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What Does It Cost to File Bankruptcy? |
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Written by Steve Klesner
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Monday, 18 August 2008 19:34 |
The fee depends on the complexity of each case, which affects the amount of time the lawyer will need to devote to the case. It will be less expensive, for example, for a personal receiving Social Security income and who owes just a few debts than for someone who is operating a business, or wants to reaffirm several debts, or has a foreclosure case pending, or has substantial income and may have difficulties qualifying for bankruptcy.
The typical Chapter 7 case we file will cost between $1,500.00 and $2,300.00, including the filing fee. The fee is usually required to be paid before the case is filed. For that fee, you will get the time and attention you and your case need and deserve, together will an experienced and well-trained staff. Your attorney will spend time with you to get to know you and your situation, to assess your case and to review in detail the bankruptcy forms you will sign and submit to the court. We also constantly review our procedures to ensure we provide the highest quality of legal representation available. We believe it is less expensive for consumers to pay a fair price for quality representation that avoids costly complications. |
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Last Updated ( Monday, 18 August 2008 19:34 )
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Common Mistakes to Avoid if Filing Bankruptcy |
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Written by Steve Klesner
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Monday, 18 August 2008 19:27 |
If you are considering bankruptcy, then you should avoid the following:
1. Paying a family member or transferring property. Don't pay any money to a family member (related by blood or marriage, and including distant cousins) without first asking a lawyer. Any amount paid or property transferred to family in the year (sometimes longer) before the case is filed must be reported, under oath and penalty of perjury, on your bankruptcy forms. Any such payment or transfer can be recovered from the family member by a bankruptcy trustee. You don't want to involve your family in your bankruptcy case. Similarly, don't transfer property out of your name out of fear you will lose the property in bankruptcy. Instead, talk to your attorney, who can tell you if there are legal ways to avoid loss of property.
2. Charging up your credit cards. Charging on a credit card or borrowing from any other lender when you know you cannot repay is considered fraud. The creditor can object to your release from that debt in your bankruptcy case, and cause you additional legal fees. Stop charging if you know you're in financial trouble.
3. Borrowing against or cashing your pension plan. Chances are, the debts you want to catch up or partially pay would be eliminated in bankruptcy, and you would have preserved your retirement plan for your retirement. You also may need to pay taxes on any distribution from your pension. Talk to a lawyer first.
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What Assets Can I Keep if I File Bankruptcy? |
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Written by Steve Klesner
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Monday, 18 August 2008 19:19 |
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In a chapter 7 case, you can keep all property which the law says is "exempt" from the claims of creditors. Your exemptions are defined by Iowa law.
The most common exemptions are as follows, and available to each debtor.
Automobile -- $7,000 in one motor vehicle for each debtor. This is the equity in the vehicle, so if the value of the vehicle is, for example, $15,000 and there is a loan of $8,000, then there is equity of $7,000, which is the maximum amount allowed per person filing for bankruptcy. A husband and wife can protect two vehicles, or can combine their exemptions to protect up to $14,000 in one vehicle.
Books -- $1,000 in bibles, book collections, or family libraries.
Burial plot -- Up to 1 acre.
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Last Updated ( Monday, 18 August 2008 19:40 )
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Internet Resources about Bankruptcy |
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Written by Steve Klesner
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Monday, 18 August 2008 19:08 |
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There are many bankruptcy resources available on the internet. Some are better than others. Below are some trustworthy sources of information you may find useful. Be aware that general information on the internet may not be accurate or apply to your situation, so consult an attorney for advice you can count on. Debt Counselors
Horizons www.horizonsfamily.org/consumercreditcounseling.asp
CCCS of Atlanta www.cccsatl.org/
Hummingbird www.hummingbird.org/
Money Management International www.moneymanagement.org/
Other 0225.0145.01.040/ust/eo/bapcpa/ccde/cc_approved.htm
www.consumerlaw.org/advice/consumer_info.shtml
www.iowabankruptcyguide.com/
TotalBankruptcy.com |
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Last Updated ( Monday, 18 August 2008 19:13 )
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Consumer Bankruptcy Basics |
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Written by Steve Klesner
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Monday, 12 May 2008 19:10 |
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For more details about bankruptcy, visit Steve's website www.iowabankruptcylaw.net. Should you file for bankruptcy? The answer, of course, depends on the details of your situation. A lawyer cannot tell you in a website or on the telephone if bankruptcy is the right choice for you. You should make that decision only after a meaningful consultation with an attorney and after you have explored your other options. Some lawyers limit the length of their no-cost consultations to twenty or thirty minutes, but at Johnston & Nathanson we believe that is not enough time for a lawyer to make a professional recommendation to you. We also encourage you to meet with a debt counselor if you think you can pay your debts. We recommend Horizons, A Family Service Alliance. Call Horizons at (800)826-3574 for an appointment in Iowa City or Cedar Rapids. |
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Last Updated ( Monday, 18 August 2008 19:36 )
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