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Do I qualify for a bankruptcy, and how much will it cost?

Bankruptcy Eligibility, Costs and Fees, by Chapter (a quick overview):

Chapter 7: Known as a “Liquidation.”

 
  • Court fees are $306.00 (Spring of 2013).

  • A debtor’s income must fall below his state’s median income level. The debtor’s gross income is expensed down by subtracting the costs of living and accounting for the number of dependents.

  • A debtor must also receive court approved credit counseling prior to filing his case (cost is usually $40).

  • Legal fees vary by the complexity of the case. They are typically flat fees that range between $1,000.00 for the absolute simplest of cases and $3,000.00 for more complicated cases. After hearing the details of your case, an attorney will offer you a price and if you accept the offer it will be included in a contract that the lawyer will draft for your review and signature.

 

Should a debtor fail to qualify because his income is too high, he may qualify under Chapter 13.

   
  Chapter 13: Known as a “Wage Earner’s Plan.”
 
  • Court fees are $281.00 (Spring of 2013).
  • A debtor’s unsecured debts must be less than $360,475, and his secured debts are less than $1,081,400.11 (these numbers, applicable in the spring of 2013, are adjusted periodically).
  • A debtor must also receive court approved credit counseling prior to filing his case (cost is usually $40).
  • Legal fees vary by the complexity of the case. They are typically flat fees that range between $4,000.00 for the absolute simplest of cases and $5,000.00 for more complicated cases. After hearing the details of your case, an attorney will offer you a price and if you accept the offer it will be included in a contract that the lawyer will draft for your review and signature.
   
  Chapter 11: Known as a “Reorganization.”
 
  • Court fees are $1,046.00 (Spring of 2013).

  • A debtor must receive court approved credit counseling prior to filing his case (cost is usually $40).

  • By law, the debtor in possession must pay a quarterly fee to the U.S. trustee for each quarter of a year until the case is converted or dismissed. 28 U.S.C. § 1930(a)(6). The amount of the fee, which may range from $250 to $10,000, depends on the amount of the debtor's disbursements during each quarter (Note: the immediately foregoing sentence is a direct quote from the website of the United States Bankruptcy Court for the Northern District of New York).

  • There are other monetary limitations that apply in chapter 11 cases, but as these cases are significantly more complex than chapter 7 or 13 cases, an explanation here would be too lengthy. Call your lawyer for discussion.

  • Legal fees vary by the complexity of the case. A typically retainer fee in this type of case ranges between $10,000.00 for the absolute simplest of cases and $20,000.00 for more complicated cases. In chapter 11 cases there is a much higher likelihood that there will be ongoing hourly billing for further work. After hearing the details of your case, an attorney will offer you a price and if you accept the offer it will be included in a contract that the lawyer will draft for your review and signature.

Attorney Paul B. Sherr serves clients in the following areas:
 

New York: Albany, Troy, Rensselaer, Saratoga Springs, Clifton Park, Schenectady, Hudson, Glen Falls, Washington County, Schoharie County, and Greene County.

 

Massachusetts: Berkshire County, including Pittsfield, Dalton, Washington, Otis, Becket, Hinsdale, Richmond, Lenox, Lee, Stockbridge, West Stockbridge, Great Barrington, Alford, Sheffield, Tyringham, Monterey, Egremont, Cheshire, Adams, North Adams, Hancock, Williamstown, and Lanesboro.

 
 
 
Capital Region Attorneys, Capital Region Lawyers, Capital Region Attorney At Law, Albany, NY Lawyers, Capital Region Attorneys At Law, Capital Region Lawyer
We hired Attorney Sherr for litigation with great results. His work is outstanding and to this day, he is my business attorney.
With my sincere thanks,
- - Mary A Busch
 

Dear Paul, I just want to take a few moments to express my gratitude for all the support and expertise you provided me in a situation I was certain had no solution. You were wonderful Paul. Thank you for my peace of mind.
- - Rose M.

 

I recently enlisted his help in a home owners insurance claim issue. He was very quick to get to the heart of the matter and had it settled in a very timely manner.
- - George and Carol Karlewicz

 

I needed advice about a financial problem, and I needed advice about bankruptcy. Attorney Sherr is accountable, thorough, and down to earth. I recommend him without hesitation.
- - N. Lowe

 
Paul Sherr made a difficult situation easy and understandable. I highly recommend his services. He took care of my case is a quick and efficient manner, while being generous with his time and fair with his fees.
- - Kathryn Levin
 
 
149 Main Street
Ravena, New York 12143
Phone: 518-533-5982
Fax: 312-253-1173

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Paul B. Sherr, Attorney At Law, Capital Region Attorney At Law, Berkshire County Attorney At law
Catastrophic Injury Lawyer • Tractor Trailer Accident Injury Lawyer • Personal Bankruptcy Lawyer
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