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davidtrump

Factors 6 & 7 - 14 key factors when considering bankruptcy

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6. You have to qualify for a Chapter 7.
Consumers must show through income (if they are below the state median) or through both income and expenses (if they are above the state median) that they can’t repay their debts.

But since bankruptcy is often a last resort, filers who need Chapter 7 are having no problems qualifying, Sommer says.

7. Bankruptcy is not cheap.
Costs vary depending on your attorney and location. But in general, a Chapter 7 can run $1,500 to $2,500, while a Chapter 13 can run $2,000 to $4,000, says Sommer.

One source for local bankruptcy attorneys: NACBA.org.

With a Chapter 13, you can include bankruptcy costs in your plan and pay them over three to five years. With Chapter 7, that’s not an option.

And initial consultations are usually free, so don’t be afraid to interview several attorneys and let them know price is a factor, says Todd Mark, vice president of education for the Consumer Credit Counseling Service of Greater Dallas.

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