Bankruptcy: A To Z Explained

  • Bankruptcy: A To Z Explained

Bankruptcy: A To Z Explained

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Bankruptcy can be summarized broadly across a few questions. These questions are listed below to enhance our knowledge about bankruptcy and determine some key aspects of the same. More details on bankruptcy and a bankruptcy attorney in full can be obtained on the website The list of questions can be as follows-

How do you file?

Just like some of the government or legal procedures, a list of documents along with a form needs to be submitted to the bankruptcy court while filing for bankruptcy. It is very important to make sure that the documents specified are provided for and the information disclosed is accurate and in the format requested or specified by the bankruptcy court. It is not mandatory to have an attorney filing on behalf of the filer, however, considering the dire trauma and mental situation, it is best to use the professional assistance to ensure the appropriate use of exemptions, shields, arguments, etc., against the lender’s or bankruptcy trustee’s suggestions or objections.

How many types of bankruptcy?

Bankruptcy is distributed into several chapters. Chapter 7 and Chapter 13 are the most used chapters across individuals. Chapter 11 can be the most common chapter across businesses. There might be some eligibility criteria to adhere to qualify for a particular chapter. However, a filer can qualify for more than one chapter and select the most beneficial chapter. To get assistance from the renowned experts of Los Angeles & Dallas, TX do not forget to dial 888-297-6203.

What is the average cost of an attorney?

The attorney certainly adds significant value to the whole bankruptcy process. The attorney can be your proxy, can help in accurate filing, can argue, or present your side to the court in the most appropriate manner, and can also use the codes of the law perfectly to safeguard assets and ensure maximum upside post-bankruptcy. All this comes at a cost and it ranges between $1k-$3.5k. The price might shoot up depending on the additional services the attorney might offer. It also varies depending on the state you live. Do not hesitate to dial 888-297-6203 to check the affordable price tag for quality services.

How much time does bankruptcy take?

Depending on the chapter chosen by the filer, bankruptcy can take roughly about 3 months to about 5 years to be completed fully. If chapter 11 or chapter 13 is chosen, the bankruptcy is said to be complete once the last payment as per the restricted payment plan is made. This could be 3-5 years down the line, which is when the discharge occurs.

Is there a filing fee?

Depending on the chosen chapter, a filing fee, trustee fee, and administrative fee are levied on the person filing for bankruptcy. The total fee can be under $500 and if the situation of the filer is very poor, the attorney can request a waiver of the fee as well.

Advantages and disadvantages

A bankruptcy filing can have multiple flaws or benefits depending on your situation. It can impact your job, it can prevent eviction, it can impact the spouse (if your spouse was a co-debtor or a guarantor on any of your debts), it can help in discharging some of the unsecured debts, it can lead to long term scars on your credit report, etc. There cannot be a blanket answer to whether bankruptcy is beneficial or not for everyone, it depends on every situation. Hence, it is important to review and connect with the professionals for spot-on personalized guidance at 888-297-6203 now.