I recently went to see a law firm to inquiring about filing bankruptcy. All my debt is credit cards & 2 personal loans I have an auto loan that the attorney said I can keep while filing chapter 7. my debt totals around 45k and my income is under 60k a year. He told me that everything can be totally erased from my credit and I can still keep my car loan. The law firm would charge me about $1900 to do everything. Is this a good option? As I'm paying the minimum payments on everything and my credit isn't in the greatest shape right now as it is.
That rate could be good. Many attorneys offer a free consultation and/or quote. Call around to other attorneys in your area if you believe the rate is high. It sounds like you have a sizable amount of debt and could benefit from bankruptcy so it's worth looking into further. Good luck.
The fee is competitive, but bankruptcy mat not be right for you and may not achieve your goals. There are other strategies available which do not have the same long term negative impact as bankruptcy. Do not try debt relief agencies advertised on radio or TV.
I do not believe for a second this person can do all that for such a low price. In addition, it is not legally possible to "erase" everything from your credit. a Bankruptcy stays on your credit report for 10 years. Judgments are on for 20 years according to Federal law. To properly answer your questions and address your concerns, the best way to handle this is with an in person consultation with an experienced TX bankruptcy attorney. Use 's Find a Lawyer tool to select a qualified attorney. Good luck. THIS IS NOT LEGAL ADVICE! YOU NEED TO SPEAK TO AN ATTORNEY WHO IS LICENSED IN YOUR STATE FOR LEGAL ADVICE. This is merely suggestions for you to think about in discussing your situation with the local attorney.
William Paul RossiniCommercial Real Estate AttorneyDallas, TX ·
I am familiar with fees charged in the Dallas area and the sum that you discussed for a fee does not sound like you are being taken advantage of. I would be careful about promises to erase bad credit reports. While I do think that ultimately filing a bankruptcy will reflect better on your credit than allowing debts to be sued upon and remaining on your credit unpaid for periods of time, bankruptcy does not quickly improve your credit or erase bad debt reports. If as you report, you are just paying minimum payments on your credit cards there will be a tipping point in the future where the minimum payments are more than you can pay, so possible a Chapter 7 bankruptcy is a good option to consider. In order to qualify for a Chapter 7 case you must qualify under the means test, which an attorney can explain to you in person. If you qualify for a Chapter 7 case and you are current with your car lender then you can reaffirm your car loan, and thereby keep your car. Many people planning to file a bankruptcy are looking for the lowest fee. That may not be a good way to approach a Chapter 7 case. Some experienced and very skilled bankruptcy attorneys charge more than the typical fee, and they bring to your case exceptional ability and experience that are will worth the fee that they charge.
