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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2870
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I am a resident of NY. I am considering filing for bankruptcy.

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I am a resident of NY. I am considering filing for bankruptcy. I owe in the area of $80,000 mostly CC and student loans. I paid all of the debts for about 5 years and then stopped in around 2005. I am currently out of work. What are my options?

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

Chapter 7 can discharge the credit card debt for you.

Terry L. :

Student loans are not dischargeable though

Terry L. :

the process takes about 90 days.

Terry L. :

Do you have a specific questionCustomer

Customer:

So will I have to pay them back?

Terry L. :

Yes, in most cases.

Customer:

the student loans or CC

Terry L. :

if you have future earning ability, then they do not dischage - Student loans.

Terry L. :

Credit cards are dischargeable in the bankruptcy

Customer:

so I wouldnt have to pay them back?

Customer:

I also have a judgement against me for a car accident

Customer:

does that fit into this ?

Customer:

I have been paying it for about 4 years now.

Customer:

Thay took away my drivers lisense until I reached an agreement

Terry L. :

that is dischargeable too, as long as there was no DUI etc.

Terry L. :

you can get the license back the day you file.

Customer:

there was a DUI

Terry L. :

was there personal injury?

Customer:

I have it back now as long as I pay.

Terry L. :

if it is for property damage only, then it will discharge.

Customer:

Yes there was a small injury

Terry L. :

accident debts from dui's aren't dischargeable in the case.

Customer:

90% of the $ is property

Terry L. :

that portion may have been resolved though from your notes, so there is a chance the sec. state will release the license once you file.

Terry L. :

you would review that with your local attorney though to confirm, as local caselaw can vary.

Customer:

I have the lisense now

Customer:

as long as i pay every month

Customer:

It happened in another state NJ

Customer:

How much does chapter 7 tipicly cost?

Customer:

Is there a chance that the court might not grant it?

Customer:

What is the likely hood of that?

Terry L. :

chapter 7 attorneys fees run from 350 and up based on the complexity of the case.

Terry L. :

there is a 299 court charge for the filing fee, and 2 mandatory credit counseling courses, which are about 35 ea

Terry L. :

The credit cards would discharge for sure.

Customer:

What are the attorney fees?

Terry L. :

the creditor could object to the dischargeability of the DUI/accident debt though

Terry L. :

350 and up

Customer:

on average?

Terry L. :

depends on where you file and the issues in your case.

Customer:

So in the area of $1000?

Terry L. :

i charge(NNN) NNN-NNNNavg chapter 7 plus costs

Terry L. :

some higher

Terry L. :

most bankruptcy lawyers offer free consultations, so you can shop arround

Terry L. :

do you have any other questions?

Customer:

So I would be on the hook for the SL & the judgement?

Customer:

In all likelyhood?

Terry L. :

the student loans for sure, maybe on the judgment

Customer:

OK

Customer:

Are so LAwyers better than others in these cases

Terry L. :

any other questions?

Terry L. :

if they have been practicing for at least 3 years, they are about the same. You want someone with bankruptcy experience.

Customer:

thanx

Terry L. :

you want to use the attorney you feel comfortable with too

Customer:

90 days on avg?

Terry L. :

check the better business bureau, check the bar associatio for referrals too

Customer:

ok

Terry L. :

the chapter 7 case lasts 90 days once filed, yes

Terry L. and other Bankruptcy Law Specialists are ready to help you