Central California’s #1 Bankruptcy Attorney

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Call Now: 559-274-5145

Bankruptcy can be a saving resource for someone in deep financial trouble. However, it can be quite difficult to judge the best timing regarding when to file. Once you have exhausted all other possible financial measures with no avail, then it could be time to seek professional legal counsel regarding your potential bankruptcy case. 

Labiak Law Group has experienced attorneys in the realm of bankruptcy law. They can help you assess the optimal timing regarding the filing of your bankruptcy case. They will help you assess all of your financial obligations and build a case towards financial freedom.

The Filing Procedure

Once you and your legal team have properly evaluated your financial state as dire, then the preceding step is to file for bankruptcy. According to the US courts, the requirement for filing for a bankruptcy petition include the undergoing of an accredited credit counseling course which results in obtaining a certificate of completion which must be turned in 180 prior to filing.

Upon receiving your certificate of completion, then you will be ready to file your petition. Along with your certificate, you will also need the following information:

  • A thorough breakdown of assets and liabilities.
  • An updated report of current income and expenditure.
  • A compilation of executory contracts and unexpired leases (if applicable).
  • Most recent tax filings and returns

The exact requirements may vary on a case by case basis but having all of these documents compiled beforehand can greatly minimize your chances of running into unnecessary delays in the process of filing your petition.

Bankruptcy Filing Fees  

Bankruptcy can help certain people attain a fresh financial start free from overwhelming debts and obligations, but it comes with a cost. All court fees associated with the filing procedure are mandatory. Along with all of the following documentation listed above, there will also be a list of fees required for your bankruptcy case to be ruled on including:

  • A $245 court filing fee
  • A $75 court administrative fee
  • A $15 trustee surcharge

All court fees can be paid in four monthly installments if you are unable to pay the sum all at once. In certain cases, the fees can be waived altogether if the debtor’s income is less than 150% below the poverty level as per the bankruptcy code.

Lastly, a statement of financial affairs is needed to complete the filing petition which includes all of the following information listed:

  • The full list of creditors and corresponding amounts owed.
  • The income breakdown of the debtor.
  • A list of all the property belonging to the debtor.
  • A schedule of all recurring monthly expenses (food, clothing, shelter, etc.).

In the event of a married individual filing for bankruptcy, then a full statement of financial affairs has to be filled by both parties in the marriage regardless of whether it is a joint or separate individual filing in order to determine the financial standing of the household.

Filing Without an Attorney

Applicants may file for a bankruptcy petition without professional legal counsel, however the US Courts strongly advise against it. ‘Pro se’ filing or filing without legal representation can have adverse long-term consequences on your financial well-being.  If an applicant unknowingly makes a mistake or fails to report certain information, it can cast doom for the bankruptcy petition hearing as a whole.

Legal assistance is highly recommended for the following reasons:

  • Advisement under which chapter of bankruptcy to file under.
  • Assessments on the nature of debts accrued.
  • Explanation of tax consequences prior to filing.
  • Assistance on the proper completion of forms and documents.

There are several other reasons why one should consider the services of a professional legal team including moral support and guidance through the troublesome path of bankruptcy law. The difference of having a sympathetic and compassionate lawyer in your corner can help you confront all of the obstacles in litigation in the most productive manner as possible.

Proper preparation for the courtroom hearings is of tantamount importance in the realm of bankruptcy law. As the old adage goes, fail to prepare then prepare to fail.  

Reach out to Experienced Attorneys

Give Labiak Law Group a call today or send them an email regarding your particular financial situation. They are here to attend to your needs, answer questions, and quell all of the financial worries that have been preventing you from getting a restful night of sleep. You can rest easy after having an A class legal team working hard to solve your case.   

Whether you need help finding out which bankruptcy chapter applies to you or help deciphering through the mountainous amounts of paperwork and forms; Labiak Law Group will be your right hand in the path towards a new financial start. Freedom from the burdensome amounts of debt in your life is one short call away. Don’t wait another day to contact us