What does it cost to file for bankruptcy? Chapter 7 ----- The court charges $200.00. My average fee is $600.00.
Chapter 13 ----- The court charges $185.00. My average fee is $1,500.00.
Chapter 11 ----- The court charges $830.00. I charge by the hour for Chapter 11 bankruptcy work.
Can I keep my car? (This is only a question if you file a Chapter 7 bankruptcy. It is not applicable if you file a Chapter 13 bankruptcy.)
If you file a Chapter 7 bankruptcy, the answer in general depends on the value of your car and the amount left on your car loan. You can keep your car if the following calculation equals $2,400.00 or less:
The value of your car minus
The amount left on your car loan. If it equals more than $2,400.00 then the following will happen with your car if you file a Chapter 7 bankruptcy: (1) you may be required to give up your car; (2) you can keep your car; or (3) you must pay for the right to keep your car. If it equals more than $2,400.00, the final answer about your right to keep your car depends on your entire financial situation, and requires an analysis by a qualified bankruptcy attorney.
USEFUL AND INFORMATIVE LINKS
UNITED STATES BANKRUPTCY COURTS-OFFICIAL WEB SITE
A Guide Explaining the Basics of Bankruptcy is Available to Download by Clicking on the link "Bankruptcy Basics (PDF)