Cost of Filing Bankruptcy – You need to know the Real Costs of Filing Bankruptcy?

June 15, 2010 - PRLog -- There is or should be no embarrassment in admitting that situation arose that put you in a struggle to meet your monthly obligations.

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Actually, everyone deserves a second chance, and there are multiplicities of situations that can cause financial hardship – medical bills, unemployment, divorce, and underemployment are oftentimes situations that are beyond our control. Even so, before you venture into the bankruptcy courts, you should be aware of the cost of filing bankruptcy.

Quite a few years back, the US court system imposed a number of changes to the bankruptcy laws and made the process more difficult. There are costs of filing bankruptcy right up front. A bankruptcy attorney does not work for free, and most require a big percentage of their fees up front. Naturally, you can expect to pay at least $800.00 up front and make payments for any additional costs.

There are other costs when filing bankruptcy as well. You will have to give up a lot of your time. A trustworthy attorney (or the courts themselves if you decide to go it alone) will require months and month’s worth of records of all your recent bills, and will need certain documents that go back for years. Tax returns are definitely needed for several years back, and you will have to obtain bank statements, credit card statements, utility bills, and so on. Be prepared. One of the costs of filing bankruptcy is time.

In addition to actual financial costs, and the cost of time, filing bankruptcy also costs you your credit rating. A Chapter 7 bankruptcy stays on your credit report for ten years; a Chapter 13 stays on your report for seven years. Once you file bankruptcy, it may be extremely difficult to get a no-annual-fee credit card, buy a car, and certainly get a reasonable mortgage rate, if you can get a mortgage at all.

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