Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is often referred to as a liquidation bankruptcy. However, this term is misleading as 99% or more of debtors generally do not have any property they will lose in the bankruptcy proceeding. Laws called exemptions are used to protect your property. The knowledgeable and experienced bankruptcy attorneys at the Licata Bankruptcy Firm can advise you if there would be a risk of losing any assets in a Chapter 7 bankruptcy filing.
Our initial consults are always free. We offer a free 1 hour consult to review your case in detail and educate you on the bankruptcy process. During this consultation an analysis of your specific situation will be used to determine if a Chapter 7 bankruptcy in Springfield Missouri is the right solution to your financial problem. What do you need to bring to the initial free Chapter 7 bankruptcy consultation? There is no documentation that is needed. Just a general understanding of your financial situation will allow the attorney to explain your options. In the consultation your income, assets, and liabilities will be discussed.
Documentation needed to file your bankruptcy case will be provided in detail at your initial consultation. All Chapter 7 bankruptcy cases will require last years tax return, pay devices, or pay stubs for all pay periods within the last 60 days, evidence of all income earned in the prior six months, a certificate of credit counseling and a list of all creditors including all secured, and unsecured debts. A blank form can be found on our client resource page to write all the creditor information down and to help keep you organized. Any more specific information that is needed for your case will be discussed at your free consultation.
The Licata Bankruptcy Firm believes in personalized service to accurately prepare your bankruptcy case. You will personally meet with us in our office where we will fill out all your paperwork, so that when you leave our office your case is ready to file. This will ensure you have a full understanding of the paperwork being prepared and the accuracy and efficiency of the filing process is intact. Debtors bring their required paperwork to the filing appointment and we do all the work. Our firm is dedicated to ensuring the bankruptcy process is as seamless and pleasant as possible.
The fees associated with a Chapter 7 bankruptcy can vary but, in most cases, we will file your Chapter 7 bankruptcy for a pre-petition attorney fee of $600 plus the court filing fee of $335. Our firm can be retained for $300. Once you have retained the firm you can direct all creditors to our office. The retainer fee is not an additional fee but is applied towards your initial attorney fee. The total fee on a base case to file a Ch. 7 that will impose an automatic stay and stop all collection efforts by creditors including lawsuits, harassing phone calls, garnishments, etc. is $935.
Once the initial $935 is paid, your case can be filed. The attorney will quote, in your free consultation, post-petition fees, which are fees due after the filing of your case based upon your facts. The a fore mentioned fees are for a standard consumer bankruptcy. If you own a business or have complexities to your case the fees may vary based upon the facts. Our fees are very competitive, we realize you are currently in a difficult financial situation. We offer flexible payment arrangements for our post-petition fees allowing even the tightest budget to seek relief from their creditors.
Chapter 7 bankruptcy is designed to relieve debtors of their financial burdens. Generally, a Chapter 7 bankruptcy discharges unsecured debts including, but not limited to credit cards, medical bills, signature and payday loans, collection accounts, repossession deficiencies, cellular bills, lawsuit judgments, utility bills, and some tax liabilities. Debtors can also get relief from secured debts they have, for example house or vehicle loans they cannot afford, without any deficiency amounts owed to the creditor after surrender of the collateral.
Debtors often have concerns of keeping their home or automobiles while seeking relief under Chapter 7. Generally, if there is not an equity issue, then keeping your home and automobile are not an issue if you can continue making those payments to the creditors. The experienced Licata Bankruptcy Firm attorneys can advise if you risk losing these assets in a Chapter 7 due to equity concerns. In some situations, a redemption of the vehicle can be filed to lower your ongoing vehicle payments.
To file a bankruptcy, you must complete a credit counseling class. Counseling services are offered by multiple reputable companies. Our client resource page will have links to websites available to help debtors with the credit counseling process. It is not very burdensome. Generally, it includes filing out a list of assets and debts and submitting the documents to an approved agency. Once the agency has the documentation a counselor needs to speak to you for approximately 10 minutes. You can either do the consultation in person, by phone or over the internet. The Courts have approved hundreds of agencies for this service and we believe you should complete the counseling where you feel most comfortable. Your attorney will give you the exact details in your free consultation.