Bankruptcy has a reputation in some circles for being expensive, but that disadvantage is often a myth.
Indeed bankruptcy fees have increased since 2005, and some people find them daunting, but the dollar amount for your particular case might not look so bad once you set up a payment plan. In addition, you always have to balance out the long-term costs of not filing bankruptcy.
Chapter 13 Bankruptcy Costs:
In Chapter 13 debt reorganization, most if not all of the fee is included in the debt restructuring plan. After looking at your debts and unique situation with your attorney, you should end up with reasonable monthly payment that will include most if not all of the bankruptcy fee. Reasonable is the key word here: we’re talking about payments designed specifically for you so that you’re able to pay them.
Thus Chapter 13 bankruptcy can bring immediate relief from foreclosure and repossession with almost no upfront cost.
Chapter 7 Bankruptcy Costs:
In Chapter 7 bankruptcy, the fee is modest compared to the relief it brings. While there are some upfront costs, Chapter 7 can bring you permanent relief from overwhelming debt and the anxieties that come with it.
It stops harassing phone calls and any other potentially humiliating legal problems (in much more legally permanent ways than other debt services can promise). And perhaps most importantly, Chapter 7 offers you a chance for a fresh start in life.
Because there are so many benefits to Chapter 7 bankruptcy, any extra income you receive would be well-spent on the fees. Tax refunds are coming in right now, and many of our clients have used their refund to cover that fee.
Talking with an Attorney:
Keeping all of that in mind, we can also work with you if necessary; and we offer a discount whenever possible to military personnel and veterans. If you are considering filing for bankruptcy, or would like to explore other options around resolving your debt, please call a leading bankruptcy law firm Memphis, TN residents have been relying on for over a decade.
The best way to find out how much bankruptcy will cost, what it can do for you, and whether it is the right option is to speak with an attorney.
Our bankruptcy attorneys in Memphis will gladly discuss your situation for free so that you can make a wise choice before signing anything. Contact us today. We’re happy to help.