Saturday, February 4, 2012

Boise Bankruptcy Lawyers (208) 472-2383 - Chapter 7 Bankruptcy

The Nuts and Bolts of Bankruptcy

As Boise Bankruptcy Lawyers we often get calls from individuals wanting to know how much bankruptcy costs and how long it takes.  These are common questions which I call the Nuts and Bolts of Bankruptcy.

The first cost to consider is the cost of having a Boise Bankruptcy Attorney represent you.  There is a wide range of costs here.  Some lawyers will charge the least possible amount, while other attorneys represent the more expensive end.  So how much should you pay for a bankruptcy?  The answer to this depends upon how comfortable you are with your bankruptcy and how much input, advice and effort you will expect from your bankruptcy attorney.  If you want to get off on the cheap, then you shouldn't expect too much help or advice.  You also, however, don't need to spend an arm and a leg.  You can find a reasonably priced bankruptcy lawyer to get the job done right.  Another thing to consider when looking at the cost of bankruptcy is how much debt do you have and how much time will the bankruptcy lawyer have to put into your case.  Obviously, the more debt the more work.

The next cost is your filing fee.  Every Chapter 7 Bankruptcy will come with a $299 filing fee.  That is the fee established by the Federal Bankruptcy Court.

What is required for a Chapter 7 Bankruptcy
You must file a bankruptcy petition in Federal Bankruptcy Court.  It is here that you pay your $299 filling fee. You must reveal all of your debt, whether it is dischargeable or not.  Certain debt, such as student loans, taxes and child support cannot be discharged.  An individual filing for bankruptcy will be required to go to credit counseling.  It must be through an accredited and recognized company.  For a list of acceptable credit counselors, go to

In addition, your bankruptcy will be overseen by the bankruptcy trustee and you and your bankruptcy attorney must attend a debtor examination.  After the trustee is convinced that you have revealed all of your debt, it is up to the bankruptcy judge to affirm your bankruptcy.  It can take about 4-6 months for a bankruptcy to be completed.  However, once you have filed for bankruptcy an automatic stays is put into place and all collection activity must cease.

Also, you may only file for Chapter 7 Bankruptcy once every eight years.  If you get into another financial fix and are swamped with debt, it is possible to file a Chapter 13 Bankruptcy. In a Chapter 13 your debt is not discharged, it is reorganized and you are put on a payment plan.

If you have overwhelming debt and need to speak to a bankruptcy lawyer, please give us a call and see what we can do for you.  Call now, (208) 472-2383

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