Bankruptcy is a constitutionally guaranteed process granting an honest but unfortunate person the opportunity for a fresh start without the hardship of past debt. Bankruptcy discharges (cancels) most debt excluding certain exceptions, such as, alimony, child support, educational loans or debt arising out of bad conduct, like fraud or driving while intoxicated.
Bankruptcy is a serious matter often resulting from unfortunate circumstances, such as, job loss, health issues or debt over extension. Bankruptcy will remain on one’s credit for 10 years; however, inexpensive services are available to help rebuild good credit after filing for bankruptcy.
The typical bankruptcy petition consists of 75 to 100 pages of legal documents to file with the Bankruptcy Court and the Office of the US Trustee. Individual persons may file bankruptcy with or without an attorney. Attorneys often charge eight hundred to thousands of dollars while non-Attorney petition preparers charge several hundred.
Filing for bankruptcy protection involves submitting various bankruptcy petition documents to the bankruptcy court with proper jurisdiction. Individual persons, not organizations, may represent themselves in bankruptcy without an attorney.
Filing for bankruptcy requires an income means qualification test where roughly 75% qualify for Chapter 7 bankruptcy. This test is freely integrated into Bankruptcy Advantage.
Chapter 7 personal bankruptcies results are immediate with dischargeable debts cancelled at the end of the case, usually only four months after first filing for bankruptcy.
Chapter 13 personal bankruptcies include a payment plan of three or five years whereafter dischargeable debts are cancelled at the end of the case. The single monthly payment amount depends on your disposable income.
Debtor education counseling, a financial management course, must be taken within 180 days “before” starting the bankruptcy process by filing documents with the court. The counseling is often about an hour and is available in person, by phone, or online and costs around $50 to $100.
All course providers offer a fee waiver upon request if you are unable to pay. Our product finds appropriate course providers after calculating your proper bankruptcy venue. Visit US Trustee Approved Debtor Educators.
A credit counseling course is required soon “after” starting the bankruptcy process by filing documents with the court. This counseling covers money management, following a budget andproperly using credit. This course is often an hour and is available in person, by phone or online and costs around $50 to $100.
All course providers offer a fee waiver upon request if you are unable to pay. Our product finds appropriate course providers after calculating your proper bankruptcy venue. Visit US Trustee Approved Credit Counselors.
All debtors must attend one informal meeting, the meeting of creditors, which lasts about five minutes. Creditors, those you owe money to, very seldom appear (less than 3%) because most persons filing bankruptcy are deemed to have no assets which is especially true after our software applies exemption laws to protect your possessions.
No other bankruptcy meetings are usually scheduled unless an objection is raised which is rare.
Chapter 13 debtors must provide an approved payment plan spanning three or five years. This plan is approved at a plan confirmation hearing often administered by the Bankruptcy US Trustee.
The Office of the US Trustee is also where the plan payments must be sent.
Our 10 Step Bankruptcy System educates and assists you in completing dozens of complex bankruptcy forms; producing 75 to over 100 pages of court ready documents.