|Sir:||Yeah, welcome to On Air with Sir, it’s your man, Sir. We hanging out so right now, about to school you cats on some bankruptcy laws. I have a bankruptcy law firm on the phone. My boy Chris Felden from feldenandfelden.com. What’s going on, Chris?|
|Chris:||Good, Sir, how you doing?|
|Sir:||Oh, man, I am doing good. 2015 … This is a exciting year for me.|
|Chris:||Yeah, it’s pretty busy for us too.|
|Sir:||Yeah. Okay. This is the first time that I’ve ever had a bankruptcy law firm on the phone. Tell us exactly what it is that you do.|
|Chris:||We’re a bankruptcy law firm, been around a long time. Been around for over 30 years. Provide mainly services to clients in the North Carolina and Florida areas. Basically, we help consumers get rid of debt. Most people, when they think about bankruptcy, of course, they think about getting rid of debt, which any bankruptcy can do, but they don’t realize that it could do more than just get rid of debt in bankruptcy.
For instance, you can stop mortgage foreclosures and restructure car loans, defer student loans, and even get some assistance in paying off taxes. We provide a good many services to people through the bankruptcy courts to help them with their financial problems.
|Sir:||I have a question, all right? I have no idea about bankruptcy. Of course, I have a general idea so pretty much, someone is going broke and they file bankruptcy. Now, when you file for bankruptcy, does it allow you to just wipe everything clean?|
|Chris:||For the most part. There is more than one type of bankruptcy. It depends on what your problem is. When it comes to consumer debt, like credit cards and medical bills, things of that … For the most part, you can get rid of all of those types of debts, yes. There are many situations which you can get rid of all your debt, yes.|
|Sir:||How long does this stay on your credit?|
|Chris:||A bankruptcy can stay on your credit for anywhere from seven to ten years but that doesn’t necessarily mean that you can’t get credit during that time period. It’s a common misconception that just because you filed bankruptcy, you cannot get credit. That’s actually not true. There is nothing in the bankruptcy laws that prevent you from going out and trying to get credit after you file bankruptcy. Most of my clients don’t really have that much trouble getting credit after they file bankruptcy.|
|Sir:||Tell me the pros and the cons about filing bankruptcy.|
|Chris:||The pros, of course is the fact that you get out from underneath all the financial problems you’re having. Again, a lot of people have different types of problems. Of course, a lot of people just have a lot of consumer debt; credit cards and medical bills. We can get rid of those.
These days, people’s problems are often more extensive than that. A lot of people have problems with their mortgage. They fall behind on their mortgage, we can help them with that. Sometimes, people have too high a car payment. We can often help them with that as well. On the plus side, bankruptcy really gives you a way of getting back on your financial feet again, so to speak, get your life back, you know, from underneath all the stress and get away from all the creditor’ harassing phone calls.
On the negative side, the only real negative to bankruptcy is sometimes, it can have a negative impact on your ability to get credit for the near term but to tell you the truth, for most of the people we file bankruptcy for, that’s really not much of an issue because by the time they come to see us, their credit is actually so bad that filing bankruptcy is not going to make it any worse. In fact, for most of the people we file bankruptcy for, filing bankruptcy actually helps them get credit even faster because it gets rid of the mess.
If you’ve got a mess on your credit report, there is only two ways you can get rid of it to get back on your financial feet again. Either you pay everybody off or you file bankruptcy and obviously, most people don’t have the ability to pay all that debt off.
|Sir:||How much does it cost to file bankruptcy? I’m just curious. I’ve never been here before so I’m pretty sure I have tons of listeners who have always been curious about this. I’m going to try to ask all the questions that I think my listeners would ask.|
|Chris:||Sure. It depends on the market. It varies. One of the things about bankruptcy court, though, is everything is very heavily regulated in bankruptcy court, including the attorneys. The bankruptcy courts regulate how much bankruptcy attorneys can charge and all of their fees have to be approved by the bankruptcy court, which is a little bit different than a typical state court proceeding but it depends on the type of bankruptcy. Most chapter seven bankruptcies, which is the very basic type of bankruptcy, usually, you’re looking at somewhere in most markets between $1,000 and $2,000 is the average price.
For chapter 13 bankruptcy, which is a more comprehensive approach to bankruptcy, you’re looking probably anywhere from $2,500 to maybe $4,000. That sounds like a lot of money, especially for the chapter 13, but a chapter 13 bankruptcy is a reorganization type bankruptcy where normally, you’re making small payments through this reorganization plan over a number of years.
Most attorneys, including our firm, will agree to get paid a good portion of our fees through the plans so you don’t have to come up with very much money up front and you get to pay it off in small installments over several years.
|Sir:||Okay. All right, before I let you go, man, why your company? There is what, there is … I’m pretty sure I can pull up Google and it’s going to be hundreds and hundreds of people from all over the world. Why you? What makes you different? Why are you the best? I know you’re the best. You sound like you’re the best.|
|Chris:||We’ve been doing it a long time and we give our clients a lot of personal attention. We’re very flexible with our payment arrangements. A lot of people like that. If you come to our firm, you’re going to be talking to an attorney, somebody who knows what they’ve been doing for a lot of years. You’re not going to be just moved through the system. It’s not a mill. We give a lot of personal attention to our clients. We’ve been doing this a long, long time.|
|Sir:||All right. You are out of North Carolina and Florida, correct?|
|Chris:||That’s correct, yeah.|
|Sir:||Are you allowed to work with people from any state or do they have to be residents of there?|
|Chris:||We could work with people in other states but in order for us to file a bankruptcy for them in another state, we would have to get court approval, which is readily given. We don’t do that very often. There are many bankruptcy attorneys in other markets who can do the same thing and be more localized. We can certainly assist people in other jurisdictions. The one thing about bankruptcy is it is part of the federal court system, it’s federal law, not state law so for the most part, bankruptcy works the same way from state to state.
There are subtle differences from state to state, but for the most part, it works the same way from state to state so I can talk to anyone even though I’m licensed in North Carolina and in Florida, I can easily talk to someone in New York, in New Jersey, Pennsylvania, and explain the bankruptcy process to them. The process is going to work the same way, the laws are the same. There’s just going to be a few little differences in the way the cases are handled.
|Sir:||All right, man, listen, I got to let you go, man, but tell everybody how to find you online.|
|Chris:||Our website is just our law firm name, which is Felden & Felden, so it’s www.feldenandfelden.com. Felden is spelled F-E-L-D-E-N-A-N-D-F-E-L-D-E-N .com. You can find us online through our website or our toll free number, which is 888-808-9291.|
|Sir:||All right, Chris. Thank you so much for calling. I appreciate your call.|
|Chris:||All right, Sir. Thank you very much.|
|Sir:||No problem. Talk to you soon.|
|Chris:||All right, bye bye.|
|Sir:||All right, bye. That’s On Air with Sir. Make sure you check on our boy, Chris, man. We’ll get to our next song, Let Go.|