I’m required to give you three legal disclosures
Now that most consultations are by phone and zoom, I’m posting these on my webpage.
The first disclosure
This first disclosure tell you that you have four choices under the bankruptcy law.
Chapter 12 is only for farmers, and fisherman. I’ve never done a farmer
Chapter 11 is for business people like Donald Trump. I’ve never done Donald Trump
Chapter 13 is a payment plan through the bankruptcy court.
If you are behind on your mortgage, Chapter 13 can give you time to catch up.
If you owe taxes, Chapter 13 can give you time to pay without more interest or late fees.
If you are making too much money to file Chapter 7, chapter 13 pays your debts over five years.
If your house would get sold in Chapter 7 bankruptcy, Chapter 13 can save the house.
Those are my explanations. the required notice explains them somewhat differently. That notice is here.
That notice also remind me if you lie to the bankruptcy court, you can go to jail.
The Second Disclosure
The second disclosure reminds you again to tell the truth. And it also tells you that you may be subject to audit. (The bankruptcy law calls for an audit of one case out of every hundred. Sometimes there’s no money in the budget, so they skip the audits; sometimes they do them.)
Here’s that second disclosure.
The Third Disclosure
The most important part of the third disclosure is that your lawyer is required to give you a price and tell you what he’ll do.
For Chapter 7 bankruptcy, my work schedule and payment schedule is here.
The third disclosure also includes an unhelpful list of the steps in a bankruptcy case. Here it is.