Brian Hart Law offices focuses on one area of law, bankruptcy. We do not split our time and energy trying to be the attorney equivalent of a jack of all trades. Bankruptcy is a specific and complicated area of law. You need an experienced attorney, not just any attorney doing a bankruptcy this week.
Brian A. Hart Law Offices FAQ
Q: What is the cost of filing for bankruptcy?
A: There are three parts to the total cost of a bankruptcy. First, under Federal Law you must obtain pre filing consumer credit counseling and post filing consumer credit education. The combined cost for both of these programs varies from around $50 to $100. Second, the Federal Court charges a filing fee. Depending on the type of bankruptcy you file, the fee is either $274 or $299. Lastly, there is an attorney fee. Fees in this area are anywhere from $350 to $2400 for the typical Chapter 7 (which is the most common). Many firms will not give you a price until they interview you and determine what they can charge you. Therefore, it is essential that you know what you are being charged. We have chosen to fully disclose our fees on our website. For almost all chapter 7 cases we charge $801 (business cases can cost more).
Q: Who is eligible to file?
A: There are actually several types of bankruptcies, all with different requirements. However, as a general rule there is no minimum debt levels required. Interesting though, there are upper limits on the amount of debt you can have and still be able to file certain types of bankruptcies. The reality is that almost all people qualify for one of two types. Whether or not it makes sense is another issue. Really a complete interview and analysis is needed to make a final decision.
Q: How long does the process take?
A: Before filing, the length of the process can vary considerably. It depends on which law office you use and how fast you compile the required information. There are several types of bankruptcies. The time frame from filing can range between 6 months an five years depending on the type of case and if there will be a repayment plan. However, the majority of cases last 6 months. The bulk of this time is just waiting for mandatory time periods to expire. Once a case is filed, generally creditors cannot call you, write you, or sue you. So, while the time periods are running, you are under the protection of the Federal Court.
Q: Will my name go in the paper?
A: In short, yes. Bankruptcy filings are a matter of public record and the Rockford Register Star has decided to publish them in the business section. However, last year in the Northern District of Illinois-Western Division (which we are part of) there were over 8,500 cases filed.
Q: What are the biggest misconceptions about bankruptcy?
A: The biggest misconception that we see is that people assume they will lose everything. While this can happen in some cases, in most cases clients are able to keep their homes and their cars. Each case is different and must be looked at individually, but with our firm, you will know before a decision is made. Another misconception is that you will never get credit again. While we hope you don't get certain types of credit again, the truth is most people begin rebuilding their credit almost immediately. According to the Fair Debt Recording Act, the bankruptcy can stay on your credit report for up to ten years. Getting credit in the future is based upon a number of factors such as your income, you expenses, you assets and your debts. So there is really no clear cut formula or answer to this question.
Map Location
