file bankruptcy
What happens when you file bankruptcy nowadays?
I hear it is very hard to file for the type of bankruptcy where they abolish all of your debt. However, what about the type of bankruptcy where you pay back some of your debt? If you file this type of bankruptcy, will you definitely get accepted, even if you make a high income? How much of your debt do they make you pay back and in what timeframe? How much does it cost to file for bankrutpcy nowadays? Do you have to pay a lawyer up front? Does a lawyer guarantee you will be accepted for filing bankruptcy? THANKS!
Actually, a bankruptcy that wipes out all your debt is not much harder than before, it just requires much more documentation and there is an income “threshold” (it’s a bit of a sliding scale depending on a variety of factors). If you make below the median income you can definitely file said bankruptcy (known as a chapter 7).
Chapter 13, the type where you pay back some of the debt, is what you have to do if you have a high income and need to file bankruptcy. It is possible to have to pay back 100% of your debt if you really make a lot of money, so much that your disposable income for the next 60 months would be sufficient to pay off all of your debt. You only get accepted assuming you comply with every rule and requirement. You have to attend the first meeting of creditors, provide the trustee with the last 60 days of paystubs (your attorney will want the last 6 months), the last 4 years of tax returns (or transcripts of your return), and list all your assets and debts.
By the way Child Support, Maintenance, Taxes, Student loans etc are not dischargeable.
The percentage of debt you have to pay back really depends on the equity you have in your assets and your disposable income so there is no clear cut answer without knowing anything else about your situation. You pay it back in 60 months if you are required to file a 13 instead of a 7.
The cost for bankruptcy varies by jurisdiction so I can’t answer that for you. For a chapter 13, most attorneys will require a partial payment up front and the rest to be paid through the plan, though some require full payment. For a chapter 7 payment is always up front.
A lawyer can’t guarantee your bankruptcy will receive a discharge. Especially not in a chapter 13 where a myriad of things can go wrong. If you ever get to the point you can’t make payments, your Chapter 13 can be dismissed (though if you are proactive and your circumstances have changed, you should be able to successfully convert to a chapter 7), so no, the attorney will not and cannot guarantee results.
Also in both types of bankruptcy, you have to complete a credit counselling class prior to filing and a debtor education class after. You have to use those approved by the US Trustee in your jurisdiction, which you can access at http://www.usdoj.gov/ust/.
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