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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I would like to know about bankruptcy law. I have approx.

Customer Question

I would like to know about bankruptcy law. I have approx. $30000 in credit card bills which I feel I will never get to repay. I am 71 years old and am on social security. I'm still working part time but am going to have to quit very soon. I am also making a car payment which I don't want to declare. I own a home I was going to sell to pay all this but the market has not cooperated and I am now upside down in my house. I do rent to 2 renters in my home which helps with my house payment. What would bankruptcy cost and how long would it take? Also is there anything I'm missing in the law?
XXXXX XXXXX
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.

Hi JACustomer,

There are 3 charges involved with a Bankruptcy:

1) Bankrutpcy court filing fee = $299.

2) 2 courses that can be taken online or by phone = up to $50 each = up to $100.

3) Attorney fee = around $1200.

If your income is below a certain amount, you can apply for a waiver of the $299 filing fee.

It takes an attorney about 2 weeks to prepare the papers. Once the papers are submitted to the Bankruptcy court, it takes about 6 months to get a discharge.

I'm not sure what you meant when you asked if you were missing anything.

 

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

 

 

 

Expert:  cfortunato replied 6 years ago.
Hi JACustomer,
There are 3 charges involved with a Bankruptcy:
1) Bankrutpcy court filing fee = $299.
2) 2 courses that can be taken online or by phone = up to $50 each = up to $100.
3) Attorney fee = around $1200.
If your income is below a certain amount, you can apply for a waiver of the $299 filing fee.
It takes an attorney about 2 weeks to prepare the papers. Once the papers are submitted to the Bankruptcy court, it takes about 6 months to get a discharge.
I'm not sure what you meant when you asked if you were missing anything.

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

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