Should You File for Individual Bankruptcy? Get Information Here

Should You File for Individual Bankruptcy? Get Information Here "If you are one of the countless Americans who have declared bankruptcy, you are in dire financial straits and have more outstanding debt than you can afford to repay. Simple fact. Consequently, the last thing you want is another expensive bill for bankruptcy-related expenses. However, how much does it cost to declare bankruptcy?So, let's begin by looking at the actual judicial fees. Contrary to conventional belief, there are not thousands of them. In reality, declaring personal bankruptcy incurs significantly fewer court fees than many believe. Chapter 7 will accrue court costs of $274, while chapter 13 will incur court costs of $189. In contrast to chapter 7, which can discharge a number of debts, chapter 13 focuses on a repayment plan for you.However, as with anything involving legalities and court proceedings, the true expense of declaring bankruptcy is legal fees. Since the 2005 bankruptcy reforms complicated the process, nobody can now file for bankruptcy without a counsel, and with more paperwork than in the past, the cost can be substantial! The majority of attorneys charge by the hour, which can rapidly lead to a substantial bill.Nonetheless, you should view this as a necessary and unavoidable cost. In any case, the majority of attorneys who handle bankruptcy cases are familiar with clients in financial distress and are willing to work out a manageable payment plan with you. In addition, if you are successful, a significant portion of your debt will be eliminated, leaving you with fewer financial obligations and making it simpler to budget for your legal bills.
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