The Bankruptcy Abuse and Prevention and Consumer Protection Act of 2005 (BAPCPA) requires both a Pre-Filing Counseling session and a Pre-Discharge Debtor Education course.
BAPCPA requires both a Pre-Filing Counseling session and a Pre-Discharge Debtor Education course, so there is one counseling session and one education session.
The fastest way to receive your certificate is to complete the Pre-Bankruptcy Online Self-Study. The online course is available 24/7, and upon completion, your certificate will be forwarded to you within 24 business hours.
Couples are not required to take the sessions together; however, all parties needing a certificate must attend a counseling session and an education course.
It depends on the chapter being filed. Chapter 7s can take anywhere from 3 to 6 months from the time the petition is submitted to the court to the completed discharge. A Chapter 13 can take anywhere from 3 to 5 years.
It depends on the Chapter filed. Please see above or consult your attorney.
A Chapter 7 involves the liquidation of a debtor’s unsecured debt. A Chapter 13 is a structured repayment plan through the court and trustee.
A DMP is a voluntary repayment plan established outside of the court system and is typically administered by a non-profit credit counseling agency. Bankruptcy is a legal proceeding asserting your legal right to negotiate with your creditors to have your debt liquidated or restructured for repayment.
On a DMP, each creditor will determine if they will report and how they will report your account. In a bankruptcy, a public record is created which will remain on your credit report for 10 years. You may call each of your creditors and ask exactly how each creditor will report a DMP to the credit bureaus so you may compare the potential credit damage of each option.
A bankruptcy typically lowers a consumer’s credit score. How much it is lowered is dependent on many factors leading up to the bankruptcy.
Attorney fees can vary substantially depending on the case and service delivery. Attorney fees should generally be in the range of $1,000-$2,000. There are also court filing costs (as of 2010):
Chapter 7 court filing costs are approximately $299.
Chapter 13 court filing costs are approximately $274.
The simplest way to get started is to obtain your Pre-Filing Counseling Certificate and then contact an attorney.
We can provide you with a list from which you may select an attorney.
Each consumer’s credit may be affected differently, but generally, a bankruptcy will lower a consumer’s credit score.
The Means Test is a qualifier administered by the attorney to determine if a consumer qualifies for a Chapter 7 filing, or has the means (or ability) to repay a portion of the debt owed through a Chapter 13 filing.
ClearPoint strongly encourages client to utilize the professional services of a qualified attorney. Other options and resources may include free or low-cost legal service or assistance through Legal Aid clinics, the Legal Aid Foundation, or pro-bono work provided by your local bar association.
Provide it to your attorney for submission to the court to complete your bankruptcy proceeding. If you are not using an attorney, you will need to determine which form is appropriate for your case.
ClearPoint is neither a legal advisor nor a petition preparer and cannot help in the preparation of bankruptcy forms.