Commerce Bankruptcy Lawyers
If you are drowning in debt and collectors are harassing you, filing bankruptcy could provide relief and give you a fresh start. Sometimes, life throws unexpected changes and challenges at you that are out of your hands. Things such as a divorce, layoffs, or a medical emergency can set you back and cause your bills to pile up quickly. Bankruptcy laws are complex, and an experienced Commerce bankruptcy lawyer could help you navigate the laborious process.
Contact our experienced Commerce bankruptcy lawyers today for more information and schedule a consultation. A hard-working bankruptcy lawyer in Commerce will answer your questions and concerns and walk you through the bankruptcy process.
Bankruptcy Areas of Law in Commerce:
Expert Legal Counsel in Commerce:
Commerce Bankruptcy Law Q&A
How long is the bankruptcy process?
For chapter 7 bankruptcy, the process takes four to six months from when you file until discharge. A chapter 13 bankruptcy takes from three to five years.
What is the difference between a chapter 7 and a chapter 13 bankruptcy?
Chapter 7 bankruptcy is the best option if you meet the eligibility requirements and are not behind on payments for secured debts like your car or mortgage. The process is quick, and you don’t pay back the unsecured creditors, making it cheaper than filing chapter 13. However, you must meet income requirements and asset limitations to qualify. If you have an expensive home, car, or luxury items, you may have to surrender them for chapter 7 bankruptcy eligibility.
For the chapter 13 bankruptcy, you and your bankruptcy attorney in Commerce will work out a three to five-year payment plan to pay off your debt. The benefits of filing a chapter 13 include getting to keep all or most of your property. The monthly payment amount will be governed by the amount of debt that must be repaid in the time allotted by the court. It is not uncommon to find yourself with only a small amount of disposable income while in a Chapter 13 case because you are required to pay your creditors back as quickly as monetarily possible. However, the good news is you may also save a large amount of money on interest, late payment penalties, and possibly even pay a lesser amount than owed for some vehicles that qualify when you are in Chapter 13.
What fees will I pay if I file bankruptcy?
The fees will depend on whether you are filing a chapter 7 or chapter 13 bankruptcy. There are two categories of fees for filing bankruptcy: court costs and attorney fees. The court charges $335 to file a chapter 7 and $310 to file a chapter 13 bankruptcy. You will also need a credit report and credit counseling before you can file a bankruptcy case. A knowledgeable Commerce bankruptcy attorney could go over the attorney’s fees and the total amounts you will pay during the consultation.
Contact Our Burrow’s Commerce Bankruptcy Lawyers Today
To learn more about filing a bankruptcy in Commerce, contact a seasoned Burrow’s Commerce bankruptcy lawyer to schedule a good time to meet. Filing bankruptcy can provide a great deal of relief immediately after filing. After you file with the court, you can send creditors a cease-and-desist letter. Bankruptcy laws require debt collectors to stop contacting you after receiving the letter. An experienced bankruptcy attorney in Commerce will go over your financials with you and all of your available options. Call today to start preparing for your bankruptcy tomorrow!