The web is filled with legal self-help services that make filing for bankruptcy seem like a relatively simple procedure that anyone can do. According to a study performed by the US Bankruptcy Court for the Central District of California, roughly 40% of Chapter 7 bankruptcy cases filed pro se (without a lawyer) were dismissed without a discharge of debt.
Compared to those filed with a lawyer, only 5.4% of cases were dismissed, meaning the odds are far from in your favor if you choose to represent yourself. Your house is not only the largest investment you have ever made, but it is also important to your quality of life. If you are struggling with debt, you might hesitate to take advantage of your options for relief under the law because you are worried that you might lose that home.
Compared to those filed with a lawyer, only 5.4% of cases were dismissed, meaning the odds are far from in your favor if you choose to represent yourself. Your house is not only the largest investment you have ever made, but it is also important to your quality of life. If you are struggling with debt, you might hesitate to take advantage of your options for relief under the law because you are worried that you might lose that home.
Services
What about cost? - Currently the filing fee for a Chapter 7 case is $299.00 and a Chapter 13 is $274.00. The filing fee can be paid to the Court in installments or waived entirely as ordered by the Court under certain circumstances. Attorneys fees are always a consideration, but beware of advertisements of low fees by attorneys or paralegal firms.
Bankruptcy: The eighth time was the charm. After eight years of trying, Congress has passed the Bankruptcy Reform Act in 2005. This is a bill that our elected representatives have been working on in one form or another since 1996! It was mainly sponsored by the credit card companies, credit unions and banks.
Over the past six months, the meltdown in the sub-prime lending market has had a devastating impact on many consumers. That's meant busier days for consumer law attorneys. On a daily basis, they're seeing a flood of distraught clients who can't meet their higher mortgage payments. It's also meant increased activity for lawyers who represent mortgage lending services.
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Jill M.
Mar 19, 2017
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