2007-10-09 13:50:47 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
I have done some research on this and this is what I have found out. You can get your credit counseling (which is now required) for free if you don't make a lot of money. You can get the court fees waived if you don't make enough money. I under no circumstances recommend that you do the bk with out a lawyer. You may (I doubt it) find a lawyer willing to take your case on pro bono. I would ask a lawyer to let you pay them in installments if you are having money problems.
2007-10-09 14:45:55 · answer #1 · answered by Jill S 5 · 0⤊ 0⤋
The Chapter 7 bankruptcy is applicable if you have no regular sources of income. It works by reducing or clearing off all your debts. You can then make a fresh start without having to worry about having to pay your debts.
Once you file for Chapter 7 bankruptcy, the bankruptcy court assigns a trustee who works as an intermediary between you and the debtors. He oversees everything and checks out if the bankruptcy plan is going as planned.
http://get-out-of-the-debt-trap.com/category/Information-on-Chapter-7-Bankrupt.html
2007-10-09 23:00:47 · answer #2 · answered by Pitty T 2 · 0⤊ 0⤋
Bankruptcy chapter 7 is where you don't pay anything back but they come and get your stuff.
Bankruptcy chapter 13 is where you get to keep your stuff and you pay a monthly payment based on your income.
I found interesting information about your answer & options here. (this article: Personal Bankruptcy, the myths and facts:)
http://all-debt-consolidation-loan.blogspot.com/2007/08/personal-bankruptcy.html
2007-10-10 10:08:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
1. Get an attorney.
2. Get a law degree. An attorney would be quicker. And cheaper.
2007-10-09 21:41:18 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋