Submitted by Rachel R on Tue, 08/26/2014 - 3:26pm
Too broke to file bankruptcy? Don't be so sure
Image source - Flickr User Dan Moyle
You know you're deep in debt. You know you can't afford to pay your bills. You know bankruptcy can help, but you think you don't have enough money to take advantage. What's often true is that when times are tight, many consumers that could greatly benefit from bankruptcy protection don't take advantage. It's a debt catch-22. But the fact is, you can afford to file Chapter 7 bankruptcy. Here's how.
Pay Your Bankruptcy Fees in Installments
The current filing fee for a Chapter 7 bankruptcy is $335. You may not have that amount sitting around, but that's okay. The bankruptcy court allows you to pay your fee in installments. You have to pay one-fourth when you file and then one-fourth each 30 days so you finish paying no later than 120 days after the initial filing. That's just $84 to get started then $84 each month. That's extremely affordable.
Get Your Bankruptcy Fee Waived
If you're extremely cash-strapped, the court may be willing to completely waive your filing fees. Click here to see the form you need to complete to ask the court to waive the fee. If you don't make more than 150% of the poverty guideline, your fee can be waived. This equates to monthly income of $1,458 for a single household, $1,966 for a family of two and $2,473 for a family of three.
Click here to see the full table. This is not your gross income, but adjusted gross income which is your gross pay (not take home) less allowable deductions like alimony, health savings account deduction and student loan interest deduction. If you're unemployed and have been for the past few months, you should qualify for the fee waiver.
Don't Try to File by Yourself
You may think you want to try and file bankruptcy on your own to save money if you're deep in debt and can't pay your bills, but this can be the worst thing. You're much less likely to get complete debt relief if you try and file without an attorney. Instead, come into the law offices of John T Orcutt for a free consultation (this won't cost you a dime).
We can show you how, without the pressure of medical and credit card bills weighing you down, you can afford attorney fees to get the best results. This is made even easier with a filing fee waiver. As soon as the bankruptcy petition is filed, all collection activity must cease and you can be free of much of your debt. This frees up money to pay your attorney fees, which are modest.
You may have a tight month or two while you pay your bankruptcy costs, but your money was likely already tight, so this shouldn't be that big of a deal. After this, though, you'll have a financial fresh start and can get on your way with your income freed up of a lot of the bills you couldn't afford. This will allow you to focus on paying the bills that remain – rent, car insurance, living expenses, etc – and getting your finances back on track.
Call the law offices of John T Orcutt today for a free consultation on getting the fresh start you need from a North Carolina bankruptcy.
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