. 2019.

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