Licensed in Michigan, South Carolina, U.S. District Court
It depends. No two situations are the same. Most of the time individuals debtors file a Chapter 13 or Chapter 7 bankruptcy. If have credit card debt, or medical bills, you may be eligible to file Chapter 7 bankruptcy to discharge your unsecured debts. If you want to prevent foreclosure or keep your car and possessions, Chapter 13 might be your best option. Contact The Howze Law Firm to see what option is best for you.
The majority of bankruptcies filed are a Chapter 7. These cases generally take 3-4 months to complete. A Chapter 7 does not have a debt repayment plan. Debts are discharged in full and give the debtor an opportunity to start fresh without a lot of debt hanging over their head. Generally credit cards, medical bills, personal loans, deficiency balances for repossessions, and foreclosures, back rents, and some government overpayments.
It would not include debt such as student loans, child support or alimony, court fines or penalties, damages caused by driving under the influence and other exceptions.
You can file without your spouse. You can work with your bankruptcy attorney to determine if that is the best option for you. If the debt that you need to get rid of is only in one spouse's name then it may not be necessary for both spouses to file. If both spouses are named on a debt and only one files, the other spouse is at risk of being pursued by the creditor for payment.
Yes. Both a Chapter 7 and Chapter 13 allow for you to keep your vehicle. In a Chapter 7 a debtor is given an opportunity to keep their vehicle by signing a reaffirmation agreement (new contract with the same or similar terms of the original purchase agreement for the vehicle). if the vehicle payments are considered current by the creditor.
Generally, once a debtor files for a Chapter 7 bankruptcy, creditors cannot continue to call. The creditor must also stop all collection actions including foreclosure proceedings and lawsuits.
To file for a Chapter 7 bankrputcy you must qualify under the Means Test Limits imposed by Congress. A bankruptcy attorney will collect information from your regarding your monthly income and expenses to determine if you are eligible . The Means Test sets income limits for households filing Chapter 7 bankruptcy. You may deduct certain expenses up to IRS guidlines for your family size. and a bankruptcy attorney can help you with this.
Both Chapter 7 and Chapter 13 bankruptcies have attorney fees. The debtor is also responsible for the filing fees for the court. The Chapter 7 filing fees are $338 and Chapter 13 fees are $313.00. The filing fees are due at the time of filing unless the court approves an installment plan or fee waiver.
We would be happy to help. Our law office offers free consultations by phone. We will get some initital information from you about your debts, assets, expenses, and incomes to determine which option is best for you. If you want to hire our law firm, we would provide the questionnaire and information we need for filing.
You do not have to pay all of the attorney's fees and costs at one time. Most clients spread payments out over a short time period. However, you must pay your fees in full before we file because the court rules prevent us from accepting any payments from you after the filing of your Chapter 7 case.
Chapter 13 bankruptcy is deleted seven years from the filing date because it requires at least a partial repayment of the debts you owe. Chapter 7 bankruptcy is deleted 10 years from the filing date because none of the debt is repaid. However, paying your bills on time for about 18 months helps to re-establish a good credit rating which would prove that you can manage your finances sensibly.
Life happens and sometimes it may leave you in financial debt. The purpose of bankruptcy is to help debtors return to financial health. There are a lot of misconceptions about bankruptcy. Schedule an initial consultation to learn if bankruptcy can be a solution for you.
A Chapter 7 (Straight Bankruptcy) liquidates the debtor's assets so that they can be distributed to creditors. Sounds scary but in reality most debtor's do not loose any assets when they file for bankruptcy. South Carolina allows certains exemptions for assets that are protected during the bankruptcy.
We understand that financial stress brings fear and embarrassment. Here we do not judge and will treat you with respect during this process. Please call our office to schedule an initial consultation.
In a Chapter 13 bankruptcy the debtor typically keeps their assets in exchange for a payment plan to pay some of his debts. The payment plan is based on future income.
learn if bankruptcy can be a solution for you.