The following is information regarding Chapter 7 Bankruptcies. If you have a question relating to
bankruptcy please fill out the form below.
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We are in the midst of the worst recession any of us have faced. Real
estate values have plummeted, banks are not lending money and income has dropped. Unfortunately, our liabilities have
not lessened. As a result, millions of people who have always worked hard, have always paid their bills find themselves
in a position that they never imagined that they would be - unable to pay their bills, unable to sell their assets that they
have worked so hard to accumulate and owning a house that is so upside down that they are unlikely to be able to hold the
property long enough to ever see any equity. People are embarrassed to find themselves in this situation yet desperately need answers to the many questions that
they have. Most law firms that do bankruptcy do not have a real estate and/or bankruptcy problem. If you go to
them to seek a bankruptcy but they will not look at your total financial situation to determine the best solution for you.
Some people file bankruptcy even though they could have possibly avoided bankruptcy by solving their real estate problem.
Others pursue a real estate problem that will not eliminate the need for a bankruptcy. Our attorneys will sit
down with you and will look at your entire situation, answer the many questions you have and help you create the best plan
to meet your goals. Our
Initial Consultation fee is a discounted rate of $150.00. We encourage people to complete the Asset/Liability Information Sheet and the Monthly Expense Information Form prior to the initial meeting so we can better answer your questions. We can also provide you with a hard copy
of these forms to fill out if you are more comfortable filling out a hard copy form. Your Initial Consultation Fee will be applied against your Bankruptcy Retainer
if you hire us to proceed.
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Chapter 13 Bankruptcy Reoganization
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A Chapter 13 Bankruptcy does not liquidate your estate, instead
it allows individuals to reorganize their debt so they can avoid a Chapter 7 Bankruptcy. In
order to qualify the individual most have less than $250,000.00 unsecured debt and less than $750,000.00 secured debt. While
this process allows you to restructure your debt, you must be able to show regular income to be able to pay the restructured
debt and the debt must be paid off within a five year period of time. In most bankruptcy cases we will represent you in your bankruptcy at a flat rate so that you do not
have to worry as to what the cost of your bankruptcy might be. The amount of the flat fee will depend on the complexity
of your specific case. Attorney fees for an individual
non-adversarial Chapter 13 Reorganization start
at $4,500.00. To date, the vast majority of the bankruptcies that we have been involved were billed at our
lowest flat fee rate. Additional costs, over and above attorney fees, will be incurred. Prior to representing you we will provide you with a written retainer that
will spell out the costs of your case. If you have questions regarding the cost or any other part of the retainer, do
not hesitate to talk to you attorney. In all bankruptcy filings there will also be costs incurred over and above you
attorney fees.
A Chapter 7 Bankruptcy liquidates your assets and discharges your debt while a Chapter 13 allows you to
keep your assets and reorganizes your debt.
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