Things to know in filing bankruptcy
If you are planning to hire a lawyer to help you with your bankruptcy case, you should look for bankruptcy attorney Riverside county ca.
When you talk with bankruptcy attorney, he should be able to explain which best applies in your situation. Some basic questions you can ask your attorney:
o Which type of bankruptcy should I file, Chapter 7 or Chapter 13?
In Chapter 13, you don’t have to give up any of your property. This is mostly applicable for higher-income earners where you will enter into 3-5 year repayment plan to pay some or all of your debts. In Chapter 7, the court will appoint a trustee who will sell your property not exempted under the exemption list applicable in your state. Common exemptions include home, car, furniture, and tools in your business. Proceeds of sale will pay for some of the debts except some types of bankruptcy that can’t be discharged such as back taxes, child support and student loans.
Filing fee is $335 to file a Chapter 7 case and $330 to file for Chapter 17 bankruptcy, administrative fee to pay the trustee in Chapter 13 plan, and attorney’s fee who handles the case. Additional cost may be incurred depending on how much time is required by the attorney should there be more issues or concerns need further discussion.
o How long my case will be decided?
The attorney will review the bankruptcy forms and be able to discuss the whole process. Generally, the time frame will depend on how soon and how detailed the financial information you submitted. Also, it will depend on your schedule, schedule of attorney and how the local court processes cases.
o What are the problems I should anticipate?
Experienced bankruptcy lawyer riverside handled hundreds of cases, with trustee and judge appointed in your case, and how your creditor will likely to respond. Some scenarios where red flags may arise is when your declared income is way too high for Chapter 7 or you may have questionable financial transactions prior to filing bankruptcy.
Get bankruptcy attorney near me now.