Bankruptcy

How does the Bankruptcy process work? The Bankruptcy process usually starts with talking to a qualified attorney. The Attorney will as you a bunch of questions pertaining to your financial history, past due accounts and assets you own. He or will direct you to provide a bunch of documents proving the account #'s and amounts currently in each. Once they have all this information they will file a court date to plead the case and determine the terms of the bankruptcy filing.
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How much does Bankruptcy usually cost? The usual costs of Bankruptcy can vary depending on the type of Attorney you use, the service you expect from them and the type of Bankruptcy you are filing. For an average individual filing chapter 7 the usual cost is between $1500-$2500.
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How will my credit be affected? A bankruptcy will appear twice on a credit report, once when it is first filed and the date that it was discharged. A bankruptcy petition can take just a couple of weeks if there are few creditors and a Chapter 7 filing and much longer with a Chapter 13 filing due to the additional amount of information that needs to be reviewed, approved and implemented by the trustee.
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Do I have to pay the deficiency back? In most cases the person filing bankruptcy is ordered to pay a specific amount on a monthly basis. This amount will be sent to your creditors as
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