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MARK BUCKLEY
Rhode Island Consumer Bankruptcy Law

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Top 7 Reasons To File Chapter 7 vs Chapter 13

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The US Bankruptcy Code provides a number of choices to people struggling with debt. The most popular choice is to file a Chapter 7 Bankruptcy petition. Here are seven reasons why.

  1. Time—A normal Chapter 7 bankruptcy case takes about 100 days from beginning to end. After a brief creditor’s meeting one month into the process, the case ends two months later.
  2. Property—Because federal and/or State exemption laws allow a debtor to protect their assets, most Chapter 7 filers do not lose any property. The bankruptcy trustee handles most cases as “no asset” cases, meaning that the debtor is not required to forfeit any property.
  3. Cost—Filing under Chapter 7 is considerable cheaper than filing under Chapter 13.  Even though lawyer fees may differ from state to state, most bankruptcy attorneys will quote a fee that is fair and affordable. Bankruptcy lawyers who practice exclusively in bankruptcy (not general practitioners) understand you don’t have extra money to overpay for their services.
  4. Repayment—You are not required to repay unsecured non-priority creditors like credit cards, utility bills, personal loans, or medical bills. If you created your debt in good faith and no creditor objects to your bankruptcy, most unsecured credit obligations will be destroyed in your bankruptcy.
  5. Privacy—Record of your bankruptcy is only accessible in the court system. In most cases, the only people who will know you filed for bankruptcy protection are you, the court, and your creditors.
  6. Credit—Most people who file under Chapter 7 can reestablish credit shortly after their bankruptcy concludes. (Your debt to income ratio improves once your debt has been eliminated: the first step towards rebuilding your credit.)
  7. Stress—Most chapter 7 filers never set foot in a courtroom.   Instead, they merely attend a brief, informal hearing with the trustee assigned to their case.

“How Much Do You Charge To File Bankruptcy”

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A percentage of callers always begin with that magic question:  What do you charge for bankruptcy?

Price is always a fair question when it comes to hiring any professional.  If I were paying a plumber to fix a toilet, or a dentist to pull a tooth, I want to know two things:

  1. is he experienced to do the job
  2. is his fee reasonable for my particular job

Sometimes you strike a good deal and sometimes you don’t.  Hiring a bankruptcy lawyer is no different.  Sit in on some Rhode Island bankruptcy court hearings in Providence for a day and you will quickly discover that good bankruptcy lawyers know what they are doing, but many “general practice” lawyers do not.

You will also determine which lawyers are running bankruptcy mills.  I have seen some lawyers file 30 cases at once, miss filing deadlines and receive court sanctions for their poor representation.  Don’t be fooled by the big billboards, the radio advertisements or their claims of filing more cases than any other firm.  You should hire a lawyer who is respected by the court and the bankruptcy trustees; not someone who has a reputation of cutting corners and being unprepared.

So, back to the question of “price”.  What do I charge for a Chapter 7 bankruptcy?  It truly depends on what your case looks like.  Its not like buying a gallon of gas where you just buy it from whoever is the cheapest.  Bankruptcy is anything but a one-size-fits-all situation.  Tell me your story first, we will explore all options, and if we are a good fit, I will quote you a price you can afford.  (And yes, I do realize that if you had a lot of money, you wouldn’t be needing to call me.  I get it.)

Filing for bankruptcy is a very complex process with specialized procedures tailored to your individual situation.  Remember, your legal costs correspond to the complexity of your bankruptcy case.  Fortunately, bankruptcy attorney fees are relatively inexpensive in comparison with the relief of having your debt cleared once and for all.

Another factor that will influence the amount of your bankruptcy attorney fee is the length of time your case will take to run its course. Generally speaking, a more complicated case will take longer for a bankruptcy lawyer to see through, resulting in higher prices than would be charged for a short, simple case.  Easy cases should be done quickly and inexpensively.  That is why I charge the lowest fee to a senior citizen, living on Social Security, with no real estate and only a few credit cards.

The costliness of your legal fees also depends on the size and volume of your assets and debts. In most cases, your legal bills will be lower the fewer assets, properties, cars, investments, and debts you have accrued. The Law Offices of Mark Buckley can provide an initial consultation to determine the value of your assets, and, consequently, determine the cost of your bankruptcy case.

Lastly, the amount of money you pay to file for bankruptcy is directly related to the type of bankruptcy you file under. When a client files bankruptcy under Chapter 13 of the US Bankruptcy Code, for example, his attorney can put the majority of his attorney fee in the Chapter 13 plan, a payment scheme that demands less money up front from the person filing.

As a RI bankruptcy lawyer practicing for 21 years, I have counseled thousands of good people struggling with bad debt problems.  If you are getting collection calls, being sued for wage attachment, or just simply getting close to your breaking point, its time to call a professional.

Do Chapter 7 Debtors Have to go to RI Bankruptcy Court?

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Going to court is rarely fun. Financial and family court matters can be issues of serious stress and discomfort. Court cases are filled with uncertainty and conclude only after lengthy legal battles.

Thankfully, a Rhode Island Chapter 7 bankruptcy case is entirely different. In the vast majority of RI bankruptcy cases, debtors rarely enter a courtroom. Although your RI bankruptcy lawyer files your petition with the US Bankruptcy court in Providence, your case is reviewed by an attorney at the US Trustee’s office, meaning that your bankruptcy case does not need to be heard in a courtroom. No judge, jury, or bailiff will be necessary.

The room where I handle my RI bankruptcy creditor meetings is nothing like a courtroom, with only a few scattered tables and chairs. RI Chapter 7 bankruptcy meetings are almost always the same: no excitement, no drama, very predictable and uneventful. You will sit next to me and across from the bankruptcy trustee at a table with a tape recorder and computer. The bankruptcy trustee will typically hear your case within an allotted 5-minute time span. Only improperly-prepared petitions, or extrememly complicated bankruptcy cases, take longer.

One key to a stress-free Chapter 7 bankruptcy case is to find an experienced bankruptcy lawyer with attention to detail and who can do things right the first time. If this kind of lawyer prepares your petition, your hearing should be entirely uneventful.

If you hire a lawyer from a bankruptcy mill, however, be prepared for headaches.

The bankruptcy hearings take place at the Federal Center, 380 Westminster Street, 6th floor, room 620.  You should arrive 30 minutes prior to your hearing and have with you a state issued identification card (driver’s license) and your Social Security card.

How Fast Can You File My RI Bankruptcy?

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It takes about 90 days to get through a Chapter 7 bankruptcy in Rhode Island.  After I file your case, the RI Bankruptcy Court assigns a case trustee to review the file.

The court then schedules a hearing date for the meeting of creditors (also called a 341 meeting).  Your hearing will be about 30 days into the process and take place in Providence.

Your hearing will NOT be in a courtroom.

At the 341 meeting of creditors, the assigned trustee will review your 50 page bankruptcy petition.  He will ask questions to make sure your petition is complete and truthful.

Because 6 hearings are scheduled every 30 minutes, your hearing should move along quickly.  No need to worry.  We will review any potential issues prior to your hearing so you’ll feel comfortable and prepared.  When your hearing ends, we wait about 60 days before the dischargeable debts are wiped out.

But what happens before we file your case?  Does it take a long time to prepare?  This largely depends on you.  Because every case is unique, there may be several good reasons to not file your case immediately.  Here are just a few:

  1. It takes time to gather records: tax returns for past 2 years, pay records over prior 6 months, recent account statements/ bank records.
  2. Legal issues:  time may be needed to research special circumstances.
  3. Recent Purchases:  time is needed to let cards “cool down” after big purchases or cash advances.
  4. Unusual income:  If you have a spike in income, the mean’s test may require us to wait for your average monthly income to lower.
  5. Bankruptcy costs:  The court requires these costs to be paid in full before I am permitted to file your case.

It is possible to file a case in as little as 24 hours, but it is not typical or recommend-ed.   A lot of work must be done in order to complete a quality 50 page bankruptcy petition and I never want to file a case that has not been triple-checked.  I want your case to be bullet-proof.

My goal is to get it right the first time and not be rescheduled for a second hearing.  This has been my experience in filing almost 3,000 cases in Rhode Island.

If bankruptcy is something you would like to learn more about, give me a call.  I will take the time to explain all of your options and help you each step of the way.

RI Bankruptcy Lawyer’s Top 10 Documents

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Are you drowning in debt?  Do you rely on credit cards for daily living expenses?  Are you wondering whether bankruptcy can help?     If so, I offer a free 30 minute phone consultation to Rhode Island and Massachusetts residents who want to explore options.  Ask me any question you want because there is no charge for the telephone consult.

After I understand your situation, you can decide if an appointment would be helpful to begin the debt-relief process.  I will then need to review a number of important documents.  Here are the top 10 documents you should gather for our first meeting.

  1. Federal Income Tax returns for the prior two years;
  2. Bank account statements (personal and business) for the past year;
  3. Pay advice statements (pay-stubs) for the past six (6) months, including spouse;
  4. All bills, invoices, credit card statements, loan statements, mortgage statements for which you are personally liable, including business debts where you have signed a personal guaranty;
  5. All collection letters, copies of lawsuits, complaints, attorney notices, etc for all debts;
  6. Recent credit report.  Go to www.annualcreditreport.com to obtain a free copy;
  7. If you own real estate – copy of deeds, and any mortgages, liens, etc.
  8. If divorced, a copy of the divorce decree, any order regarding property settlements within the past three (3) years, and alimony or child support orders in effect or amendments thereto;
  9. A photo copy of your driver’s license;
  10. A photo copy of your social security card

Some documents may be difficult to gather in an emergency.  If you are facing lawsuits, including wage attachment and foreclosure, time may be limited.  Call me immediately at 467-6800 and we can concentrate on the documents most important to your case.

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Providence Office

1536 Westminster Street
Providence, RI 02909

Warwick Office

511 Green Bush Road
Warwick, RI 02818