Let’s Begin with the Filing Basics

Preparing to File

You must make a full and complete disclosure of your assets and liabilities.  You cannot neglect to list an item because you don’t think it has value or because you didn’t want someone to know about a particular creditor. Everything must be disclosed.  If you are not going to make a full disclosure, then you should not consider filing for bankruptcy.  You can wind up losing the right to file bankruptcy, face heavy fines and possible jail time if the non-disclosure is significant.

Filing Fees

At the time of this writing, get ready to pay $274.00 to the Clerk of the US Bankruptcy Court for the privilege of filing Chapter 7 bankruptcy.  The attorney’s fee will range from $500.00 up to $2,000.00 is some jurisdictions.  You will also need to put approximately 100.00 to the side for a pre-filing credit counseling briefing and a post-filing personal financial management education course.

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