Filing for bankruptcy can be one of the hardest decisions that a person may be forced to make in a lifetime. There are many different variables that one must consider before deciding which type of bankruptcy will be the right one for their given situation. The most common forms of bankruptcy filings or quantified under either Chapter 13 or Chapter 7. Here are a few things that you will want to consider before making your decision on whether to file and what consequences come with the decision that you make.
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Costs of Filing Paper Work
Most attorneys have established a fixed rate that they normally charge for people filing for bankruptcy. These rates can range from a few hundred dollars to sometimes the few thousand dollars. Make sure that you shop around and find the best attorney for your given situation. Feeling comfortable with your attorney can be the most important decision that you make in this process. Even though we would all like to save money having a professional that you feel you can work with can be priceless.
Affects on Your Credit
If you do not know already filing for bankruptcy will shortly affect your credit score. Once filing has taken place the results normally loom on one's credit report for about 10 years. Your credit score can go down about 200 points during this process. This can affect the percentage that you pay on a home loan mortgage, car insurance rates, and other various forms of related items. This can be devastating to some people but in the end may be the best option for a given situation. Just remember that your credit score can be repaired over time.
Finding an Attorney
Once you decide to proceed the next step will be to find a qualified attorney in your area. You can find most bankruptcy attorneys in your local phonebook. Make sure that you call around to find the best rates as well as someone that you feel comfortable with. You'll also want to ask friends and family members if they have anyone that they recommend for your given situation. One of the best ways to find a qualified lawyer is by a reference from someone you trust.
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