Bankruptcy - Low Fees - Payment Plans
Client Comments
I was very impressed with your dedication to my case, answering all of my questions throughout the case, obtaining my discharge without delay and getting back the money taken in the wage attachment. If anyone needs to file bankruptcy you are the lawyer they need to call. ~~K.B.
" Your representation was outstanding in recovering thousands of dollars I paid out in a debt consolidation scam, properly representing me in a bankruptcy and getting all my debts eliminated at a low fee and less than one half of what I paid to them. What was most important to me was your integrity and clear answers to my questions." ~~D.G.
" Thanks for taking over my chapter 13 case which enabled me to save my house. " ~~ W.S.
" Many thanks for a job well done in getting my tax debts and other claims eliminated and being available to answer all of my questions throughout my case." ~~B.W.
" I was surprised to learn how the debt settlement company I saw on television took advantage of me. Thank you for getting my money back from them, properly filing my bankruptcy and saving my house. I recommend your services. " ~~H.M.
" I appreciate your meeting with me on the weekends so I did not have to lose time from work."~~N.T.
When this happens even though you are making regular payments the bills actually increase. This is frequently due to the fact that many credit cards have very high rates of interest.
When this is happening the majority portion of the monthly payment is being devoted to interest, late fees, default fees and sometimes legal fees and court costs.
Another signal that bankruptcy maybe able to help is in the event that the debtor is making payments on secured property such as a house or a vehicle and the value of the house or vehicle is less than the current value of the car or vehicle.
Certain types of actions in certain types of bankruptcy cases may enable a debtor to reduce the value of the house or vehicle to its current value and in some instances the interest rate can sometimes be reduced
What many debtors do not realize is that generally, the longer a person is in debt, the longer their credit will be negative. At the point of time that a bankruptcy case is filed, automatic order of relief is generated by the court that prevents creditors from taking certain legal action against the person that filed bankruptcy.
In Chapter seven cases the bankruptcy court schedules a hearing. This hearing is often referred to as the three forty one hearing. The name is taken from that section of the bankruptcy code. Although creditors are given notice to appear at the hearing in practice most creditors do not actually appear. Even if creditors do not appear, they have right to contest the bankruptcy case by way of filing an adversary proceeding.
The actual hearing is conducted by a person that is usually a trustee.
A trustee, usually an attorney, swears the debtor under oath and asks questions. The focal point of the questions is to determine if the debtor has any assets that are exceed the debtor's claim of exemption that would be available for distribution.
A Chapter 7 Bankruptcy case is a type of case in which the debtor dedicates all of the assets to a trustee. The trustee is charged with the responsibility of liquidating all of the non exempt assets for distribution to all of the creditors who file claims. A Chapter 7 case is very different from a chapter 13 case in which the debtor makes payments to the trustee.
Creditors have the right to contest a chapter seven or chapter thirteen bankruptcy case in different ways. The first method that permits a creditor to contest a bankruptcy case is to file a proceeding to except the debt from the general discharge. In the event that they Will be successful, the debtor will obtain a discharge but that creditor's debt will not be discharged.
The second method is to contest the discharge itself. In the event that the creditor will be successful the entire discharge will be denied. Upon receipt of your call we can provide the foundations for these types of proceedings.
Discharge:
How soon can you file bankruptcy after discharge in Chapter 7?
You can file for Chapter 13 before four years if no debts were discharged in your Chapter 7 filing, but if any of your debts were discharged in Chapter 7 and you want to have debts discharged in Chapter 13, you must wait four years.
The main advantage to filing for Chapter 7 bankruptcy is debt relief. After you are granted Chapter 7 bankruptcy, there is no obligation to repay debts discharged by the court. Those debts are eliminated. You can discharge such debts as credit card charges, personal loans, and other forms of unsecured debt.
Consequences of bankruptcy chapter 7
You will still have to pay any taxes, court-ordered alimony and child support, and student loans. The consequences of a Chapter 7 bankruptcy are significant: You will likely lose property, and negative bankruptcy information will remain on your credit report for ten years after the filing date.
Advantages and disadvantages of chapter 7 bankruptcy
Pros of Bankruptcy
When you file for Chapter 7 bankruptcy, there is no obligation to repay qualifying debts. Those debts are erased. You can avoid debts like personal loans, credit card balances, and other unsecured debt..
Debt Relief.
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No Collections or Repossessions. ...
Once you file for bankruptcy, all collection activity, including repossessions, must cease.
Credit Flexibility. ...
Filing for bankruptcy does not prevent you from obtaining new credit.
Quick & Cheap Processing
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Cons
There are disadvantages to filing for bankruptcy. These include Effects on Credit, loss of property, effects on costs, and effects on your credit score.
Effect on credit score
By law, your credit score is frozen on the date that you file for bankruptcy, and the granting of a bankruptcy will neither help nor hurt your credit score.
How long does chapter 7 bankruptcy take
Four to six months
A Chapter 7 bankruptcy usually takes four to six months from the time of filing until a final discharge that erases your debts. Different factors affect how long it will take to complete your bankruptcy.
How much does chapter 7 bankruptcy affect your credit score?
Credit bureaus don't differentiate between types of bankruptcy. Filing under Chapter 7 will affect your score the same way filing under Chapter 13 would. Either one will cost you about 140 points if your score was 680. However, if you file for bankruptcy under Chapter 7, it will show on your report for about 10 years.
Not All Debts Are Discharged. ...
Loss of Property
. ...
Potential Costs.
Effects on credit:
How much does chapter 7 bankruptcy affect your credit score?
Credit bureaus don't differentiate between types of bankruptcy. Filing under Chapter 7 will affect your score the same way filing under Chapter 13 would. Either one will cost you about 140 points if your score was 680. However, if you file for bankruptcy under Chapter 7, it will show on your report for about 10 years.
Effects on credit:
How much does chapter 7 bankruptcy affect your credit score?
Credit bureaus don't differentiate between types of bankruptcy. Filing under Chapter 7 will affect your score the same way filing under Chapter 13 would. Either one will cost you about 140 points if your score was 680. However, if you file for bankruptcy under Chapter 7, it will show on your report for about 10 years.
. ...
Potential Costs.
Effects on credit:
How much does chapter 7 bankruptcy affect your credit score?
Credit bureaus don't differentiate between types of bankruptcy. Filing under Chapter 7 will affect your score the same way filing under Chapter 13 would. Either one will cost you about 140 points if your score was 680. However, if you file for bankruptcy under Chapter 7, it will show on your report for about 10 years.
Credit impact:
Not everyone qualifies for Chapter 7 bankruptcy, but Chapter 7 bankruptcy works well for people without much property or income. Higher-income applicants and people who own a great deal of property are often better off filing for Chapter 13.
People in higher income brackets can still qualify for bankruptcy. In order to qualify, you would have to have a number of dependents. Further information is below.
Qualifying for Chapter 7 Bankruptcy
There are two steps to qualifying for a Chapter 7 bankruptcy. The first step is an income test. If your annual income is low enough, you will automatically meet the first step.. If your annual income exceeds the threshold, you can deduct expenses from your income. If the remaining income is not enough to pay a minimum amount to creditors, besides the trustee’s fee, you will qualify for a Chapter 7 bankruptcy.
The income test is not the only requirement for bankruptcy. You cannot use Chapter 7 bankruptcy more than once every six years for a Chapter 13 bankruptcy or once every eight years for a chapter 7.
Revocable trust trust that the grantor may revoke or change
Revoke To cancel or rescind a legal document
Right of way The right of a party to pass over the land of another
Robinson-Patman Act amendment to the Clayton Act that deals with certain price discrimination
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Statute - a single act of a legislature or a body of acts that are collected and arranged for a session of a legislature; Legislative enactment
Statute of frauds - statutory requirement that certain contracts must be in writing
Statute of limitations - statute which limits the right of the plaintiff to file an action unless it is done within a specified time period after the occurrence which gives rise to the right to sue
Statutory - created or defined by a law, relating to a statute
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Research inquiry -- careful hunting for facts or truth about a subject; investigation;
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detinue - at common law, an action to recover personal property
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Robbery - Felonious taking of another's property, from the person or immediate presence and against that person's will, by means of fear or force
Rules Established standards, regulations, or guides established up by authority
Rules of evidence Standards governing whether evidence in a civil or criminal case is admissible
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Social Security Administration - federal agency which administers the national social security program
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Self-defense - an act otherwise prohibited but lawfully justifiable because it was needful to protect a human or attribute from attack by another
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Restatement digest of statutes and decisions which tells what the law is on a specific point.
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Experienced Representation
Bruce Lamb, Attorney at Law
B.S., MLA., PhD., J.D.
"Chapter 7 & 11 & 13 Bankruptcy - Low Fees Payment Plans"
Upon receipt of your call we can explain your options.
410 - 484 - 4900 24/7
If you are unable to keep up with regular payments on your bills, bankruptcy might be an option. We will explain what property you can keep, what property you will lose, which of your bills can be completely eliminated, which of your bill ls can be partially eliminated, and how much the costs and fees will be in your case. We offer weekend and evening appointments. 410-484-4900 24/7
Bruce Lamb, Esquire
University of Baltimore J.D.
Johns Hopkins University MLA
Loyola University B.S.
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