Bankruptcy

There is no stigma for filing bankruptcy, so don’t let debt ruin your life.  Abraham Lincoln, Donald Trump, Henry Ford, and Mark Twain are among the many who have filed bankruptcy.  We want to help you.  We will hold your hand through the entire process and be available any time of the day to answer questions or provide support.  We understand the terrible feeling of having to file bankruptcy and the stress that surrounds the decision.  Our understanding of bankruptcy makes it possible for us to ensure that your bankruptcy is handled properly and quickly.  We do not want to prolong your stress.  We want to quickly get you started on your new path.

By filing bankruptcy, you can regain control of your life.  We will make every effort to personally facilitate a smooth and easy transition for you to start over fresh.

Free Consultations

We provide free consultations on all bankruptcy matters.  Most of our clients file bankruptcy because of high medical bills, but there are dozens of reasons to file.  For example, if you’re only making the minimum payments on your credit cards and have no expendable cash on a monthly basis, bankruptcy might be an option for you.  We have advised several potential clients against filing bankruptcy because it wasn’t in their best interest.  A free consultation allows you to get a complete understanding of the process and it may help you in deciding whether this is the best option for you.

Why File Bankruptcy?

One of the many advantages of filing for bankruptcy includes an “automatic stay,” which stops all creditors from collecting a debt or taking legal action against you. Filing bankruptcy may also eliminate most of your unsecured debt, like credit cards.  It may also stop a foreclosure, lawsuits, wage garnishments, harassing phone calls, and even repossessions.

How Do I Choose?

There are two main consumer bankruptcies, Chapter 7 and Chapter 13.  In essence, a fresh start allows the debtor to either enter a repayment plan or liquidate the debtor’s assets to pay debts.  Repayment plans let the debtor reorganize their debts, reduce their monthly payments, and to stretch the debts over a period of three to five years.  Liquidation is the process of selling the debtor’s assets and using those proceeds to pay the debts.  Choosing the bankruptcy Chapter most applicable to your situation is absolutely critical.  We are here to help you make this critical decision and represent our clients by:

• Working with you step-by-step through the bankruptcy process;
• Using innovative technologies to ensure you have constant up-to-date status reports on your case;
• Answering any questions and/or concerns in a timely manner; and,
• Providing the emotional support needed to overcome the stress related to financial hardship and filing bankruptcy.

Bankruptcy Fees

We make every effort to accommodate our clients. We offer a very low retainer of $99 and can set up a flexible payment plan that works for you.

Typical Chapter 7 Bankruptcies

For the attorneys fees listed below, your attorney will provide you with all of the legal services reasonably necessary to represent you in your Chapter 7 Bankruptcy petition. These services include communication with creditors, filing of all necessary documents to commence the Bankruptcy proceeding, and appearing with you at the Section 341 Creditors’ meeting in court. In addition to the attorney’s fees, you must pay the court filing fee of $306.00.

The Attorney’s fees for a typical Chapter 7 Bankruptcy:

• Filing within 30 days: $1,200.00.
• Expedited filing within 2 weeks: $1,500.00.
• Expedited filing within 5 days: $1,800.00.
• Expedited filing within 48 hours: $2,300.00.

Chapter 13 Bankruptcies

The Attorney’s fees for a Chapter 13 Bankruptcy are $4,000.00. There is also a separate Court filing fee of $281.00. We are flexible on method of payment for Chapter 13 Bankruptcies and can have as low as $1,000.00 down with the remaining amount paid through your Plan.

 

           Chapter 7 Bankruptcy             |           Chapter 13 Bankruptcy

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Bankruptcy Blog Posts

 

 

Second Most-Charted Female Vocalist Files for Bankruptcy

Dionne Warwick has filed bankruptcy. In 2010, she was listed as one of the most notorious tax evaders of all-time. Her tax debts began over 15 years ago and continued to grow through interest and penalties. While she attempted to pay it back, it apparently became too much and she filed bankruptcy.

The amount of taxes owed to the IRS in the end was a little over $1 million. Warwick’s average monthly income, according to her bankruptcy petition, is about $21,000.00. However, her expenses are allegedly about the same. Her petition lists a net income of only $10.00 per month.

According to a quote on RollingStone by her attorney Daniel Stolz, “Ms. Warwick had a business manager who mismanaged her affairs. Just because someone is a well-known, prominent celebrity doesn’t mean they’re conversant in their financial affairs. They rely heavily on people and frequently wind up waking up someday saying, ‘Geez how did I get in this mess and how do I get out of it?’ She was an innocent victim of terrible mismanagement.”

Wondering if you can discharge your tax debt? Check out our previous post: Discharging Tax Debt. Don’t forget to contact us if you have any questions or want a free consultation to determine whether bankruptcy is the best option for you!

  

Call Us: (916) 241-3336

 
By: Trevor Carson Google+
 
 
 

*The information provided in this post does not constitute legal advice or opinion. The information is for guidance purposes only. Individual situations vary and you should contact us for a consultation.

Image: Stuart Miles

Bankruptcy ~ Spousal Support and Child Support
So, you really dislike your ex-spouse and want to get back at him or her by filing bankruptcy and removing those pesky support payments. I’m sorry, but bankruptcy might not be the best option. Debts for a domestic support obligation are not dischargeable. 11 USC §523(a)(5).

What about other debts related to separation agreements and divorces? Again, those debts are not dischargeable. Debts to a spouse, former spouse, or child incurred in a divorce or separation are not dischargeable. 11 USC §523(a)(15).

The Bankruptcy Abuse Prevention and Consumer Protection Act passed in 2005, defined “domestic support obligation” as a debt “owed to or recoverable by a spouse, former spouse, or child of the debtor or such child’s parent, legal guardian or responsible relative; or a governmental unit . . . in the nature of alimony, maintenance or support.” 11 USC §101(14A).

BAPCPA changed a lot of the game, along with deleting the code section permitting a judge to render nonsupport obligations dischargeable on a finding of inability to pay. Contact us for a free consultation and to help determine whether bankruptcy is the best option for you. Maybe we can discharge other debts and make those pesky support obligation payments a little less burdensome.

  

Call Us: (916) 241-3336

 
By: Trevor Carson Google+
 
 
 

*The information provided in this post does not constitute legal advice or opinion. The information is for guidance purposes only. Individual situations vary and you should contact us for a consultation.

Image: FreeDigitalPhotos.net

Casey Anthony Files Bankruptcy…yea that Casey Anthony

Remember Casey Anthony from the upsetting acquittal for the murder of her child? Well she filed for a chapter 7 bankruptcy on Friday. The bankruptcy petition alleges that she owes almost $800,000 to about 80 creditors, and she has no source of income.

Casey Anthony is claiming that she only has about $1,100.  Among that is:

• Her cash on hand is $474;
• Furniture and laptop valued at $200;
• Jewelry is another $200; and,
• Clothing of $100.

Of the $800,000 in debt, she currently owes

• Her lead defense attorney from the murder trial about $500,000;
• The Orange County Sheriff’s Office $145,660.21;
• The IRS $68,540; and,
• The Florida Department of Law Enforcement $61,505.

These debts are not even including the potential liability from the several pending civil lawsuits against her.

Maybe the bankruptcy is a delay tactic for those civil lawsuits? Maybe it’s a strategic bankruptcy? Either way, Casey Anthony will probably write a book in a few years and make a bunch of money.

  
Considering bankruptcy yourself? Contact us for a free consultation.

Call Us: (916) 241-3336

 
By: Trevor Carson Google+
 
 
 

*The information provided in this post does not constitute legal advice or opinion. The information is for guidance purposes only. Individual situations vary and you should contact us for a consultation.
Image courtesy of Personal Photo

The Bankruptcy Process

The Process

 
Step (1): Contact Carson & Kyung for a FREE consultation and let us help you!
 
Step (2): After retaining Carson & Kyung, we will provide you with our Document Checklist. This Checklist will walk you through the steps for gathering the information necessary for completing your Bankruptcy.
 
Step (3): Upon returning the Document Checklist and the documents requested in the Checklist, our attorneys will immediately begin working on your voluntary petition. The petition is the document sent to the Bankruptcy Court that initiates the process.
 
Step (4): Next, our attorneys will then send the required documents to the assigned Trustee, like your pay advices and bank statements.
 
Step (5): After the voluntary petition is filed, the Court will set up a date and time for the § 341 Meeting of the Creditors. This will typically be set up about 30 days after the petition is filed. You will be required to attend this meeting. At this meeting, the Trustee will ask you a series of questions to help determine your eligibility to file Bankruptcy.
 
Step (6): About 30-45 days after the § 341 Meeting of the Creditors, if the petition was properly completed and you qualify, the Court will grant your discharge. A discharge releases you from personal liability for certain types of debts. This means that creditors may no longer take action to collect on the discharged debts.
 
Step (7): Begin your fresh start.
 
Give us a call for a consultation and let us help you!  Please contact Carson & Kyung if you have any questions.

Call Us: (916) 241-3336