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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34180
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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Florida Bankruptcy general questions

Customer Question

I would like to know a ball park figure of the average cost of a chapter 7 bankruptcy in FL. I'm going to explain a little to give more info. Any other info you wish to provide would be helpful. I have been unemployed 11 of the last 14 months, I have been receiving unemployment for most of that time except from June-August. My debt is aprox 35,000-40,000 mostly credit card. I have not made any recent large purchases on credit that would indicate fraud or abuse of the process. I will have no assets worth anything enough to take. Much of the debt was to cover medical cost associated with my former employer, that is settled and done. My point is that is was necessity not luxury. I will re-affirm my car loan. I was also scammed into a contract and I am told that this contract can be voided. It was for magazine subscriptions I never wanted but was mislead. I know they want bank records for six months, i have borrowed money from friends in this time and it will show, would this be an issue?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 5 years ago.

You appear to have a routine bankruptcy. Ballpark: $2,500.

 

 

Customer: replied 5 years ago.
Thanks for the answer. Just a couple more things please.
Will I be able to void the contract that I was conned into? It's a new york based company. I did read the fine print disclaimer and I am aware it's hard to asses a scenario without the legal documents and case history.

From start-finish how long would the process take assuming it is a normal case?

You most likely heard this much in the field, many feel a failure for filing for bankruptcy. The current economic situation has hurt me a great deal. The job market here is very rough, and they are becoming more aggressive in collection efforts. They threaten to jack up the interest and fees and that only limits my options. I mock them when they mention a report to the credit bureau, they have already tanked my credit as it is, which has made if even harder to find a job that does not rely heavily on credit reports as most places do. It does not help me pay them faster and the threats are meaningless to me because they do not change my situation.

I made a terrible financial blunder in that one creditor demanded full payment and they implied by doing so my accounts would remain open. This was a few months ago when i had borrowed some money, the creditor in fact encouraged me not to pay creditors that will take partial payments to instead pay them in lump sum, they had high interest rates and i did pay in full. Then they canceled my accounts and i saw online it was not letting me log in to my account. After my card was reactivated after being paid off I believe the "annual fee" hit the card and it was around $50. They stated it was a computer error and it would be fixed, and at that time i did pay the fee that had been added after payment to again be up to date with them. They claim that they spontaneously decided to terminate my account less than a week or so after, citing past due balances with another creditor. I believe because I had a small balance left they kept the account open for the sole reason that it would be more likely i would pay, then they lied and said it was a glitch, but as soon as the balance went back to 0, then they plainly stated my account was closed. With the lump sum paid to them i could have been up to date on most of my other payments, but


Another creditor who was unlucky enough that they sold me credit protection where if i lose a job they would make payment for me for a time, i think 6 months. After those months they immediately reduced my credit limit to about $25 above the current balance, meaning the finance charges would put it over the limit and give me another penalty. It seems like i have been backed against the corner and they have given me no alternative.

I have been told that most of the time creditors do not show up to the meeting with the person whom the district court appoints to manage the process, is my case an extraordinarily large amount that they would in fact come? I know you can not predict the future but what is and was typical in your practice?
Expert:  socrateaser replied 5 years ago.

If no creditor requests that its debt not be discharged (due to alleged fraud by you, or hidden assets, etc.)., then you could be done with the bankruptcy in 100 days. Depends on court backlog and the timing of 341 meeting.

 

If you're in a contract with someone, and you can't satisfy the conditions, your obligation under the contract will be discharged, as long as you have listed the other party as a creditor and you have no intent to pay the debt.

 

The amount of your debt is pretty routine. Whether a creditor appears depends upon whether or not it believes that it might be able to uncover assets that can be reached, or whether it believes that you have tried to defraud the creditor. And, just because a creditor appears at the 341 meeting, doesn't mean that the creditor has a case against you, or that the creditor will try to stop the bankruptcy.

 

BotXXXXX XXXXXne is that if you have made good faith efforts to pay your bills and you are simply underwater with no way out, then the bankruptcy court will discharge your debts -- or, at least those debts that can be discharged -- which, in your case appears to be all of them, based on your facts.

 

 

socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34180
Experience: Attorney and Real Estate Broker -- Retired (mostly)
socrateaser and 4 other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
Thank you much for the answer.
Expert:  socrateaser replied 5 years ago.
You're welcome. Happy holidays.

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