Tag Archives: Bankruptcy

4 Signs It’s Time to File for Bankruptcy

Many might view the decision to file for bankruptcy as a sign of defeat, but sometimes It’s actually the best financial option on the table. Bankruptcy can help you get out from under debts and begin a new journey towards financial freedom. Here is a look at some of the signs that you might benefit from filing for bankruptcy. When to File for Bankruptcy: You’re surviving off of credit cards: It’s common for debt to get so bad that you fall into the trap of spending your entire paycheck on making payments. This is a sign you are stuck in a toxic cycle. Without any cash in the bank, this can force you pay your living expenses with your credit cards. Often, this can have the troubling effect of putting you deeper into debt each month. You’re using one credit card to pay for another: Occasionally, making your credit card…
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How Much Does It Cost to File Bankruptcy?

One of the most common questions we get asked is, “How much does it cost to file bankruptcy?” There are a few different fees and costs in relation to filing bankruptcy. These fees can often be waived or set up into installment plans. Keep reading for a brief summary of the fees associated with Chapter 7 and Chapter 13 bankruptcy. Filing Fees for Bankruptcy The fees and other costs related to filing for Chapter 7 and Chapter 13 do occasionally increase, which they recently did. As of now, these are the costs associated with filing bankruptcy. Chapter 7 – Chapter 7 bankruptcy fees total $335. This includes a $245 filing fee, a $75 administrative fee and a $15 trustee charge. Chapter 13 – The cost of filing Chapter 13 is $310, which includes a $235 filing fee and $75 administrative fee. Fee Waivers and Installment Plans Many who are filing…
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FAQ About Pre-Bankruptcy Credit Counseling

In most cases, people that file for bankruptcy protection are required to complete pre-bankruptcy credit counseling before the bankruptcy petition can be filed. Most individuals like to know what to expect and therefore have questions about credit counseling. Here are some of the more commonly asked questions. Do I have to get credit counseling? Yes. All individual debtors filing for Chapter 7, Chapter 13 or any other chapter of bankruptcy must complete credit counseling unless otherwise instructed by a judge. Couples filing together must complete credit counseling separately. But can I get out of it? There are three situations in which individuals are exempt from credit counseling. They are as follows: Incapacity due to mental illness which makes the individual incapable of making rational decisions. Physical impairment that makes it impossible to get counseling in-person, over the phone or online. Active military duty in a combat zone. When do I…
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