| If you are a resident of America who is in need of a financial fresh start, and you have tried everything possible to get back on your feet, it may be time to consider bankruptcy. | |
Filing for bankruptcy is a difficult decision. It will get rid of most, if not all of your debts, but it will also make it hard to acquire credit in the future. Before making this decision, we recommend that you contact a bankruptcy attorney in your area. There are several different types of bankruptcy in America and understanding all of them is crucial. Typically debtors will choose either chapter 13 or chapter 7 bankruptcy. |
|
Chapter 13 bankruptcy is designed for individuals who want to pay back their debts but need an extended period of time to do so. In this type of bankruptcy, debtors will make payments to the people they owe biweekly or monthly. The amount for payback is based on how much they can afford after necessary living expenses. In chapter 7, debtors will surrender all of their property over to a case attorney. The case attorney will convert the property into cash and will pay back the creditors (the people the debtor owes). Certain property can be protected from seizure. Chapter 7 should be considered a last resort. A bankruptcy attorney can help you determine which bankruptcy chapter would best suit your personal needs.
The cost of filing for bankruptcy will vary depending on which chapter you choose. Fees are subject to change; however, you can expect that filing will cost approximately $300. You will also need to consider the cost of hiring a bankruptcy attorney.
Bankruptcy is a complicated legal process and should not be attempted alone. Making the right decisions and ensuring that you do everything properly can be overwhelming. We strongly advise you to contact a bankruptcy attorney in your area, as they can point you in the right direction and help you determine which option is best for you and your family.
Please visit our bankruptcy page for more information on bankruptcy in America.