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Consumer Bankruptcy

Break Free of Debt

Debt hurts. At Resolve Law Group, we know the cycle of minimum payments, collection notices and late fees may feel like a trap. Financial stress can touch every area of your life, from job performance to family relationships. Debt collector harassment keeps you focused on crisis management, with no lasting solution in sight.

It doesn't have to be that way.

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Our team is here to help with most legal issues that impact your life.

How Bankruptcy Can Help

Bankruptcy law offers two very different solutions for people in tough financial circumstances. Chapter 7 helps people with a lot of unsecured debt and few assets wipe out debt and start fresh. Chapter 13 provides a way for people with assets, secured debt, and regular income to catch up on past-due balances without lawsuits, growing late fees, and the risk of foreclosure or repossession.

Unfortunately, most people struggle with debt for two years or more before taking charge of their finances through bankruptcy. That’s two years of money wasted on late fees and high interest charges, two years of unnecessary sleepless nights, and a two-year delay in building a better financial future.

The next step is yours.

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Resolve attorneys are licensed in dozens of states and admitted to federal courts in many others. Wherever you are, we’re here for you.

Bankruptcy Exemptions

Many people considering bankruptcy are worried about losing property. That’s understandable, since Chapter 7 bankruptcy is also called “liquidation bankruptcy.” Technically, that means the bankruptcy trustee can liquidate (sell off) assets to pay creditors. In practice, most people who file Chapter 7 bankruptcy don’t lose any property at all.

What are Bankruptcy Exemptions?

When property is “exempt,” that means it’s protected from creditors. The bankruptcy trustee can’t take that property to pay your debts.

Exemptions are different from state to state, but they generally include things like cars, homes, work tools, and other essentials. A local bankruptcy attorney can explain your state’s exemptions in more detail during your initial consultation.

FAQ's

Do I Need a Bankruptcy Attorney?
There’s more to bankruptcy than filling out forms. Though there’s no legal requirement that you hire a bankruptcy attorney, cases filed without a lawyer are much more likely to be dismissed. That means wasted time and money, no financial relief, and possible obstacles to trying again.

An experienced bankruptcy attorney can guide you through the process from beginning to end, helping you choose the best type of bankruptcy for you, ensuring that your property is protected, preparing you for your 341 hearing and helping avoid mistakes that might put your discharge at risk.

How Much Does Bankruptcy Cost?
In 2022, the court filing fees and associated administrative costs to file a Chapter 7 bankruptcy case total $338. In some cases, there may be additional costs. For example, there is a small additional filing fee if you file an amended petition.

For Chapter 13 bankruptcy, that figure is currently $313. The Chapter 13 trustee also receives a small percentage of your monthly plan payments.

You’ll also be required to complete credit counseling before filing and a financial management course before discharge. You can usually get both courses for a package price of about $50.

How Do I Know if I Qualify for Bankruptcy?
Eligibility for bankruptcy depends on a variety of factors, including whether you are considering Chapter 7 or Chapter 13 bankruptcy.

Chapter 7 eligibility depends in part on a means test, which is designed to make sure you really can’t afford to pay your debts. The first step is to compare your household income to your state’s median income for the same household size. If you’re below the median, you don’t have to go any further. If you’re above the median, the test gets a little more complicated.

For Chapter 13, there’s no means test. But, you must be able to demonstrate regular income sufficient to keep up plan payments while covering your ongoing expenses. And, the amount of debt that can be included in a Chapter 13 case is capped at $419,275 in unsecured debt and $1,257,850 in secure debt. (These caps will be adjusted as of April 1, 2022)

There are other variables as well, including residency, any past bankruptcy filings, and more. The best source of information about whether you qualify for bankruptcy is an experienced bankruptcy attorney.

Find the Right Debt Solution for You

Chapter 7: Bankruptcy

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Chapter 13: Bankruptcy

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Bankruptcy Discharge Violations

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Need Legal Help?

Get In Touch.
Whatever your legal issue, the best first step is to make sure you have reliable information and knowledgeable guidance.

We built Resolve Law Group–America’s Consumer Law Firm–to help ensure that people like you have access to the help they need, no matter where in the country they are.

To learn more about how we may be able to help, contact us right now. Fill out the contact form on the right, or call or email us today.

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