Frequently Asked Questions on Personal Bankruptcy
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Question: Why should I look at filing for bankruptcy?
Answer: Filing Bankruptcy provides a person who is in financial
trouble with a fresh start. If you are having trouble paying bills, and
have been unable to make ends meet despite your best efforts, filing
bankruptcy may be an option for you.
There are different bankruptcy chapters to choose from, but most
people file a Chapter 7. If your situation fits into a Chapter 7, you
should be able to discharge all your unsecured debts, such as credit
cards and medical bills. Secured collateral, such as a home and
vehicle, may be kept as long as those loans are current.
In Chapter 13 bankruptcy, you file a repayment plan with the
bankruptcy court to pay back your debts over a three to five year time
frame. The amount you'll have to repay depends on how much you
earn, the amount and types of debt you owe, and how much property
you own. A Chapter 13 bankruptcy is particularly useful in keeping
your home, even if your lender has already begun foreclosure
proceedings.
An attorney at our office will be able to explain the bankruptcy
procedure to you in detail.
Question: What is the process for filing for bankruptcy?
Answer: In a nutshell, all your debts and assets are listed on
documents called schedules. Those schedules are filed with your
petition in federal bankruptcy court. Once filed, your case is then
assigned to a bankruptcy trustee who reviews the information in your
case. You will come before the trustee at the meeting of creditors,
which is scheduled approximately one month after your case is filed.
The meeting of creditors is held in Des Moines, if you live in the
Southern District of Iowa, and one of our attorneys will accompany you
at the meeting. It lasts about five to ten minutes, and consists of the
trustee asking questions to you about your financial situation and the
papers that were filed in your case. It is called a meeting of creditors
because all of your creditors are invited to come and ask you
questions. However, most do not appear at the meeting.
If all goes smoothly, you will receive a discharge in the mail
approximately eight weeks after the meeting of creditors in a Chapter
7 bankruptcy case. The discharge usually ends your involvement in
the case. In a Chapter 13 Bankruptcy case, a discharge is not
entered until the end of your three to five year repayment plan, but no
creditors can contact you while your Chapter 13 plan is in effect.
Question: How much does it cost to file for bankruptcy?
Answer: A Chapter 7 bankruptcy costs $299.00 to file in court, and
the attorney legal fee is typically another $901.00 for single filers and
$1,001 for married couples filing jointly. A Chapter 13 bankruptcy
costs $274 to file in court, and the attorney legal fee is charged on an
hourly basis, with the fee being approved by the Court. Our office
does charge an additional $200 for cases filed in the Northern District
of Iowa, due to increased travel time, and we reserve the right to
increase charges for persons with businesses.
The above stated fees will be available only to clients whose matters
are encompassed within the services described in our retainer
agreement, and if the matters are not so encompassed, or if an hourly
rate is necessary, then you would be entitled, without obligation, to a
specific written estimate of the fees likely to be charged.
In addition, under the new bankruptcy law, you will be required to take
a prebankruptcy filing class and a post-filing financial management
class. Each of these classes typically cost $30-$50, depending on the
provider. List of Recommended Class Providers (Please click).
Question: What should I do if I think I want to file for bankruptcy?
Answer: If you are interested in learning more about bankruptcy, you
should make an appointment with one of our attorneys. The first
consultation is free, and your situation would be examined to
determine if bankruptcy may be an option for you. You should bring
the items listed in the attached checklist.Initial Consultation Checklist
(Please Click).
To make an appointment, please contact Thornton & Coy Law Office
at the link below.
CLICK HERE for Additional Information or to Schedule an Appointment
Answer: Filing Bankruptcy provides a person who is in financial
trouble with a fresh start. If you are having trouble paying bills, and
have been unable to make ends meet despite your best efforts, filing
bankruptcy may be an option for you.
There are different bankruptcy chapters to choose from, but most
people file a Chapter 7. If your situation fits into a Chapter 7, you
should be able to discharge all your unsecured debts, such as credit
cards and medical bills. Secured collateral, such as a home and
vehicle, may be kept as long as those loans are current.
In Chapter 13 bankruptcy, you file a repayment plan with the
bankruptcy court to pay back your debts over a three to five year time
frame. The amount you'll have to repay depends on how much you
earn, the amount and types of debt you owe, and how much property
you own. A Chapter 13 bankruptcy is particularly useful in keeping
your home, even if your lender has already begun foreclosure
proceedings.
An attorney at our office will be able to explain the bankruptcy
procedure to you in detail.
Question: What is the process for filing for bankruptcy?
Answer: In a nutshell, all your debts and assets are listed on
documents called schedules. Those schedules are filed with your
petition in federal bankruptcy court. Once filed, your case is then
assigned to a bankruptcy trustee who reviews the information in your
case. You will come before the trustee at the meeting of creditors,
which is scheduled approximately one month after your case is filed.
The meeting of creditors is held in Des Moines, if you live in the
Southern District of Iowa, and one of our attorneys will accompany you
at the meeting. It lasts about five to ten minutes, and consists of the
trustee asking questions to you about your financial situation and the
papers that were filed in your case. It is called a meeting of creditors
because all of your creditors are invited to come and ask you
questions. However, most do not appear at the meeting.
If all goes smoothly, you will receive a discharge in the mail
approximately eight weeks after the meeting of creditors in a Chapter
7 bankruptcy case. The discharge usually ends your involvement in
the case. In a Chapter 13 Bankruptcy case, a discharge is not
entered until the end of your three to five year repayment plan, but no
creditors can contact you while your Chapter 13 plan is in effect.
Question: How much does it cost to file for bankruptcy?
Answer: A Chapter 7 bankruptcy costs $299.00 to file in court, and
the attorney legal fee is typically another $901.00 for single filers and
$1,001 for married couples filing jointly. A Chapter 13 bankruptcy
costs $274 to file in court, and the attorney legal fee is charged on an
hourly basis, with the fee being approved by the Court. Our office
does charge an additional $200 for cases filed in the Northern District
of Iowa, due to increased travel time, and we reserve the right to
increase charges for persons with businesses.
The above stated fees will be available only to clients whose matters
are encompassed within the services described in our retainer
agreement, and if the matters are not so encompassed, or if an hourly
rate is necessary, then you would be entitled, without obligation, to a
specific written estimate of the fees likely to be charged.
In addition, under the new bankruptcy law, you will be required to take
a prebankruptcy filing class and a post-filing financial management
class. Each of these classes typically cost $30-$50, depending on the
provider. List of Recommended Class Providers (Please click).
Question: What should I do if I think I want to file for bankruptcy?
Answer: If you are interested in learning more about bankruptcy, you
should make an appointment with one of our attorneys. The first
consultation is free, and your situation would be examined to
determine if bankruptcy may be an option for you. You should bring
the items listed in the attached checklist.Initial Consultation Checklist
(Please Click).
To make an appointment, please contact Thornton & Coy Law Office
at the link below.
CLICK HERE for Additional Information or to Schedule an Appointment
THORNTON & COY LAW OFFICE, PLC