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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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How much an attrny bankrcy will charge me and my wife to handle

Resolved Question:

How much an attrny bankrcy will charge me and my wife to handle my case, hayward , CA, and what other expenses we may incurred , how long will take the whole process and what kind of info ,papers needs to submit to the attorney? My debts are major credit
cards and some retail stores, all personals; what percentage we shall expected to pay of 90,000$s debt and for how long?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.

Hi JACustomer,

Are you thinking about filing a Chapter 7 or a Chapter 13 Bankruptcy?



Edited by cfortunato on 2/6/2011 at 9:26 PM EST
Customer: replied 3 years ago.
chapter 13
Expert:  cfortunato replied 3 years ago.

An attorney will charge around $3000, but many will allow you to pay the fee over the course of the Bankruptcy, which lasts up to 5 years.

The attorney will need all financial information for the past year or so - paystubs if working, bank account statements, any other financial account statements, award letters if any public benefits are involved (such as Social Security), life insurance statements, a list of all expenses, a list of all debts, income tax returns for the past 2 years.

Additionally, there is a $274 court filing fee, and up to $100 for the 2 credit counseling classes that have to be taken.

I think this is what you wanted to know. If not, please let me know.
Thank you!

Customer: replied 3 years ago.
VERY GOOD, Thanks but still needs to know what percentage of the Dollar, it,s customize in similar cases like mine: fixed social security income and my wife special kids teacher assistance salary, 2 kids and after mortgage and expenses ,and eliminating credit cards debt; savings left could be around $ 800 to 1000 ?
Expert:  cfortunato replied 3 years ago.

The Chapter 13 monthly payment is not a percentage of your income.

Why do you want to file a Chapter 13 instead of a Chapter 7? With a Chapter 7 you don't have to pay anything.

Customer: replied 3 years ago.
is the length of time to re-establish credit the same on 13 and 7?

chapter 13 is a percentage of the total submitted debt, right?
Expert:  cfortunato replied 3 years ago.

A Chapter 13 remains on one's credit report for 7 years, and a Chapter 7 remains on one's credit report for 10 years. So yes, one's credit improves faster with a Chapter 13.

The Chapter 13 monthly payment is all disposable income, but not including any Social Security. So the payment would be your wife's take home pay, minus all allowable expenses.

The monthly payment is not a percentage of what is owed. It is only based on what the disposable income is.

 

 



Edited by cfortunato on 2/7/2011 at 4:39 AM EST
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
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