Though technically you can enter into bankruptcy on your own, I DO NOT recommend it.  It will be well worth the time and stress in hiring a specialized bankruptcy attorney to help you through the process.

To file Chapter 7, which is a full liquidation (if you qualify), attorney fees can run around $1700 and up, depending on the complexity of your case.

To file Chapter 13, which is a wage earners plan, basically a reorganization of debt with a repayment plan of 3-5 years, attorney fees can start at $3000 and up.  It is more expensive to file for Chapter 13 because your case is open for 3-5 years through the repayment plan, which requires attorney involvement throughout the process.

Filing for bankruptcy is not an easy decision, but you may be faced with it.  And if so, I encourage you to find 2 – 3 of specialized bankruptcy attorneys in your area that offer a free initial consultation for you to meet them and ask questions, and find out what all your options are.

photo credit: laura padgett

This post via the Freedom Debt Management blog, an educational resource to help you gain control of your debt management and finances.

Bankruptcy Self Help