It is necessary to understand how much bankruptcy proceedings will cost when looking in to filing. This cost includes filing fees and attorney fees. These fees must be paid and cannot be considered part of the debt for purposes of bankruptcy. In other words these costs will have to come out of your pocket.
Filing for bankruptcy can be done online. However, it is recommended that you consult with an attorney prior to doing this. In some cases, filing online can be a much easier process. In other cases, filing online is not the right option and can lead to further hassles during this process.
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Bankruptcy is harder to file for now than in the past. This is due to the Bankruptcy Abuse Prevention and Consumer Protection Act being passed. This law requires a means test for individuals who are above the medium income level for their state and is adjusted based on family size and other factors. This law also requires that consumer credit counseling services be accessed at least 180 days prior to filing for bankruptcy.
One option that is available to avoid filing for credit card bankruptcy is contacting the creditors directly in order to make out a payment plan. Many creditors are willing to work with the debtor on a plan such as this, since in the long run, it is beneficial financially for both the debtor and creditor.
Filing bankruptcy is considered a last resort when extreme financial difficulties are present. Filing makes it difficult to get any type of loan for up to 10 years. By following the above guidelines, the process for filing for bankruptcy can be much easier.
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