Chapter 7 Bankruptcy
Get a Fresh Start with Chapter 7 Bankruptcy
Chapter 7 Bankruptcy allows you to walk away from a mortgage you cannot afford. Chapter 7 will also temporarily stop a foreclosure and give you time to find a new place to live.
Chapter 7 is a liquidation rather than a reorganization of debt. There is no payment plan and there is no payment plan to catch up and repay missed mortgage payments. In other words, if you are behind on your mortgage and you file Chapter 7 bankruptcy, you will most likely need to surrender your home.
When you file a Chapter 7 debt liquidation, you can stop a pending foreclosure for a few weeks to a few months. After you file, the mortgage company will file a motion in bankruptcy court called a motion for relief from stay. In this motion, the lender will ask the Bankruptcy judge to lift bankruptcy protection as to your mortgage so it can restart the foreclosure process.
The motion for relief process typically takes about three to four weeks to complete, at which point the lender has to start the Orlando foreclosure process over from the beginning. This means that, in most cases, you will have between four to eight weeks to prepare to move and to find a new place to live. Although filing for Chapter 7 bankruptcy in Orlando will not enable you to keep your home permanently, it will give you breathing room and a chance to move on your terms.
Filing Costs: For a Chapter 7 Bankruptcy, the mandatory federal filing fee is $335.00. A mandatory credit counseling certificate is required to file, which costs $45.00 (this fee includes both the pre-filing and the pre-discharge counseling). This counseling may be done at our office while we are opening the file.
We can also obtain your credit report for $15.00 for a single report, $30.00 for a joint report. This is not mandatory, but we find it to be very helpful if you do not have a complete and accurate list of creditors.
Attorneys fees: Bill Porter Law charges $1,500.00 for attorneys fees in a routine Chapter 7 case. We do offer flexible payment options.
You may pay attorney’s fees and costs by cash, personal check, debit card, money order or checks from a third-party.
Although our standard fee of $1,500.00 applies in 90% of our Chapter 7 cases, this fee can vary (both up and down) depending on a number of factors such as:
- the total amount of debt
- the type of debt (secured debt, judgments, credit cards, taxes, student loans etc.)
- the amount and type of assets
- whether you owe either priority or stale taxes
- the number of pieces of real estate owned
If you are considering filing for Chapter 7 bankruptcy, Contact us today to arrange a Free Phone Consultation.
111 N. Orange Avenue, Suite 800, Orlando FL 32801
2014 Edgewater Drive #119, Orlando FL 32804