Wednesday, September 4, 2013

Chapter 13 Bankruptcy

Chapter 13 at a glance:

Some typical benefits of Chapter 13 relief in most cases are as follows:

  • You can retain your home or car in foreclosure/repossession
  • Temporarily suspends a foreclosure action against your home
  • You can make up any arrearage on your home or car over time (36-60 months)
  • You may be able to eliminate or reduce a second mortgage
  • You may be able to reschedule your secure debts and lower their payments, such as reducing your current payment on a vehicle
  • You can protect any co-signer on your secured debts from any liability during the bankruptcy plan
  • You can pay all or part of you attorney fee through the plan instead of all up front
  • If you qualify for a 0% plan, all your unsecured debts are erased

Read more . . .

Wednesday, September 4, 2013

Chapter 7 Bankruptcy

Chapter 7 at a glance:

Some typical benefits of Chapter 7 relief in most cases are as follows:

  • It’s quick, there are no lengthy plan payments to follow
  • Your unsecured debts are discharged in 4-6 months
  • Your credit card debts are erased
  • Your medical bills are erased
  • You can retain your home and car and other personal property
  • Temporarily suspends a foreclosure action against your home
  • Civil lawsuits or judgments against you are stopped and/or dismissed
  • Stops all wage garnishments and bank account attachments
  • Stops creditors from continuing to make harassing calls about your debts
  • No repayments to unsecured creditors or debt consolidation agencies
  • You can even discharge reinstatement fees assessed by the BMV
  • Can qualify for new credit almost immediately after filing

However, there are some drawbacks to Chapter 7:

  • Secured creditors can continue with a foreclosure or repossession of your property after requesting and receiving permission or “relief of stay” from the bankruptcy court
  • The bankruptcy remains on your credit report for 10 years
  • You cannot discharge most student loans, income tax liens, child support arrearage or alimony obligations
  • You can only receive a Chapter 7 discharge once every 8 years
  • You have to pay all your attorney fees and filing costs before filing
  • You may have to pay something to unsecured creditors if you have non-exempt equity in property
  • You may have to give up all or part of your tax refund(s)

Friday, August 16, 2013

Cost of Bankruptcy

Costs of Bankruptcy:

Depending on which Chapter you go into, the costs vary. The basic fees are generally you attorney fees, filing fees, credit report fees, and credit counseling fees.

Attorney Fee: The attorney fee varies for each Chapter. The local standard for attorney fees varies between $800 to $1,500 for Chapter 7 and $3,500 for Chapter 13. Our Chapter 7 attorney fee is $1,100 and Chapter 13 is $3,500. Our firm does accept ARAG insurance as well as give a discount under certain union insurance plans. In Chapter 7, the fee must be paid prior to filing your case. In Chapter 13 cases, we require a deposit of $1,000 of the attorney fees prior to filing, although you may prepay up to the full amount. Any remaining attorney fees are paid through your Chapter 13 plan.

Filing Fees: In Dayton, the bankruptcy filing fees are $299 for Chapter 7 and $274 for Chapter 13.

Credit Report Fees: Our clients are required to produce their credit reports. There are two options in general. First, our firm can pull your condensed credit report for a fee from $30-$50, depending on whether it is a single debtor or joint debtor report. We do not receive any type of compensation for pulling your report. The price you are charged is the price our firm pays for the report. Second, you may go to and attempt to pull your own free reports from Experian, Equifax and Transunion. However, while the second method is generally free, you can only get your free report once a year and clients typically have a hard time printing off the “correct” version of the credit report with all of the essential information.

Additional Fees: There are additional fees, such as our firm’s $25.00 administrative fee for opening your file and extra court fees of $26.00 for filing certain amended documents. In Chapter 13 cases, you may need your home appraised.

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