What debts cannot be discharged?

The most common debts that cannot be discharged are student loans, child support and alimony.  Various other debts may also remain after your case is over, including recent income tax debts.

Creditors may challenge other debts, such as credit purchases within 90 days of filing.  However, this does not happen very often.

How long will bankruptcy stay on my credit record?  How will bankruptcy affect my ability to get credit?

A consumer credit report may include bankruptcy information for ten years from the time the case is filed.  In our experience, however, lenders and banks often grant credit even to those who have recently declared bankruptcy.

How much will bankruptcy cost me? 

At Schaeffer & Lamere, the basic fee for an individual bankruptcy is $500 in addition to a $209 filing fee required by the court.  For a married couple, the fee is $600 plus the $209 filing fee.

Not all of the payment is due at once.  For individuals, you pay $250 after your initial meeting at our firm, and the other $250 when the paperwork is finished.  (If you choose not to go forward with the bankruptcy after the initial meeting, there is no charge).  The $209 filing fee is required just before filing.

What steps are involved, and how long will it take? 

If you choose Schaeffer & Lamere to handle your bankruptcy, we'll first ask you to set up an initial meeting that we'll use to interview you about your financial situation.  No paperwork from you is needed at that point.  At the end of this meeting, if we decide together that bankruptcy makes sense for you, we ask you to fill out a worksheet and pull together some paperwork for us so that we can get everything in order. 

When you bring back your completed paperwork, we will prepare the initial draft of your petition.  If necessary, we will request more information once the first draft is completed.  Once the petition is done, we will schedule a second meeting to go over our pleadings and have you sign them.   

Next, we file your bankruptcy.  A court-appointed person, the trustee, is assigned to oversee your case. Together, we will attend a "meeting of creditors" (discussed in the next answer).  About two months after that, we will receive a notice from the court that "all debts that qualified for discharge were discharged."  This is the end of the case.

Will I have to go to court? 

Most often, there is no "trial" or heated court proceeding in a bankruptcy case.  However, about a month after filing, a lawyer from Schaeffer & Lamere will meet you at a federal building in St. Clair County to attend a "meeting of creditors."

Despite the name, creditors normally do not appear.  The bankruptcy trustee will review your forms and ask you a few questions.  The meeting usually lasts only three to five minutes.  This is normally the only court appearance required by your bankruptcy. 

I feel guilty and embarrassed about bankruptcy.  Should I feel like a bad person if I file for bankruptcy?

There is nothing shameful about the process of bankruptcy.  Throughout the process, you will not be criticized for filing bankruptcy.  You will not be asked why your financial burdens escalated to the point of filing bankruptcy.  Even the bankruptcy trustee will be focused only on gathering information to find out whether your bankruptcy has been done properly-not whether you should be criticized or are to "blame."

The bankruptcy laws were put into effect to give people a fresh start, and this is what they do. 

Why should I choose S&L? 

Even though many law firms do consumer bankruptcy, we would like you to consider our firm, Schaeffer & Lamere.  We have a bankruptcy department to handle all your questions and basically "hold your hand" from start to finish.  You will get personal attention from one of our bankruptcy lawyers, who is also a partner in the firm. 

After your initial meeting, we will thoroughly analyze your finances and tell you whether bankruptcy makes sense.  We won't press bankruptcy on you if it doesn't.  In fact, if bankruptcy does not make sense for you, we'll tell you up front, which is why we have never had a bankruptcy petition denied. 

Do you have other questions?  You can submit questions or comments with our bankruptcy form.  Or e-mail us at eschaeffer@riverbendlaw.com. 

You can also call our office at (618) 467-8200 or toll free at (888) 783-9679.  However you contact us, we'll answer your questions for free.  

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