Many Americans are facing the fact that filing bankruptcy is in their future. Some of these folks have been facing long term unemployment and many other factors from the economic downturn. The ones that have waited until their unemployment has run out, have just about become too broke to file for bankruptcy. Sure, they can go in and consult a bankruptcy attorney for free, but when they learn that filing bankruptcy costs a few thousand dollars, they are put in a precarious situation. For filing Chapter 7 bankruptcy, a bankruptcy attorney will typically charge between $1000 and $2500 depending on the complexity of the case. The bankruptcy court charges about $300 in filing fees and now an individual is required to take a pre-bankruptcy credit counseling course and a post bankruptcy financial management course which is paid to an online vendor. These courses cost between $25- $50 each. So when it all adds up, filing Chapter 7 bankruptcy will cost between $1500 and $3000 depending on where you go.
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There is some good news, most bankruptcy attorneys will accept a payment plan. As long as the person doesn't need to file immediately, they might be able to scrape up some cash over some time to take care of it. For many, this becomes a dilemma of what bills to pay and what property to keep. When things get tight, sometimes it's best to let the stuff go. The American culture has gotten caught up worshiping their computers, TV, automobiles, houses and any one could even fill in the blank with other activities. In reality, none of this stuff really matters if you have your health and your family. Sometimes it's best to cut your losses and not try to hang onto tightly to the stuff.
If you have to make a choice between paying your rent or credit card, I think it's a no-brainer. People can do without credit cards and if you have to field some phone calls, it's better to have a roof over your head. Creditors have become so aggressive and threatening, that many people give in and make a small payment even when they don't have it. If someone is planning on filing bankruptcy, it's kind of stupid to throw money at an account that's going to be discharged in Chapter 7 bankruptcy.
For the people that can't afford to pay their bankruptcy attorney to file, the waiting period becomes grueling as creditors become relentless. Some attorneys will ask the individual to keep records on how the creditors are contacting them. When creditors start leaving offensive and misleading information on an answer machine, it could be an FDCPA violation. The Fair Debt Collection Practices Act was instituted by Congress to stop creditors from using abusive, deceptive and unfair debt collection practices. When creditors go over the line, the bankruptcy attorney can sometimes get sanctions against the creditor and even be awarded damages. You never know, it might just cover the costs of filing bankruptcy.
This time in one's life is an emotional stressful time, but it will not last forever. Having a bankruptcy attorney to be on your side will give that extra support system to help one get through it.
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