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Ch 7 Bankruptcy - No Income Anymore

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New Visitor

Ch 7 Bankruptcy - No Income Anymore

Hi,

I am new to the bankruptcy scene and am looking to declare over the next few months.

 

Just wondering what the success rate with bankruptcy is?  It is not for business-related purposes but just personal because of an illness-related injury.  I am hoping to clear the discharge ASAP but am worried about the process and how successful it is, whether or not I need a lawyer, etc.

 

Thanks!

Message 1 of 6
5 REPLIES 5
New Visitor

Re: Ch 7 Bankruptcy - No Income Anymore

Also, how long of a time frame do I have?  I stopped paying monthlys about 4-6 months ago and am getting settlements in the mail for the debt.  Thanks.

Message 2 of 6
Regular Contributor

Re: Ch 7 Bankruptcy - No Income Anymore

If by success rate you mean the people who get a discharge, I would bet is probably in the neighborhood of 90%. The number drops a bit for debtors who don’t hire an attorney.

You can do it yourself, but you should do a LOT of research about the bankruptcy law before you file yourself if you go down that path.
Honestly, I think it’s worth the money to hire a lawyer. It could possibly cost you more in the long run to not hire a lawyer, especially if you have a lot of assets can be exempted.
It’s your choice either way but if you’ve already decided you’re going to file, save enough money up for an attorney.
I can’t really say to stop paying the cards since I’m not a lawyer and cannot give legal advice, but just make saving for a lawyer a priority if you go down that route.
Get some quotes from different BK attorneys. I’ve found often they want your business so they will match the price of another attorney sometimes. This is helpful if you find a closer one but don’t wanna pay them more just because they’re closer.
Anyway, if you have any questions, post them here, we will do our best to answer.

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Chapter 7 Discharge: March 13, 2019

Message 3 of 6
Regular Contributor

Re: Ch 7 Bankruptcy - No Income Anymore

And by time frame do you mean how long until you’re sued?

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Chapter 7 Discharge: March 13, 2019

Message 4 of 6
Senior Contributor

Re: Ch 7 Bankruptcy - No Income Anymore


@timma1 wrote:

Hi,

I am new to the bankruptcy scene and am looking to declare over the next few months.

 

Just wondering what the success rate with bankruptcy is?  It is not for business-related purposes but just personal because of an illness-related injury.  I am hoping to clear the discharge ASAP but am worried about the process and how successful it is, whether or not I need a lawyer, etc.

 

Thanks!


Clearing the DC doesnt stop the creditors. The day you file your BK papers stops everything. A lawyer is the best way. But with the "No income" in your title. The courts will want to know how are you getting by. Each state is different. If you have no income per say. You'd pass the means test. Consultations with BK lawyers are free and you can shop around and find one and take the lowest cost one. The lawyer doesn't do the paperwork. The paralegal does it all on computers to the courts. He is just your representative.

 

If you do it yourself. Just the filing fee to the courts is over $400 bucks if I remeber correctly. Then the time and cost of paper/printing/mailing/trips to the courthouse,ect. IMO. Lawyer is the best way. Their price includes all costs in 1. Someone is paying the bills and the court will want to know. Good Luck!





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 5 of 6
Regular Contributor

Re: Ch 7 Bankruptcy - No Income Anymore

The only way to get around the filing fee is if you’re 150% or more below the poverty line. And with absolutely zero income you’d technically apply but you’d have to prove that.

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Chapter 7 Discharge: March 13, 2019

Message 6 of 6
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