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re: What's it cost to declare bankruptcy?
Posted on 12/27/17 at 9:50 pm to OldSouth
Posted on 12/27/17 at 9:50 pm to OldSouth
quote:
I have an uncle that recently had a massive stroke and can't work anymore. He's single and in his late 50's. I'm trying to help him get on disability and file for bankruptcy. Anyone know what the typical legal fees are for filing for bankruptcy?
To answer your question, costs can be paid from the liquidation during the bankruptcy proceedings.
ETA: sorry to hear about your uncle. Like others have said, bankruptcy may not be the best option. You may want to look into a power of attorney if you are really helping him and see about getting him on disabity or helping straighten everything out.
This post was edited on 12/27/17 at 9:53 pm
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Posted on 12/27/17 at 9:50 pm to OldSouth
Is he upside down on the truck? Couldn't he just sell it, buy a less expensive vehicle to get from a to b, and use the difference to pay down the credit card notes?
Posted on 12/27/17 at 9:51 pm to OldSouth
I handle disability appeals. I can’t solicit cases, but your uncle should talk to a lawyer who handles Social Security disability claims. From what you’re saying, he may have a good chance at getting benefits.
Go to ssa.gov and make a MySsa account for him and it would show him what his monthly benefits would be. Use that to make a budget for him. Avoid bankruptcy if at all possible.
Go to ssa.gov and make a MySsa account for him and it would show him what his monthly benefits would be. Use that to make a budget for him. Avoid bankruptcy if at all possible.
Posted on 12/27/17 at 9:51 pm to BowDownToLSU
quote:
Co Worker just paid $1500
Thanks, he got a quote for $2k so ill tell him to keep shopping. I'm just trying to help however I can.
Posted on 12/27/17 at 9:53 pm to kingbob
quote:
he upside down on the truck? Couldn't he just sell it, buy a less expensive vehicle to get from a to b, and use the difference to pay down the credit card notes?
Yeah, the truck is for sale but he's upside down on it. Made a bad purchase, older Toyota but bad financing I guess.
Posted on 12/27/17 at 9:53 pm to boosiebadazz
Thanks
Posted on 12/27/17 at 9:54 pm to OldSouth
Doesn't sound like he should be filing bankruptcy. It's not a get rid of your debt for free approach. It basically destroys your ability to ever get a loan or credit of any kind ever again. And they look at everything, and liquidate it.
This post was edited on 12/27/17 at 9:55 pm
Posted on 12/27/17 at 9:55 pm to OldSouth
The destroying of his credit wouldn’t be as bad if he owns his house free and clear, but really do some legwork to make sure bankruptcy is right for him. From what you’ve described thus far, there may be a way out without filing
Posted on 12/27/17 at 10:02 pm to boosiebadazz
Thanks guys, I'll look at other options for him before we go any further down this road.
Posted on 12/27/17 at 10:02 pm to OldSouth
Honestly you shouldn't go bankrupt for that little.
Posted on 12/27/17 at 10:08 pm to Spankum
quote:
Man, late 50s is too damn young for all of that kind of shite...scares the hell out of me.
Exactly what I was thinking. Makes me want to throw up just thinking about it.
Posted on 12/27/17 at 10:10 pm to Chucktown_Badger
It's not that bad, I know a millionaire that filed twice before he made his fortune.
Your lawyer fees are added into the bankruptcy payments. So it really does cost anything to file bankruptcy.
Your lawyer fees are added into the bankruptcy payments. So it really does cost anything to file bankruptcy.
Posted on 12/27/17 at 10:20 pm to OldSouth
quote:
He's actually stocking shelves overnight at Walmart right now even though he still drags one leg.
To get SS disability, step 1 is you are not engaged in substantial gainful activity (working and making over a certain fairly low amount). That job may knock him out of eligibility.
You also have to be unable to do any jobs that exist in the economy, not just unable to do your former job (plumbing). So if you could be a cashier, receptionist, security system monitor, grocery stocker, etc. you are not disabled for social security purposes.
It’s a hell of a lot harder to get than many would have you believe. By all means, apply and see what happens, but don’t count that chicken until it hatches.
Bankruptcy. He needs to talk with a lawyer about whether he should file and, if so, what kind to pursue.
A chapter 7 liquidates all your non-exempt shite and pays the creditors what it brings in. You pay the attorney fee, about $800 to $1500, up front. Exemptions might apply to a lot of his stuff, or might not.
A chapter 13 lets you keep all your shite, but you pay a monthly amount, based on your income and other factors, to a trustee for about 5 years. No fee up front other than maybe a few hundred for the filing fee. The lawyer will get his money from those monthly payments to the trustee.
No reasonable person can say what is best for him without knowing a lot more about his financial situation.
Posted on 12/27/17 at 10:36 pm to boosiebadazz
quote:
boosiebadazz
What's it cost to declare bankruptcy?
I handle disability appeals. I can’t solicit cases, but your uncle should talk to a lawyer who handles Social Security disability claims. From what you’re saying, he may have a good chance at getting benefits.
Go to ssa.gov and make a MySsa account for him and it would show him what his monthly benefits would be. Use that to make a budget for him. Avoid bankruptcy if at all possible.
I hate it but I agree with you on this forum for about the first time ever. I was advised during my divorce to declare bankruptcy and went to the lawyer's office to start the process. When I got home and thought about it, decided that my pride was all I had left and decided not to do it. I made contact with anyone I owed money and answered when they called me and worked my way through it. I know everyone has a different life experience, but for me not doing so worked out. It was one of the smarter decisions I made during that time.
Posted on 12/27/17 at 10:37 pm to GulfstreamTiger
quote:
I hate it but I agree with you on this forum for about the first time ever.
Posted on 12/27/17 at 10:42 pm to GreatLakesTiger24
quote:
HILARIOUS
Posted on 12/27/17 at 10:45 pm to OldSouth
If it's only 10 to 15k, it's not worth trashing his credit to declare bankruptcy.
Posted on 12/27/17 at 10:49 pm to OldSouth
quote:
Anyone know what the typical legal fees are for filing for bankruptcy?
I don't know, but I bet they collect them up front.
Posted on 12/27/17 at 11:09 pm to OldSouth
quote:
No mortgage just a truck note and some credit card bills of a maybe $8-10K
That is not bankruptcy level at all.
Sounds like he can work, so start there. Maybe family (like you are doing) can kick in and help pay down some debt.
Posted on 12/27/17 at 11:11 pm to Chucktown_Badger
quote:
It basically destroys your ability to ever get a loan or credit of any kind ever again.
That's not true at all. Takes a few years but you can bounce back
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