How do I know whether Bankruptcy is the right choice for my family and me?
The choice to file or not to file bankruptcy, as well as which type of bankruptcy you should file, depends on your current situation and your future goals. If you are trying to save your house from foreclosure, have a failed short sale, or if you are in danger of losing your car to repossession, then you are probably going to look at filing what is known as a Chapter 13, if you qualify. If you are simply worried about credit card debt and/or medical debt, but otherwise you are current on the rest of your bills, including your mortgage and car payment then you probably want to look at filing what is known as a Chapter 7, if you qualify. We will review your current debts, your circumstances, and your goals to help you determine if bankruptcy is right for you. In addition, we will review the types of bankruptcy filings that are available to you and the benefits and risks of each type of filing.
Should you decide to file, the amount of time your case will take depends initially on which type of bankruptcy you choose to file. A Chapter 7 case generally takes about three to four months from the time you file your case to the time your case is closed. A Chapter 13 case generally takes about three to five years to complete. Before you file your case, we will work with you to gather all the documents you need as well as prepare the paperwork necessary to file. The initial gathering of documents and paperwork preparation could be completed in as little as a couple of days.
The cost of your bankruptcy depends on the type of bankruptcy you file. The Court charges a filing fee for each type of bankruptcy. The filing fee for a Chapter 7 filing is $306.00 and the filing fee for a Chapter 13 filing is $289.00. The attorney fees also vary with each type of bankruptcy you file and depends on the complexity of your circumstances. During the first consultation with our bankruptcy practice, we will thoroughly discuss fees and payment options for your case.
Yes, we offer a thirty minute free consultation during which we explain the bankruptcy process to you, discuss fees and talk about options, to include whether Bankruptcy is appropriate for managing your particular financial circumstances.
Do you offer payment plans for Bankruptcy clients?
We offer several payment options and can start working on your case, evaluating your situation and reviewing your documents for filing for an initial payment to be applied towards the total bankruptcy filing fee, attorney fees and credit counseling fees. We understand that you are coming to our bankruptcy practice because your financial position is compromised and we will do our best to work with your situation to make this process as affordable as possible.
Normally, when clients ask this question, they are already facing foreclosure, repossession, lawsuits from creditors and annoying debt collector calls. Typically, your credit is already either in trouble or your credit score is falling quickly due to the other financial setbacks you are facing. Bankruptcy in many cases is the quickest way to get back on track and start rebuilding your credit. Most people who file bankruptcy can qualify for a new credit card shortly after their case is closed. They may be able to purchase homes and cars in as little as a year to two years after bankruptcy. Everyone’s situation is different;; however, you still must maintain your credit and income after your bankruptcy case is complete to be successful financially in the future.
When do I need to get started in order to file Bankruptcy?
First, look at your budget. In order to properly access your situation, we need an idea of your monthly income and expenses. Take a look at your paycheck or other income sources as well as your monthly bills. This will allow us to discuss your particular situation and what this process will do to and for your situation. Next, just pick up the phone. We are passionate about helping people deal with difficult financial situations and we look forward to helping you get back on track.
Sodoma Law, P.C.
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Sodoma Law South Charlotte Office13850 Ballantyne Corporate Place, Suite 500,