The Law Office of William Waldner

Hello Aston, Great question. Chapter 7 is often called “straight” or “liquidation” bankruptcy. The idea is to get out of credit cards, medical bills and most unsecured debts in a few months. An unsecured debt is one that is Not “backed” by an asset(s). So if you own a home and there is a mortgage on the debt that mortgage is a secured debt. Chapter 13 is a way to pay down a portion of your debt over 3 to 5 years. Sometimes a person does not qualify for chapter 7 so they might file for chapter 13. There are a host of advantages to chapter 13. One good blog on the topic is below. Hope this helped. https://www.midtownbankruptcy.com/advantages-of-filing-for-chapter-13-in-nyc/

Good question Tony. Generally speaking, you are filing a case in Federal Court. So, yes, you should always hire an attorney to file for Bankruptcy. The more complicated your situation is they more important having a good bankruptcy lawyer can be. There are several due dates that must be observed that are written in the bankruptcy code and most people would not even be aware of unless they practice bankruptcy law. For instance, did you know that once your case is filed you are required to take a second debtor education course within 60 days of your first meeting of creditors or your case may be thrown out? You are also required to fill out and file a form 23 with the court when you take the course. Also, did you know that if within 6 years of filing your case you gave money or assets to insiders they could be sued by a bankruptcy trustee? Similarly, if you don't exempt the money you have in the bank you may loose it? My advice Tony, contact a bankruptcy attorney.

Great question. Generally speaking, once you file for bankruptcy the court sends a notice to all of your creditors. The notice explains that you have filed and gives instructions for filing a claim in your case. The court only sends the notice to people and businesses you list in your case. You are required to list all of your creditors. Aside from that the bankruptcy cases are public record. It would be very rare for someone to find your case. Attorneys, for instance, have a special pacer account that allows them to look up someone’s case. This costs money.

My fees start at $1,000.

Hello Richard, Thanks for asking this question. Below is a general breakdown of the types of Bankruptcy: 1. Chapter 7 or "liquidation bankruptcy". This is the most common type of Bankruptcy. A case is filed and a Trustee is appointed. He or she is typically an attorney like myself looking to find assets to pay off your debts. If there are no assets then nothing will be distributed and the case will be discharged. This covers most types of debt but not tickets, taxes or domestic support. 2. Chapter 13 or "wage earners bankruptcy". You don't need to have an income to file this form of bankruptcy but it helps keep assets and helps get caught up on things like taxes, rent, mortgage payments, car payments and Domestic Support. Payments are made over 36 or 60 months to a trustee based on your "disposable income". Once the case is discharged all debts should be erased. 3. Chapter 12 this is like chapter 13 but for farmers and fishermen. 4. Chapter 11 for big businesses