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Chapter 7 is titled “Liquidation.” However, there is a long, long list of items that are fully or partially exempt. Ordinary household furnishings, vehicles below a certain value, equity in your home up to a certain extent, are all fully exempt. Contact my office for more information. |
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Chapter 7 is generally for getting rid of all of your debt completely and getting a fresh start, while Chapter 13 is generally for consolidating some or all of your debt into one, manageable, monthly payment. |
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Most Chapter 7 cases are less than $1,000.00 in attorneys’ fees, and I will take payments prior to filing the case. Most Chapter 13 cases have the majority of attorneys’ fees paid in your monthly payment. So it isn’t really expensive or difficult to manage payment of your fees. |
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Bankruptcy—Frequently Asked Questions |
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Absolutely! Bankruptcy still remains the best option for serious debt problems. Chapter 7 and Chapter 13 still remain great alternatives for individuals, and Chapter 11 remains for business reorganizations. Contact my office for a consultation or more information. |
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Can I still file for bankruptcy, now that the laws have changed? |
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How much does it cost? How will I pay? |
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What’s the difference between Chapter 7 and Chapter 13? |
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Will I lose all of my property if I file Chapter 7? |
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Yes. And in most cases, you can still be entitled to a discharge of your debts. |
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Can I file, even if I’ve filed before? |
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To contact us: |
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©Copyright 2007 Brian D. Johnson, P.C. |