Using The Law To Make Your Life Better

What if you cannot afford to file for bankruptcy?

David Sexton

The point of filing for bankruptcy is to eliminate or reduce debts you do not have the funds to pay. Unfortunately, the bankruptcy process requires money, even if you do not hire a lawyer, due to court fees. This fact prevents many people from filing even though bankruptcy would help them.

It is no surprise, then, that declarations of bankruptcy increase during the tax season, reveals The Washington Post, as people use their tax returns to pay the fees. This is not your only option, however, for being able to afford bankruptcy.

File early

Too many consumers drowning in debt make the mistake of waiting until they are literally broke to file. You do not have to have an empty bank account to be eligible for bankruptcy, so avoid waiting until then. If you file earlier, not only will you have the money to pay the fees, but you will also be able to enjoy the immediate benefits of bankruptcy, such as stopping creditor harassment and garnishment of wages.

You can try saving up some money until you have enough to file, but this can be tricky, especially for Chapter 7. You must meet certain financial criteria to qualify for this route.

Use assistance

Going through the process alone is not a good idea. You are likely to make mistakes, which lead to delays, more costs and even loss of assets. Review your options in professional assistance to ensure you get high-quality, qualified and affordable help.

Although the price may be daunting, it is worth the expense. Professional guidance results in better outcomes for Chapter 7 bankruptcy filers, says The Washington Post. In the end, you will have more of your property and less debt, instead of filing on your own or through another cheaper method to save money only to lose it due to errors from inexperience.

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