Bankruptcy Attorney Fees
Q.i live in illinois and subsequent to a divorce i owe $12000 in lawyer fees and a judgement to my ex for $8000 if i filled for bk would these be eliminated i have no other debt but no asset other than a 2500 car and 401k if anyone knows ?
A.Unless the attorney's fees were ordered to be paid in the divorce decree (and oftimes even then) they are dischargeable in bankruptcy. There are some information I know: "What is Bankruptcy? To put it bluntly, bankruptcy is a legal way to avoid paying people what you owe them. Bankruptcy has biblical antecedents, however. Look at the "Jubile Year" and the forgiveness of debt in Leviticus 25. Since there is no Jubilee Year today, in many situations bankruptcy is the only way that you can keep your home from foreclosure, your car from repossession, your possessions from auction and creditors from making your life miserable. What Kinds of Bankruptcy Are There? There are two main types of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 is what most people think of when they think of bankruptcy. Chapter 13 provides a way for you to pay back your creditors, in whole or in part, over a period of three to five years. You must have less than $269,250 in unsecured debt (such as credit cards and doctor's bills) and less than $807,750 in secured debt (such as mortgages and car loans) to qualify for Chapter 13. What's Involved in Filing for Bankruptcy? A bankruptcy is started by filing a Petition with the U.S. Bankruptcy Court. The requirements for the petitions vary depending on the Chapter under which the bankruptcy is filed, but involve detailed forms and schedules which are not available at the Bankruptcy Court. The filing package, including copies, averages about 50 pages for a typical Chapter 7 and 75 pages for a typical Chapter 13. Filing fees are $200 for a Chapter 7 and $185 for a Chapter 13. Will I Lose Everything If I File? A person who files for bankruptcy may exempt certain items from the bankruptcy. In most cases, this lets you keep your home, your car, your furniture, your household items, your retirement and most, if not all, of what you have. Different states have different allowances for exemptions. Can All My Debts Be Wiped Out? There are certain debts which cannot be discharged. Federal and state taxes incurred less than three years before the date of filing , student loans , child support and alimony are the big ones. What Happens Once I File? Once the Petition is filed, the Court issues an Automatic Stay. This stops all legal proceedings against you. Foreclosures, repossessions and garnishments are halted, creditors cannot call or write you, and lawsuits against you can not be filed or pursued if they are pending. How Do I Keep My House and Car? If your payments are current, you have to keep making them. If you're behind, you can pay the arrearage through a Chapter 13 Plan and re-start the payments after you file." I strongly recommend speaking with a local bankruptcy attorney. Most offer free initial consultations and he or she should be able to review your specific situation and let you know what you can and can't do.
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