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Today's Legal
Topic:
Types
of Bankruptcy and Attorney Fees
For most people, there are two
types of bankruptcy:
1) Chapter 7, also known as
a straight bankruptcy. This is designed to
give a fresh start to a person who is hopelessly
buried under debt. The debtor turns
over all non-exempt assets to the bankruptcy
trustee. The assets are then sold, and the
creditors are paid. Within four
months, all debts are discharged, and the debtor
is free to start over. This is the fastest
and easiest form of bankruptcy.
2) Chapter 13, also known as
a reorganization bankruptcy. This is
designed to let debtors pay off their obligations
over a period of three to five years and is for
those individuals who have non-exempt property
they want to keep. Exempt assets vary
from state to state. People choosing Chapter
13 also have to have sufficient, reliable income to ensure that the debt payments are made.
You will need an attorney to file
bankruptcy papers with the court to ensure that all
of the paperwork is
filed correctly and in a timely manner. In
most states, the actual filing fee is around $300,
but most bankruptcy attorneys' fees are between
$750 and $2,000. This includes meeting and
consulting with you, the filing and appearing in
court on your behalf. It may seem like
a lot of money for a quick process (particularly
Chapter 7), but it is worth it to gain a fresh
start.
Reference
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