Bankruptcy may be the answer, but you may have other options as well. If you are considering bankruptcy, please give us a call and we can explain your options. Including non-bankrupcty options.
How long does it take? This depends on the type of bankruptcy you file. If you file what is known as a chapter 7, you can have a discharge in as little as 3 months. Regardless of the length, there are protections for you as soon as you file. This can stop the calls and the garnishments, while your bankruptcy is proceeding.
How much will it cost me? This also depends on the type of bankruptcy you file. However, it should be less than the bills you have. Otherwise it wouldn’t make sense. We usually file simple individual Chapter 7 bankruptcies for less than $1,000.00. Chapter 13s are more, but you will not have to pay all of it up front. Finally, if you are over 60 AND qualify for a fee waiver by the Court, we will do your Chapter 7 bankruptcy for free.
How quick can I get credit again? If your goal is to get credit quick again, bankruptcy might be a good option. Though you should be careful for several reasons. Once you have a discharge, you are a great candidate for credit as much, if not all, of your debt will likely be wiped away; and you are generally not able to file another bankruptcy for a number of years.
If you have any other questions, please do not hesitate to contact us.