Recently CNN reported many Americans are too financially devastated to afford bankruptcy. The article cites rising attorney fees and filing costs following the passage of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act.

But the article does offer some hope to people wanting to get out of debt:

Brewer, of the National Association of Consumer Bankruptcy Attorneys, said sometimes it’s just a matter of rearranging priorities. “If the need is crucial enough, consumers usually find a way to come up with the money,” he said.

The article lists options like selling some possession or asking friends and family for help. It also discusses the possibility of taking a second job or using tax returns – a very common way clients choose to pay for bankruptcy.

The fact is, the best way to figure out whether you can afford a bankruptcy, and how the costs might affect your finances or assets, is to speak with a qualified bankruptcy attorney. At our Memphis bankruptcy firm, we believe the high costs of bankruptcy are often a myth because it depends on each individual’s situation.

If you’re considering bankruptcy but are worried about the costs, contact us or call 901-327-2100 to talk with an attorney for free about your options.