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Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.
Image source: Getty Images. For many years, I was a bankruptcy lawyer. As opposed to when I practiced litigation (suing people and defending lawsuits), bankruptcy was a dream practice.
This is because filing for bankruptcy costs money, and if you have a smaller debt, it may not be worth the effort and fees. Most bankruptcy lawyers won’t take on your case unless you have at ...
The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) made changes to American bankruptcy laws, affecting both consumer and business bankruptcies. Many of the bill's provisions were explicitly designed by the bill's Congressional sponsors to make it "more difficult for people to file for bankruptcy."
Court filing fees: The standard filing fee for a Chapter 13 bankruptcy is $313. Post-filing debtor education: A debtor education course is also mandatory after filing, and fees generally range ...
When you file for Chapter 7 or Chapter 13 bankruptcy, you will need to attend credit counseling. Your credit counselor will go over your options and help create a plan. Your credit counselor will ...
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