How much would it cost and what chapter of bankruptcy should I file? 8 Answers as of September 27, 2016

I have $20,100 in credit card debt. I have a 2009 car that I own and nothing else. I work and get an income tax. What would be the cost and what would be the best or would debt consolidation be better?

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Ronald K. Nims LLC | Ronald K. Nims
It sounds like Chapter 7 would be the best fit for you. It will cost between $1,000 and $2,000. Debt consolidation seldom works because it puts you further in debt.
Answer Applies to: Ohio
Replied: 9/27/2016
A Fresh Start
A Fresh Start | Dorothy G Bunce
An attorney in private practice may charge whatever s/he likes for the legal services. Remember, the attorney fee does not include the cost of the court filing fee of $335, the cost of the two classes you are required to complete, nor the cost of pulling your credit report. You cannot compare the cost of a cheap attorney with the cost of the more expensive attorney. The cheap attorney probably will not help you to answer the questions, but may have you fill out a lengthy questionnaire without assistance from anyone other than an unqualified clerical employee. The attorney you hire at the cheap rate may not be the one to show up when you go to bankruptcy courthouse. And the cheap attorney may make you feel you have not gotten your money's worth because any questions you have may be ignored. You are better off relying on reviews than shopping by price. Only an attorney that analyzes your financial circumstances and goals can tell you if debt settlement is better than bankruptcy.
Answer Applies to: Nevada
Replied: 9/26/2016
Law Office of Michael Johnson
Law Office of Michael Johnson | Michael Johnson
It will depend on the how much the car is worth. You should consult with an experienced bankruptcy attorney to see what options you have.
Answer Applies to: Florida
Replied: 9/26/2016
Patrick W. Currin, Attorney at Law | Patrick Currin
If your income is at or around median for your area, a Chapter 7 could eliminate your debt in about 4 months time. The cost will vary; call me for a quote. The advantage of BK over debt consolidation is that ALL debt is eliminated and you don't pay tax on the forgiveness of debt.
Answer Applies to: California
Replied: 9/26/2016
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
It is not possible to give a responsible answer as to whether you would do best filing a bankruptcy or seeking an informal debt consolidation. Much more information is needed. Based on the bare facts you state, you could benefit from a Chapter 7 IF your annual income in the past 12 months has been less than the Wisconsin median (assuming you live in this State) income for a household of your size. Lawyers of my acquaintance in Southern Wisconsin typically charge about $2000 (range $1,000 to about $2,500) for a more-or-less typical Chapter 7.
Answer Applies to: Wisconsin
Replied: 9/26/2016
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    It largely depends on what your income and other expenses are. I recommend you have a consultation with a bankruptcy attorney who can go through your specific facts and advise you. Consultations for consumer bankruptcies are normally free, and you may get a quote for fees to file at that time.
    Answer Applies to: Nevada
    Replied: 9/26/2016
    GARCIA & GONZALES, P.C. | Richard N. Gonzales
    There is still missing information. But assuming you pass the Median Income Test, a Chapter 7.
    Answer Applies to: Colorado
    Replied: 9/26/2016
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    Debt consolidation cost much more than bankruptcy. I can't speak for anyone else, but I charge $1200.00 plus the filing fee of $335.00 for Chapter 7 case where the debtor is employed.
    Answer Applies to: California
    Replied: 9/26/2016
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