You're not required to have an attorney to file bankruptcy, and it is possible to file on your own.

However, if you're not well versed in the relevant law and the bankruptcy process, attempting to handle your own bankruptcy can lead to costly mistakes. People who simply print out... View More

You may already have created an obstacle for yourself by acknowledging that the line of credit was secured debt in your filing. You would do well to consult a local bankruptcy attorney before taking any further action, since this type of mistake--common to people who attempt to file bankruptcy... View More

Typically, a Chapter 7 bankruptcy case takes about four months, though it may be longer if there are assets in dispute or other issues. A Chapter 13 bankruptcy case involves a repayment plan over a period of three to five years.

It's worth noting, though, that in most cases an... View More

"Better" is subjective, and only you can make that decision. One thing you may want to consider, though, is that medical bills are unsecured debt. A home equity loan, on the other hand, is secured by your home. Once unsecured debt like medical bills is converted to secured debt like a... View More

To be eligible for Chapter 13 bankruptcy, you must have sufficient disposable income to fund an acceptable repayment plan. That income need not necessarily come from employment--for example, it might be Social Security benefits or royalties or even alimony payments. But, in order to have a Chapter... View More

Car loans are typically secured debts, and filing for Chapter 7 bankruptcy does not allow you to keep property that serves as collateral for a debt while eliminating the debt.

Depending on the value of your car, the amount of the debt and other factors, you may have a few options regarding... View More

Assuming that there is no objection to discharge, the order is typically entered quickly after you've filed your Certification of Eligibility for Discharge--often in just a few days.

*Kevin Chern is an Illinois licensed attorney who has practiced in federal consumer bankruptcy law and... View More

I can't tell you whether or not you're eligible for bankruptcy: there are many other factors in play, such as whether you've previously filed for bankruptcy and how much regular income you have. I can tell you that large medical bills are one of the most common triggers for people... View More

How long a bankruptcy case remains open depends on the assets involved and their disposition. There is no specific timeline on which the trustee must wrap up her duties for entry of the final decree. In some cases involving complex assets, the case may remain open for years. (For example, where a... View More

The filing fee for a Chapter 7 bankruptcy case is $335 (Chapter 13 is $310). That fee goes to the court, and is in addition to attorney fees, which will vary depending on the attorney you work with and the complexity of your case. You will also be required to complete Credit Counseling in advance... View More

The answer to your question depends on a number of factors not included here, particularly which Chapter you initially filed under and which you're considering.

Generally, you can file a Chapter 7 case and receive a discharge 8 years after your last Chapter 7 filing.

The... View More

Your question isn't entirely clear, but I think you're asking what will happen if you're in Chapter 13 bankruptcy and unable to keep up the payments because your income has declined as your business is failing.

If that is what you're asking, you may have a couple of... View More

In some materials, the matrix will be referred to as the master mailing list or creditor mailing list. It is not a form, but there are very specific instructions as to how you must create this file. You can find them on the US Court website for your jurisdiction.

However, if you're... View More

You can request a payment arrangement, but the creditor is under no obligation to enter into an agreement with you. Since the debt is a few years old, they may be reluctant to work with you if you haven't made an effort to make payment in the past.

If you're considering filing for... View More

The automatic stay in bankruptcy, which stops most collection actions upon filing, generally does not apply to domestic support actions or collection actions related to previously ordered domestic support obligations unless the assets involved are property of the bankruptcy estate.

*Kevin... View More

If you're having difficulty understanding the forms, you may want to consider speaking with a bankruptcy attorney before proceeding. Trying to save money by filing bankruptcy on your own can end up being very expensive if you make mistakes or leave something out.

In simple terms,... View More

Many people who file bankruptcy because of high credit card debt choose Chapter 7, because credit card debt is unsecured and can generally be discharged (wiped out) in bankruptcy.

There are other considerations, though. For example, people who have non-exempt assets that they want to keep... View More

It's the value of the ring today that counts, not how much it originally cost.

The Minnesota bankruptcy exemption for a wedding ring is up to $2,817.50 in value. In simplest terms, that means that a person filing for Chapter 7 bankruptcy may keep a wedding ring valued at up to... View More

The Bankruptcy Code requires Credit Counseling for all individuals before filing bankruptcy. If a married couple files together, each must complete Credit Counseling. A bankruptcy case will typically be dismissed if the petitioner didn't complete Credit Counseling before filing--specifically,... View More

It's true that the typical Chapter 7 bankruptcy case takes a few months to complete, and a Chapter 13 case even longer. However, that doesn't mean that bankruptcy can't help with a lawsuit that's already pending.

First, the automatic stay that takes effect when most... View More