133
edits
Debt Relief: Bankruptcy: Difference between revisions
no edit summary
No edit summary |
No edit summary |
||
| Line 7: | Line 7: | ||
*'''Chapter 13 bankruptcy:'''is a court-ordered and approved repayment plan to your creditors. | *'''Chapter 13 bankruptcy:'''is a court-ordered and approved repayment plan to your creditors. | ||
The following questions were answered during a telephone interview with Robert M. Matson from the law offices of Akin, Webster, & | The following questions were answered during a telephone interview with Robert M. Matson from the law offices of Akin, Webster, & Mat | ||
son, PC Attorney at Law: | |||
1) What is the process of filing for bankruptcy? | 1) What is the process of filing for bankruptcy? | ||
| Line 13: | Line 14: | ||
2) How long does filing for bankruptcy stay on your credit report? | 2) How long does filing for bankruptcy stay on your credit report? | ||
* Filing for Chapter 7 bankruptcy stays on your credit report for ten years. Filing for Chapter 13 stays on your creit report for seven years or until you pay off your debt in full. | * Filing for Chapter 7 bankruptcy stays on your credit report for ten years. Filing for Chapter 13 stays on your creit report for seven years or until you pay off your debt in full. | ||
3)Does filing for bankruptcy make your credit bad? | 3) Does filing for bankruptcy make your credit bad? | ||
* Yes, because somewhere in the future for instance let's say you want to take out a loan. If the person you are trying to get a loan from pulls up your credit report and sees that you filed for bankruptcy in the past, this person may think that your are incapable of paying off the loan. | * Yes, because somewhere in the future for instance let's say you want to take out a loan. If the person you are trying to get a loan from pulls up your credit report and sees that you filed for bankruptcy in the past, this person may think that your are incapable of paying off the loan. | ||
4)How do you determine the fee that you charge clients who file for bankruptcy? | 4) How do you determine the fee that you charge clients who file for bankruptcy? | ||
* The fee that clients are charged for filing for bankruptcy depends on the caseload and what type of bankruptcy the client is filing. In Chapter 7 bankruptcy cases the fee is based upon the client's assets. If the client has a large amount of assets, the higher the fee. If the client has a small amount of assets, the lower the fee. In Chapter 13 bankruptcy cases the judge determines the fee. | * The fee that clients are charged for filing for bankruptcy depends on the caseload and what type of bankruptcy the client is filing. In Chapter 7 bankruptcy cases the fee is based upon the client's assets. If the client has a large amount of assets, the higher the fee. If the client has a small amount of assets, the lower the fee. In Chapter 13 bankruptcy cases the judge determines the fee. | ||
5) Are they any other forms of bankruptcy besides Chapter 7 and Chapter 13? | 5) Are they any other forms of bankruptcy besides Chapter 7 and Chapter 13? | ||