Considering a Bankruptcy Filing? Make This Your Absolute Last Choice
You have several credit cards maxed out, you have automobile loans outstanding, plus a large mortgage on your home. You’ve been juggling the credit cards by making cash advances on one to make minimum payments on the others. Your auto loans and the mortgage are past due and you’re getting a lot of heat from your creditors. Is it time to consider a bankruptcy filing?
So what do you do? File bankruptcy and walk away? Not so fast. Let’s see what a bankruptcy filing entails. Firstly, don’t even think of going to the local office supply store and buying one of their bankruptcy kits for a “do it yourself” filing. Bankruptcy is a legal proceeding and you will need to hire an experienced attorney. Depending on the “size” of your debts and assets, you will pay him, up front, several thousand dollars as a retainer to begin work.
The bankruptcy laws changed back in 2005, and it makes it more difficult to qualify. You’ll find much more paperwork required, limitations that are tougher, plus you also will be required to attend counseling by a non-profit counseling service that has been approved by the court. Don’t look for a fast resolution either. View full post…