I Want To File Bankruptcy
Posted on June 23, 2009 at 11:54 pm
Is there a requirement? A checklist? Qualification? Can an application be denied?
Posted on June 24, 2009 at 4:31 am
There are. You must first determine which chapter to file. Also, under the Bankruptcy Abuse Prevention and Consumer Protection Act or BAPCPA, which amended the U.S. Bankruptcy Code, in October 17, 2005, the consumer must first undergo a mandatory credit counseling course (under a court approved credit counseling entity) before filing bankruptcy.
Posted on June 24, 2009 at 4:33 am
what's the credit counseling for?
Posted on June 24, 2009 at 4:37 am
Yes, your application (or in bankruptcy lingo, your "petition") can be rejected, although this is rare. The most common reason from what I've heard having talked to bankruptcy attorneys is that people don't have their tax returns, which is a requirement to file now.
Whether or not you can file Chapter 7 bankruptcy, where you completely eliminate the debt, is determined based on your income, expenses, and the size of your household.
Posted on June 24, 2009 at 4:42 am
The mandatory counseling makes sure that the consumer knows that he/she has options other than bankruptcy. The credit counseling must be approved by the U.S. Trustee’s office and must be completed within 180 days before filing bankruptcy. This pre-bankruptcy counseling session should include an avaluation of your financial situation and a discussion of the alternative to bankruptcy.
Posted on June 24, 2009 at 4:45 am
I see, and thank you for the replies..how much would filing bankruptcy cost me?
Posted on June 24, 2009 at 4:48 am
The filing fee for Chapter 7 bankruptcy is $299 while it is $274 for Chapter 13. And since bankruptcy is a legal issue, you may also want to know about the legal fees (lawyer’s fee). Rates may be based on where you live- but it is typically in the $1,500 to $2,000 range for Chapter 7, and $2,500 to $4,000 for Chapter 13. The more work for the lawyer, the more the fees add up.
Posted on June 24, 2009 at 5:13 am
Hello, I have a question, can you still file bankruptcy even if you can't afford the fees?
Posted on June 24, 2009 at 5:22 am
Hi, just like in my case before, I cannot really afford a bankruptcy attorney, so I sought the help of pro bono attorney whom I got from one of those free legal clinics at a law school in my district. Law schools usually have a volunteer legal service group. What you can also do is inquire at you local bankruptcy court clerk’s office for a listing. Hope that helps
Posted on July 22, 2009 at 4:24 am
what are other alternitives to bankrputcy? at first i knew i wanted to but i realize that it has very disastruos consequences in the long run. can you tell me what my alternatives are for that?
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