How can I file for bankruptcy? Does it cost money?

Question

What happends when someone files for bankruptcy? Will it ruin my credit forever?

Answer 1

Yup it costs money. In the wild when something is dying the vultures circle -same as in the financial world. Get financial advice!

Answer 2

It doesn't ruin your credit forever, but it will affect your life for 7-10 years during which time you won't be in control of your finances. Bankruptcy is an absolute last resort and you should check out the alternatives before you make a move. It really does pay to do your own research.

Here is a website that has lots of background information and resources for people thinking about bankruptcy. Hope this helps.

Good luck!

Answer 3

You can file bankruptcy by hiring an Attorney. Bankruptcy would ruin your credit so make sure that it is your last and final source not the first source. You can opt for debt consolidation if not bankruptcy which would not hurt your credit much

5 Tips For Getting An Attorney for your Bankruptcy
With many people trying to live beyond their means combined with job instability has led to the increasing number of people declaring bankruptcy. As a result, a new legislation called the "Bankruptcy Abuse and Consumer Protection Act" has been enacted. Many people cannot pay off their debts and now have to face new laws for filing bankruptcies..............

http://get-out-of-the-debt-trap.com/category/5-Tips-For-Getting-An-Attorney-for-your-Bankruptcy.html

Answer 4

When you file for bankruptcy, your lawyer will draw up papers and file them in court. So there are attorney fees and filing fees. Your creditors will be notified of the action and will be given a court date. You will have to appear in court and answer some questions about why you are filing, etc. etc.
Within a few days of your court appearance, you will receive a notice that your debts have been discharged.
And there are fees. You can expect to spend around $500 or more before its over.
As far as your credit is concerned, federal law requires that bankruptcy be removed from your credit file after 10 years. It will severly damage your credit, but not forever.
Get used to paying cash because getting a credit card will be difficult. At least a card with a decent bank.
There are predatory issuers of cards that will charge you enormous fees and interest. Stay away from these people. They will give you a credit line of $300 but you will have $275 in fees before you get the card in the mail.
So, if you decide to file, check with a lawyer because banktrptcy laws have changed drastically. And again, get used to paying cash because it will be around two years before you can get credit again. And when you do... be careful with it.

Answer 5

Not forever, but for a good 7-10 years. BUT....there is hope! You can find a reputable debt consolidation company (they should be listed with Better Business Bureau), and they can negotiate with your creditors, and you pay less than half of what you do now, and still get your debts paid off in 3 years or less. If you file bankruptcy, it could cost you up to (if not more) $600 or so. Good luck!

Answer 6

How much dept can you have to consider bankruptcy ? a bankruptcy will haunt you for 10 years. Try any alternative that you can find before bankruptcy. Family, friends, or negotiate with your creditors. You would be surprised what they will do to keep you from filing.

Answer 7

Bankruptcy is the biggest weakness of life. It shows that you can give up everything so fast. Now if it is really critical and you have to really do it, its better to be worth your while. This means if you have a few million dollars and you want to get rid of all your debt and want to live simple life after it all then go for it. But for cheap sh*t money , its not worth it, let the bills pile up.

Answer 8

It ruins your credit for 7 yrs. Try to search the web for Pro Bono Lawyers in your area. They work for little or nothing as a help to the financially impaired.

Answer 9

show proof to the court that your bills are exceeding your income and you can't support yourself, and you can legally file for bankrupcty, it will show up on your credit maybe for 7 years or so, and no it doesn't cost any money but you will be screwed...why do you want to file for bankruptcy anyways?

Answer 10

It stays on your credit report for 7 years. Are you sure this is your ONLY option??? I dont recommend it. You cant get any credit cards, you get any loans, you cant buy a house or a car. Its bad.