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Can I File for Bankruptcy for Free?
Can I File for Bankruptcy for Free?
By
Frank Jones
on March 22, 2011
File Bankruptcy for Free
The short answer for
those seeking to file bankruptcy
for free is, yes,
you can file for bankruptcy for free
[video]. However,
bankruptcy is a complicated process
and it can cost more to fix mistakes than to file properly in the first place. Before you file for bankruptcy you should fully consider you options and alternatives. Once you've made your decision, if you decide to file bankruptcy yourself you can find assistance on the
US Courts website
.
Before You File Bankruptcy
It is important to know that bankruptcy will not remove all your financial obligations. This can include “obligations such as alimony, child support, taxes owed to the federal government and most student loans.” (
6 Things to remember before filing bankruptcy
) Keep in mind that
there are no fresh starts with bankruptcy
. Although bankruptcy is useful in some cases, you will still have financial problems that will stick with your for seven to ten years after filing for bankruptcy.
Chapter 7
“Chapter 7 bankruptcy is the process by which you liquidate some of your personal assets in order to repay creditors.” (
Chapter 7 Bankruptcy Process
) Chapter 7 is quicker and easier than filing Chapter 13, but there are many limitations to who can file for Chapter 7 bankruptcy. For example, you are ineligible to file Chapter 7 bankruptcy if you have filed for any form of bankruptcy within the past six to eight years (depending on past filings).
Chapter 13
Chapter 13 bankruptcy can take longer than Chapter 7, however, “unlike liquidation from Chapter 7, a Chapter 13 bankruptcy allows you to keep the property on which you’re paying debt.” (
Chapter 13 bankruptcy pros and cons
) This process can take up to five years, during which it will be very difficult to change your housing situation, buy a new car, or qualify for anything else which requires a credit check. This is particularly important if you are in the military and
your next promotion is partly based on your credit rating
.
Alternatives to Filing Bankruptcy
Bankruptcy is often a
disturbing word
and most people
avoid bankruptcy
for good reason. There are several
alternatives to bankruptcy
which you should consider first. For example, you could
negotiate your debt
,
consider debt settlement
, and negotiate your
credit card
and
medical bills
. Most importantly, you need to create a
debt relief plan
and stick to it.
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