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Commonly Asked Questions about US Bankruptcy Legal Packages

The main cons to Chapter 7 bankruptcy are that most secured debts wont be erased, you may lose nonexempt property, and your credit score will likely take a temporary hit.
While it can be a fresh start, filing for bankruptcy comes with costs, depending on the size, type and complexity of your debt. Filing Chapter 7 bankruptcy typically costs between $1,800 and $2,300 while a Chapter 13 filing can cost between $4,500 and $5,300.
Attorney fees for a Chapter 7 bankruptcy will typically range from $1,000 to $2,000, depending on the complexity of your situation. A Chapter 13 will typically range from $3,000 to $5,000 and is typically determined by the complexity of the case.
Its a Long Term Commitment Filing Chapter 13 bankruptcy requires you to make a long-term commitment to the process. Tough To Get Credit or a Mortgage for 7 Years Other impacts include the inability to get credit cards at a good rate, and filing Chapter 13 makes it tough to get a mortgage.
A Chapter 13 case offers numerous advantages over a Chapter 7 for those with a lot of debt secured by property or collateral (vehicles, furniture, home, land, etc). Many of these debts can be extended, altered, reduced or restructured in the Chapter 13 Plan.