3 INDICATORS YOU MAY NEED TO FILE BANKRUPTCY
- If you are having trouble making the minimum monthly payments on your debts.
- If you are behind on mortgage or car payments or back taxes.
- If your unsecured debts are equal to your annual income.
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What does bankruptcy cost?
The court filing fee for Chapter 7 is $335.00 and for Chapter 13 it is $310.00. There is also an Attorney fee, which will depend on the complexity of the case and ability to pay. The fee can normally be quoted over the phone if you call our office. For Chapter 7 bankruptcy the court filing fee and attorney fee must be paid in full before the case is filed. For Chapter 13, most of the attorney fee can usually be consolidated with your other debts.
What does bankruptcy do to my credit?
Bankruptcy stays on your credit record for ten years. However, most people are able to obtain creditor shortly after they complete their bankruptcy and sometimes even while they are in bankruptcy. Generally, it is possible to get a good rate on a home mortgage two years after you file Chapter 7 bankruptcy, assuming you qualify in all other respects. If your credit is already bad, bankruptcy may improve it.
Do I have to file bankruptcy on all my debts?
You must list all of your debts in your bankruptcy papers. However, you can pay any debt you want after you file bankruptcy. You can do this informally or formally with a “reaffirmation agreement”.