Bankruptcy Can :
- IRS Penalties
- Creditor Harassment
Attorney Linda G. Anderson asks:
Is bankruptcy the answer for you?
There are many reasons for financial difficulties, such as loss of a job, accident or illness, beginning a new family, or inability to properly handle credit. Money problems cause havoc, divorce, stress, serious illness and damage family relationships. There are laws written and help available for many people who are unable to pay their bills:
- Are your monthly expenses more than your monthly income?
- Do you have interest in a home or business that you would like to try to preserve?
- Have you and/or your spouse been recently unemployed, laid-off or had your income reduced by other circumstances?
- Are you at or over limit on all or most of your credit cards and only able to make the minimum payments due, if that?
- Are your creditors calling you, at all times of the day and night, at home and at work, demanding money?
If you find that most of your answers to these questions are “yes”,
then you may want to consider filing Bankruptcy.
- Freedom from harassing calls from your creditors (upon retaining the attorney, creditors’ calls are referred to your attorney).
- A fresh start with a clean slate (Chapter 7).
- Making monthly payments, for up to 60 months, thus eliminating the remaining balances of all dischargeable debts (Chapter 11 or 13).
- Protection of personal property, real estate, automobiles, clothing, furniture, tools of your trade, household appliances and possessions up to allowable amounts.
- Protection from most legal actions, judgments, repossessions, wage garnishments and lawsuits.
Dealing With Creditors
- All creditors are listed in your Petition. Once they are notified that you have filed bankruptcy, they are under court order to stop all collection and garnishment activities.
- During your bankruptcy proceedings some creditors may ask you to renew your debt by signing a “Reaffirmation Agreement.” You and your bankruptcy attorney will discuss whether or not renewing your debt is in your best interest.
- You are under no obligation to pay a bill that was, or will be, discharged by your bankruptcy proceedings.
Fees and Costs
Court mandated filing fees (eff. Dec. 2014) are:
- $335.00 for Chapter 7.
- $310.00 for Chapter 13.
Attorney fees depend on the Chapter utilized and if the filing is an individual or joint Bankruptcy filing. The attorney will explain all costs and fees pertinent to your specific situation at the time of your private consultation.
Starting Bankruptcy Proceedings
- Meet with your attorney to discuss your personal situation, to answer all your questions, and, to decide whether or not bankruptcy is the right solution for you. Then plan the strategy that works best for you.
- Complete all required paperwork and Counseling and obtain a Pre-Filing Bankruptcy Certificate mandated by Federal Bankruptcy Rules. Provide all asset, income, expense and creditor information. Provide all necessary documentation requested by your attorney to review with the Petition, and forward to the Bankruptcy Trustee for their review. Review draft of petition.
- A final review is made with the attorney, at which time the Petition is completed. Your signature is affixed to the documents wherein you attest to the truth and validity of all information presented in the petition.
- Once the Petition is completed and all court costs and fees are paid, the Petition can be filed immediately with the U.S. Bankruptcy Court electronically.
Debt Settlement, Creditor Work‐Outs and Mortgage Modification
We have successfully assisted numerous clients who either do not want or do not need to file bankruptcy, due to varied circumstances. We work directly with client’s creditors or through third-party agencies, banks and/or government agencies to obtain successful strategies that result in restructuring loans, lowering monthly payments, settling the debt for pennies on the dollar, and sometimes by having the debt dismissed due to the statute of limitations for collection.
Contacting the Attorney
To obtain a private consultation concerning Bankruptcy matters, please call during normal business hours:
Monday–Friday, 9:00 a.m. to 5:00 p.m. 734.425.0379
Evening and Weekend appointments can be arranged.