Have you ever considered the costs involved in filing a bankruptcy claim? Are you currently looking to file, but want to know whether you can save yourself some money? If you've answered yes to either of these questions then you need to read through the remainder of this article. The truth is that there are ways to save money during the filing process and the following article will show you how.
Each and every year, millions of people consider the option to claim bankruptcy, yet most people don't know the first thing about doing so. For all they know, they must contact one of those companies featured on late night television commercials the promise to erase your debt with no questions asked. What people often fail to understand is that many of these companies are out to make money from your financial misfortunes. They want you to believe that there is some secret out there to filing a claim, when in reality there is not. In fact, anyone can file a claim for personal bankruptcy on their own, without the assistance of a so-called professional. Filing your own claim is the best way to save a considerable amount of money on your claim.
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So, what does filing on your own entail and how much can you save over hiring an advisor or bankruptcy attorney? Filing a claim on your own means that you must gather detailed information related to your assets, liabilities and current household income. You must then submit this information to the bankruptcy courts, who will determine your eligibility for filing. Once you've been approved you will be required to attend mandatory credit counseling and will be well on your way toward repairing your damaged credit.
In terms of savings, you should expect to save anywhere from $1,000 to $2,000 over hiring an attorney to do the work for you. While there are certainly many time saving advantages to hiring an attorney, the cost will likely be prohibitive for most people. After all, the last thing that most debtors want to do is to accumulate additional debt just to file for bankruptcy. Perhaps the best thing that people can do is to contact a financial professional for a free consultation. This can provide many benefits including the opportunity to speak with a knowledgeable professional about other forms of financial repair. Just talking with someone can often provide you with the perspective that you need in order to make the best possible decisions for yourself.
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