Knee Deep In Debt

Posted on December 28, 2010

After the recession and liquidity crunch of 2007, a lot of people are facing difficulty in repaying their unpaid bills. They keep looking for ways to make ends meet, including taking out payday loans. But what ends up happening, is they take out one to meet another bill, and they keep taking out another to meet another bill, and then they find themselves knee deep swimming in debt. As a last resort, they decide to file for bankruptcy.

However, new bankruptcy laws have made it expensive and difficult to file. First, they now require credit counseling before and after filing. These classes can cost $60 a piece. In addition, there are attorney’s fees, which can range between $1,000 and $2,000 and in some instances cost even more. A good lawyer will discuss the best options for handling your swimming debt problem, to make sure that you are not paying exuberant fees where they are not needed.

Thankfully, there are new programs that will allow the filer to avoid paying the credit counseling fees and, of course, there are some lawyers that work for a free legal aid program as well.
Don’t go through the bankruptcy process alone. Bankruptcy is a federal court process that needs legal representation. Certain changes have been introduced in the new bankruptcy laws. If a person is intending to file insolvency, he may not be acquainted with all the complexities of the legal procedure. Only a bankruptcy lawyer can help him go through the process easily.
If you would like assistance with determining what would be the best option for you regarding your debts or you would like to file for bankruptcy, please contact us at (857) 244-1940 or fill out the form on the right.

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