Bankruptcy provides relief for millions of Americans who are overwhelmed with credit card debts and other kinds of consumer debt. But what is the cost of bankruptcy? Is this worth the trouble considering the consequences of filing Chapter 7?
Well, in the most narrow sense, we can first address the actual cost of filing a petition with the bankruptcy court. A Chapter 7 case would cost $274, while Chapter 13 would cost $189. Of course, you have to factor in your lawyer fees, and we don't recommend you try to declare bankruptcy on your own given the complicated changes in the law during the last several years.
Bankruptcy Lawyers In Delaware, Bankruptcy Lawyer NYC, Bankruptcy Law Attorneys,
If you're wondering how you're going to be able to afford this, that's understandable given the circumstances you find yourself in. After all, if you're declaring bankruptcy to begin with, then you don't have a lot of money to spend on new expenses. You have to remember, however, that you are aiming to eliminate your debts by declaring Chapter 7 (or trying to establish a payment plan under Chapter 13), so this should provide enough relief for you to afford your lawyer fees.
You will receive some immediate relief when the court initiates an automatic stay, which is an order that prohibits any collector or creditor from contacting you regarding your debt until your case has been resolved. If you're filing Chapter 7 and you are successful, then hopefully all of these (or at least most of your debts) will be eliminated anyway.
However, there is also a broader question about how bankruptcy will ultimately affect your financial life. What is the true cost of bankruptcy in the long run? Well, you have to keep in mind that this is a drastic step to take, and your credit history will be severely damaged, at least for the short term. Your filing will remain on your credit report for seven years, but it should not take anywhere near this long for you to begin reestablishing your credit.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Christian Bankruptcy Attorney
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment