Why is it harder? What's it usually cost, anyone filed recently?
2006-06-10 06:21:53 · 3 answers · asked by Anonymous in Business & Finance ➔ Credit
The new rules for chapter 7 bankruptcy effect approximately 3% of the population.
#1 You will now have to attend a counseling session before filing
#2 You will have to attend a financial management course after you file
#3 You will also need to provide more documents to your attorney to file for bankruptcy.
The previous answer is totally invalid. I hope you know that. There is no debt to pay back after chapter 7. And in less than two years I raised my scores into the mid 600's. It's business as usuall and I am able to qualify for a home mortgage, a car or most credit cards if I choose.
There are scores of attorneys out there who love doing bankruptcies because it's gravy work for them. You should find someone suitable for about $500. Filing fees should still be under $300. I actually filed my own bankruptcy with the help of a legal aid office for $550, lock,stock & barrell.
If you do hire an attorney, He needs to sit down with you for an hour and fill out the paper work with you. That his job. He knows how to fill in the blanks. The reason I say this, an attorney I sought out handed me the papers to fill out and sent me home.
I had so many questions I was stymied. I sought out another attorney. He asked me to bring all account information to his office. We sat down and he filled out the paperwork as he was asking the questions.
2006-06-10 06:38:59 · answer #1 · answered by David H 3 · 1⤊ 0⤋
To the best of my understanding you have to live in poverty for 3 years after you file. The court gives you money to live on but everything you make goes toward paying off your debts. After 3 years your debt is forgiven and you can start over. The cost is a real ripoff. You attorneys fees which are upfront are sky high. The lawyers get all of the money or you don't get the BK protection.
2006-06-10 06:26:45 · answer #2 · answered by cdslsmn 3 · 0⤊ 0⤋
There are different chapters under which you can file bankruptcy. I have not filed but have talked to people who have. The goal now is to attempt to pay off your debt (or a portion of it), without writing the enite thing off.
Remember: all you list is all you lose.
2006-06-16 16:00:14 · answer #3 · answered by Alphadog 1 · 0⤊ 0⤋