A recent USA Today article lamented the fact that many Americans were too strapped for cash to file bankruptcy, and with the up-front costs of hiring a lawyer and paying the bankruptcy fees hitting an average of $1,500 this is not hard to believe. Experts warn that not only has filing Chapter 7 bankruptcy become more expensive, it has also become more complicated, forcing many debtors to seek ever increasing legal services from a bankruptcy lawyer. So how do you save money when filing Chapter 7 bankruptcy? There are several suggestions discussed below.
If you are considering filing Chapter 7 bankruptcy you may be concerned with whether or not you will lose all of your assets. Will you have to forfeit your home? Will your car be repossessed car? Will the bankruptcy court allow creditors to repossess your personal possessions? Recently on our bankruptcy forum a user asked, “Will I lose everything if I have to file Chapter 7 bankruptcy?”
Although debtors are protected against certain abusive, unfair, or deceptive practices for debt collection through the Fair Debt Collection Practices Act (FDCPA), creditors are allowed to make aggressive attempts to collect debt payments. Recently on our bankruptcy forum a user asked, “What actions can debt collectors take to legally collect debt payments for debts?”
Filing Chapter13 bankruptcy may have seemed like a good idea a few years ago, but three years into a five year Chapter 13 bankruptcy plan and your financial situation may have drastically changed. So what do you do if you cannot pay your Chapter 13 bankruptcy payments? Can you save your bankruptcy or can you simply ask the court to dismiss your case?
If you are facing a financial crisis you need solutions and fast. Going to a bankruptcy lawyer can help. They can review your budget and expenses and offer a variety of financial options. Recently on our bankruptcy forum a user asked, “I went to talk to a bankruptcy lawyer but rather than telling me what I should do, he told me the decision was entirely up to me. What do I do next?”
Bankruptcy restrictions were tightened under the Bankruptcy Abuse Prevention and Consumer Protection Act, which was passed in 2005, and signed by President Bush. One of the main provisions of the law, which took effect on October 17, 2005, was to make it more difficult for high income filers to file Chapter 7 bankruptcy and have some of their unsecured debts immediately discharged.
Filing bankruptcy is a big decision and can have serious financial ramifications. Recently on our bankruptcy forum a user asked, “What are the steps for filing bankruptcy and how do I know it’s right for me?”
Recently on our bankruptcy forum a user asked, “If I file Chapter 7 Bankruptcy what are dischargeable debts?” The good news is most debtors who qualify for Chapter 7 bankruptcy will be able to have most of their unsecured debts, including credit card debts and medical bills, discharged. Therefore, a better question to ask is what debts are NOT discharged under Chapter 7 bankruptcy.
The best way to get out of debt and improve your financial position is to increase your income and make sure you earn more than you pay in necessary expenses. Although simply cutting your budget can help, at some point you may need to find a new job. Recently on our bankruptcy forum a user asked, “How can I find a full-time job?”
Many debtors start the bankruptcy process without understanding what bankruptcy can and cannot do for them. Filing bankruptcy is a serious decision with serious ramifications, and it is not the right solution for everyone. Recently on our bankruptcy forum we had a user ask, “How do I know if I am a good candidate for bankruptcy?”