Whats the cheapest way to go Chapter 7?

Question

I am way over my head in debt due to my divorce, I want to go bankrupt, Chapter 7, but the fees are so expensive! Anyone know of a cheaper way to go bankrupt?

Answer 1

Hi,

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Answer 2

The cheapest way to in the long run is not to do it at all.  Unless you are over $100,000 in debt, bankruptcy is not  a necessary fix to your problem.  

Start cutting back on anything you can to lessen your weekly and monthly expenses.  The fees are what they are partly to give you pause and make you rethink your situation. The other reason is because of the time it takes to fully discharge a bankruptcy.  But, if you are a relatively young person, do anything you can to avoid filing bankruptcy.  Don't believe any person or organization that tells you you can still get a car loan after bankruptcy, or any kind of credit, or that filing bankruptcy will not ruin your life. It will.

As the price of heating oil and gasoline rises, banks are going to be taking hits on loans they already have out there because previously reliable people are going to have to choose between heating their homes and paying consumer loan payments. From now on only people with excellent credit and very clear means to repay loans are going to be able to buy cars and houses and get apartments or anything on credit.  Think very long and hard about ways you could begin to chip away at your debt before cutting it all loose with bankruptcy.  You don't get to walk away without paying anything to the people you owe money to.  Get a couple of legal opinions too.

Answer 3

There are many lawyers out there for this, check newspaper ads and call around, do a internet search.  Yahoo local, put your zip code and bankruptcy lawyers and go down the list, asking prices.

Answer 4

Go to the courthouse and see if there are any classes that can help you with the paperwork.  You might have to be low-income.  You can also check out law schools or hire a para-legal.  Try also your community information line within your county or if you are in a union at ur work they might have resources.  Good Luck.

Answer 5

The above person obviously knows nothing about corporate finance.. A person fresh out of bankruptcy is looked at equal or better than a person who has good credit but has financial obligations.. Because the person with good credit could easily fall on hard times and then go file bankruptcy.. But the person fresh out of bankruptcy has at least another 7+ years before he can file again. Hes more likely to fulfill his obligations..

Remember.. People who have bad credit now once had good credit..