QUESTION

What is the standard procedure when it comes to bankruptcy ($12000 or less)?

Asked on Jan 25th, 2014 on Bankruptcy - Nevada
More details to this question:
What's the standard procedure, how is bankruptcy determined, and what is the average cost?
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5 ANSWERS

For an experienced lawyer who avoids all the pit falls, legal fees typically start at $1,200 plus costs (the court filing fee of $306 plus the credit report fee of $75). The procedure is too detailed to set forth the procedure here. Call and meet with an attorney (make sure the attorney has filed THOUSANDS of cases successfully). Ask if the attorney has ever represented personnel from the Bankruptcy Court (they have to file BK's too!). Be sure they have an A+ rating with the BBB, and make sure they have been in business for over 20 years.
Answered on Jan 29th, 2014 at 1:35 AM

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Bankruptcy Attorney serving Las Vegas, NV
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For your amount of debt it should not cost more than $2000 and depends upon your income. The process is you must file a bk petition, attend a creditor's meeting 30 days later, and obtain your discharge within 90 days. This is for a chapter 7.
Answered on Jan 29th, 2014 at 1:34 AM

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Chapter 7 Bankruptcy Attorney serving Bronx, NY at Law Offices of David Brodman
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My fee is normally 1300 complete. Depending on your income, you would normally wipe out all your debts.
Answered on Jan 28th, 2014 at 4:05 PM

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It sounds like you probably want a Chapter 7 and that you have never filed for bankruptcy before. First you need to be sure that your debts are dischargeable in bankruptcy. Most taxes, domestic support obligations, fines, restitution, and benefit overpayments are not dischargeable. Then you need to determine if your annual income is below the median for your geographical area. That information is on the U.S. Trustee's website. If you are above the median, you should contact a bankruptcy attorney to help you complete the "means test" because you might have to file a Chapter 13 instead of a 7 which involves repaying some of your debts. You will need to provide documentation of your income for the last 6 months and copies of your last filed tax returns, and will need an estimate of your tax refund or liability for 2013. You also need to identify all your creditors and the approximate amounts you owe them. Finally, everyone who files bankruptcy must take credit counseling from an approved provider. The list of approved providers is also on the U.S. Trustee's website. The Oregon Bankruptcy Court's website has lots of information on the process and all the forms you need if you want to try doing it yourself. The average cost varies depending on whom you select to help you. Everyone has to pay a filing fee of $306 and then the fees to help you vary from a few hundred dollars for a document preparer to between $1000 and $2000 for a basic Chapter 7 case filed by a lawyer. A document preparer cannot submit any documents on your behalf or represent you at the meeting of creditors, while a lawyer can do most of the work for you. If you can afford a lawyer it is usually worth the money to have expert help. Otherwise, you may end up paying a lot more money to the bankruptcy court than you expected.
Answered on Jan 28th, 2014 at 4:05 PM

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Bankruptcy Attorney serving Las Vegas, NV at A Fresh Start
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The amount of debt you have isn't part of the criteria for the fee an attorney charges. Most of the time, since the attorney imports your list of debts from your credit report, the dollar amount and number of creditors is immaterial to the amount of work that needs to be performed. But frankly, unless your income is below $24K annually, I would be looking for other options to help you resolve your debt problem, and if your income is substantially less than $24K annually, I would be urging you to look for a solution other than bankruptcy.
Answered on Jan 28th, 2014 at 4:04 PM

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