Consumer Proposals Richmond Hill
A consumer proposal will consolidate your debts into one affordable monthly payment, allow you to keep assets like the equity in your home, stop collection calls, freeze interest and penalties and end wage garnishments
At Spergel we pride ourselves on going the extra mile. We help you make the best offer you can to your creditors. We have a 99% acceptance rate for the consumer proposals we file. You will always have the same familiar, local person helping you through to the end of your proposal.
You owe it to yourself to find a Licensed Insolvency Trustee who will stick with you through the entire process, from start to finish.
What To Do Before Filing For Bankruptcy
Bankruptcy is generally considered a last resort for people who are heavily in debt and see no way to pay their bills. Before filing for bankruptcy, there are alternatives worth exploring. They are less expensive than bankruptcy and are likely to do less damage to your credit history.
For example, find out if your creditors are willing to negotiate. Instead of waiting for a bankruptcy settlement to be settled, and risking getting nothing at all, some creditors will accept reduced payments over a longer period of time.
In the case of a home mortgage, call your loan servicer to see what options may be available to you. Some lenders offer forbearance , repayment plans , or loan modification programs .
Even the Internal Revenue Service is often willing to bargain. If you owe taxes, you may be eligible for an offer in compromise, in which the IRS will accept a lesser amount. The IRS also offers Payment plans, Allow eligible taxpayers to pay what they owe over time.
How To File For Bankruptcy
If you have decided to file for bankruptcy, your first step should be to consult an attorney. While it is possible to file without one, seeking the advice of a qualified attorney is highly recommended because bankruptcy has long-term financial and legal results, notes the Administrative Office of the US Courts on its website. .
Before applying, you will be asked to attend a counseling session with a credit counseling organization approved by the US Department of Justice Trustees Program. The counselor should evaluate your personal financial situation, describe the alternatives to bankruptcy, and help you design a budget plan. Counseling is free if you cannot pay; otherwise, it should cost around $ 50, according to the Federal Trade Commission.
If you still want to proceed, your attorney can advise you on which type of bankruptcy is most appropriate for your situation.
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Mandatory Credit Counseling For Chapter 7 Bankruptcy
Everyone who files a Chapter 7 bankruptcy, even if you are filing Chapter 7 bankruptcy yourself, has to complete a mandatory credit counseling course. Many of these courses are found online and are not very expensive. The typical costs for credit counseling courses are around $25. Some providers might even reduce or waive the fee.
The mandatory credit counseling course for Chapter 7 bankruptcy must be completed before you file your petition. Failure to follow this requirement will result in your case being dismissed by the Court.
The debtor education counseling course will provide you with a certificate of completion, which you will file with the Court.
A list of approved counseling agencies can be found here:
Minnesota Bankruptcy Lawyer Cost
Sometimes matching up your assets with the correct exemptions can be hard, in which case hiring a lawyer to help you with your Minnesota bankruptcy case may help you save money in the long run. The average cost of a bankruptcy lawyer for a Chapter 7 bankruptcy in Minnesota ranges from $1,265 to $1,800, depending on the complexity of the case.
Attorney cost estimate: $1,265 Ã¢â¬â $1,800
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How To File Bankruptcy In California For Free
Getting debt relief through bankruptcy doesnt have to be expensive. If you cant afford to hire a bankruptcy lawyer, you can file bankruptcy without one. This guide will take you through the 10-steps of filing Chapter 7 bankruptcy in California without a lawyer.
The Following Is An Overview Of The Major Parts Of The Bankruptcy Petition
IMPORTANT! This is not a how-to guide! However, a careful review of the bankruptcy petition is the responsibility of every consumer debtor who files bankruptcy. The following paragraphs will help to acquaint you with some of the information youll need to review before filing your case.
REMEMBER! Every bankruptcy petition is filed under penalty of perjury; all the information needs to be accurate and complete. Penalties for falsification of a bankruptcy petition include fines up to $250,000 and imprisonment.
Official Form One: Voluntary Petition
This identifies the individual who was filing, name and former names, and identity. The filing status will indicate married or not married, and in Ohio, common-law marriage is not recognized. All legal marriages, including same-sex marriages, are recognized. Prior names must be disclosed as well as full address information.
The trustee will require proof of identity through Government Issue photo ID and proof of Social Security number, typically provided by a social security card or a 1099 or similar document.
The voluntary petition indicates which chapter being filed and provides information about any prior bank cases.
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You May Make Surplus Income Payments
When you file for bankruptcy, you must do the following:
- disclose to the LIT information about all of your assets and liabilities ;
- advise the LIT of any property that was sold or transferred in the past few years;
- surrender all your credit cards to the LIT;
- attend the first meeting of creditors ;
- attend two counselling sessions;
- advise the LIT in writing of any address changes;
- if required, attend an examination at the Office of the Superintendent of Bankruptcy; and
- assist the LIT as needed in administering your estate.
You may be required to make additional payments to your LIT for distribution to your creditors.
In addition to paying the LIT’s fees, you may be required to make additional payments to your LIT for distribution to your creditors. These are called surplus income payments.
Each month during the bankruptcy process, you must submit a copy of your pay stubs and proof of other income to the LIT. The LIT then calculates your surplus income.
Surplus income is the part of your earnings that exceeds the amount of income a family needs to maintain a reasonable standard of living. This amount is set by the OSB annually. The larger your family, the more you are allowed to keep; the more you earn, the more you are required to contribute.
In other words, if your household income exceeds the level set by the OSB, then you must make additional payments to your LIT during your bankruptcy.
District Of Oregon Requirements
Oregon is a single bankruptcy district for the entire state with courthouses located in Portland and Eugene. The county you live in determines which of the two courts will handle your case. Oregon bankruptcy laws requires that, instead of filing your paycheck stubs with the court, you send them to the United States Trustee as the same time that your schedules are filed with the court. If you have any secured debts, you should use the local form created by the Oregon bankruptcy court to declare you intentions with respect to those debts. If you use the national form instead, the you will also have to file a proof of service confirming that you mailed both the form you filed and this document to all the creditors listed on the statement.
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Learn About Free And Low
It can be hard to believe that it costs money to file for bankruptcy, but for most people, that’s the case. Even so, there are ways to absorb the fees. If your income is low, and hiring an attorney or paying court fees is beyond your reach, these resources might help you find free or low-cost bankruptcy help.
Filing Without An Attorney
Individuals can file bankruptcy without an attorney, which is called filing pro se. However, seeking the advice of a qualified attorney is strongly recommended because bankruptcy has long-term financial and legal outcomes.
Filing personal bankruptcy under Chapter 7 or Chapter 13 takes careful preparation and understanding of legal issues. Misunderstandings of the law or making mistakes in the process can affect your rights. Court employees and bankruptcy judges are prohibited by law from offering legal advice.
The following is a list of ways your lawyer can help you with your case.
- Advise you on whether to file a bankruptcy petition.
- Advise you under which chapter to file.
- Advise you on whether your debts can be discharged.
- Advise you on whether or not you will be able to keep your home, car, or other property after you file.
- Advise you of the tax consequences of filing.
- Advise you on whether you should continue to pay creditors.
- Explain bankruptcy law and procedures to you.
- Help you complete and file forms.
- Assist you with most aspects of your bankruptcy case.
Bankruptcy Forms are available to the public free of charge.
- Use the forms that are numbered in the 100 series to file bankruptcy for individuals or married couples.
- Use the forms that are numbered in the 200 series if you are preparing a bankruptcy on behalf of a nonindividual, such as a corporation, partnership, or limited liability company .
- Sole proprietors must use the forms that are numbered in the 100 series.
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Indiana Bankruptcy Lawyer Cost
While the thought of having to pay a lawyer to file for Chapter 7 bankruptcy in Indiana may seem like it adds insult to injury, it may be worth it depending on your specific situation. In Indiana, the cost of a bankruptcy lawyer ranges between $795 and $1,450, though more complicated cases may end up costing you more, at least in the short term.
Attorney cost estimate: $795ÃÂ Ã¢â¬â $1,450
Rebuild Your Credit After Bankruptcy
As mentioned above, bankruptcy will stay on your credit report for seven years or 10 years .That can make it difficult to obtain more credit, such as a bank loan or a conventional credit card. However, the effect of bankruptcy on your credit score will decrease over time, and your score will gradually improve if you show that you are using credit responsibly.
One tool to do this is a secured credit card, in which you make a deposit with the issuing bank, which then becomes your line of credit. By using that card wisely and making your payments on time, you can start building a new credit history. After a period of on-time payments, you may be eligible for a regular unsecured credit card.
The process of rebuilding your credit and restoring your financial life can take time. But bankruptcy, if you have no other viable option, is not the end of the world.
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Can I File Bankruptcy Myself
You can file for bankruptcy yourself, but should you? Since even a small mistake can, in a best-case scenario, just get your case dismissed, and then you have to file bankruptcy yourself a second time to fix the problem. And then, of course, you will have to pay the filing fee over again. I witnessed a trustee dismiss the FOURTH pro se filing of a woman who tried but repeatedly failed to get it right.
She actually spent MORE trying to do it herself than if she had hired a bankruptcy lawyer to file her Chapter 7 petition for her. Saving on attorney fees did not work out well for her. But in a worst-case situation, you could
lose some of your property and STILL not get a discharge of debt. The saying dont try this at home comes to mind. Even the US Bankruptcy Court website contains this warning: Individuals can file bankruptcy without an attorney, which is called filing pro se. However, seeking the advice of a qualified attorney is strongly recommended because bankruptcy has long-term financial and legal outcomes.
Dont use a bankruptcy petition preparer. They are not allowed to give you legal advice. You can get legal advice and information about the bankruptcy process from a bankruptcy attorney at a free consultation.
How To File Bankruptcy In Indiana For Free
Worrying about money and filing bankruptcy in Indiana normally go hand in hand. The biggest cost associated with a bankruptcy is attorneys fees. The first thing you have to determine is whether you need to file Chapter 13 to reorganize your household debts . Trying to file Chapter 12 or 13 without the assistance of experienced bankruptcy counsel, may cost you more in the long run. Folks looking to file for Chapter 7 bankruptcy in Indiana, on the other hand, can often navigate the system without an attorney and may even be able to have the court filing fee waived, making their Indiana bankruptcy virtually free.
The Means Test For Chapter 7
Whether you file for Chapter 7 or Chapter 13 is not your sole decision. The courts also impose a means test to determine if you are eligible for Chapter 7. The means test first compares your median income for the previous six months to the median income for a household of your size in your state; If you earn less than the median, you should be eligible for Chapter 7.
Even if your income is higher than the median, you may be eligible after subtracting certain allowable expenses. But if the calculation shows that you would have enough disposable income left over to start paying your debts, instead of having a clean slate, the court may decide that Chapter 13 is your only option. To help determine your eligibility, you will be asked to complete this Form 122A-2.
Minnesota Bankruptcy Means Test
Not everyone who struggles to pay their debts as they come due every month qualifies to file a Chapter 7 bankruptcy in Minnesota. This is because some folks simply make too much money to walk away from their debts without paying at least a portion of it as part of a Chapter 13 case. The Minnesota means test for bankruptcy is designed to ensure everyone who truly needs the relief only a Chapter 7 bankruptcy provides is able to get that relief. Keep in mind, however, that even if your income exceeds the median income for a household of your size, you may still pass the Minnesota means test for bankruptcy, making you eligible for relief under Chapter 7 of the Bankruptcy Code.
Data on Median income levels for Minnesota
Minnesota Median Income Standards for Means Test for Cases Filed On or After May 1, 2021
Bankruptcy Fees Waivers And Payment Plans
If youre unable to pay your filing fees, the court will usually try to work with you. For Chapter 13 bankruptcy, you may be able to roll your court fees into your repayment plan, paying the court in monthly installments. If you file Chapter 7 bankruptcy and youre unable to pay off the fee in installments over 120 days, you might be able to request a fee waiver. The bankruptcy court bases fee waivers on income limits, so your combined family income will need to be less than 150 percent of the poverty limit. If you dont qualify for a fee waiver, you may want to consider applying to pay in installments.
Other Benefits Of Bankruptcy
Obviously, the most important benefit of filing bankruptcy in Iowa is to get rid of your bills and debts. However, filing the bankruptcy petition has other benefits as well.
STOP wage garnishments
STOP harassment collection calls and letters
After the bankruptcy is filed no creditor can continue to make harassing phone calls to you demanding payments. They are required by law to stop these phone calls and to stop sending you bills, notice or harassing letters. Bankruptcy can be a good option for individuals wondering how to stop collection calls and harassing calls from creditors.
STOP lawsuits and judgments
When you file a Chapter 7 bankruptcy in Iowa we can immediately stop any lawsuits that may have been filed against you and stop any judgments entered against you from turning into garnishments. Even if a creditor has already sued you in court or has already gotten a judgment against you, we can discharge that debt when you file a Chapter 7 bankruptcy.
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Where Do I File For Bankruptcy In Madison County Ia
Where to file your bankruptcy case depends on where you live and on whether you have a business close to home. Usually, youll file in the federal district court closest to where youve lived for the past 180 days . But if you run a business in a different district and most of your property is located there, you may have to file in the federal court serving that location.
The reason behind these filing rules is that the bankruptcy court wants the person overseeing your casecalled the bankruptcy trusteeto be able to easily find, evaluate, and, if necessary, sell your property.
If youve moved recently, you may have to file at the bankruptcy court serving the county where you used to live. That will depend on where the greater portion of your property has been for most of the past 180 days. For example, if you lived in Oregon for most of your life, but moved to California a month ago, youll file in Oregon because you lived there for 150 of the past 180 days.
You can handle most interactions with the court, including filing your bankruptcy forms, by mail. However, you will need to visit the courthouse in person at least once, for a meeting with the bankruptcy trustee.
Bankruptcy Court Filing Fees
The bankruptcy court charges a fee when you file your paperwork. If you can’t afford the fee, you can ask the court to waive it if:
- you’re filing a Chapter 7 case
- you’re an individual , and
- your family income is less than 150% of the federal poverty guidelines.
If you can pay over time, you can ask to pay the filing fee in installments over 120 days, instead. The clerk’s office of your local bankruptcy court can show you how to make either request.
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How To Pay For Your Bankruptcy
Filing for bankruptcy will cost you even though youre in no position to pay. Yes, in perhaps the ultimate Catch-22, youll need money to let your creditors know you dont have any.
Though covering the cost of bankruptcy might not be the largest problem on your agenda, it is an issue. Most bankruptcy petitions require some form of legal help, and the more complicated the filing, the more help youll need. That means hiring a lawyer, and unless you know one who works for free, it will require money.
Legal fees are the biggest headache, but not the only one. Youll also have to pay court costs and a fee for mandatory credit counseling. The combined bill could run into the thousands of dollars, so before you load up your briefcase and head for the courthouse, you need to know what you need to do, how much it will cost and where youll find the money.
If youre unable to borrow enough money from family or friends to pay a lawyer, other options exist:
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Filing For Chapter 7 Bankruptcy Without An Attorney
You aren’t required to have an attorney when filing for bankruptcy relief. Whether you should, however, will depend on how complicated your case is and how comfortable you are researching the law and filing on your own.
In general, people who have a simple case will be better able to complete a Chapter 7 bankruptcy. For instance, if your income is below the state median, you have little or no property, you can wipe out all or most of your debt, and your creditors aren’t likely to allege fraud against you, preparing your case will be possible.
However, keep in mind that filing for bankruptcy without a lawyer isn’t easy. Bankruptcy laws are involved. If you aren’t willing to put in the necessary research time, you’ll risk losing unprotected assets. Or, you might learn that none of your debts will be discharged in bankruptcy.
All Chapter 7 cases require you to fill out extensive bankruptcy forms, research exemption laws and follow all local court rules and procedures. If you aren’t comfortable doing the workand assuming the riskconsult with a bankruptcy lawyer. If you’d like to file on your own, consider using a good bankruptcy self-help book.
You’ll find step-by-step instructions on how to file for Chapter 7 bankruptcy in How to File for Chapter 7 Bankruptcy, by Attorney Cara O’Neill and Albin Renauer, J.D. .)
Exempt Income And Property
Certain items are exempted by Iowa Law from being sold by the trustee to pay off debts. These include:
- Real property or an apartment, provided the debtor owns this property and it is treated as a âhomesteadâ under the law.
- Certain types of insurance, including accident, disability, health, illness, or life proceeds to $15,000 paid to surviving spouse or other dependent, employee group insurance proceeds, and life insurance proceeds to $10,000 if acquired within 2 years of filing bankruptcy
- Domestic payments, alimony, child support
- Liquor licenses
- Property of a business or partnership
- Certain pensions and wages
- Household goods up to $2,000
- Books, portraits, pictures, and paintings to $1,000
- Burial plot
- Motor vehicles, musical instruments, and tax refund to $5,000 from tax refund
- Rifle, musket, shotgun
- Most public benefits including social security, unemployment, veterans benefits, workers comp
- Farming equipment to $10,000
- $100 of any personal property, including cash.
- Minimum of 75% earned but unpaid wages or pension payments.
- Covid-19 support payments under the CARES Act
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