1 year, 4 months ago
via credit-qna.com
Is it worse for your credit to have a bad debt or to declare bankruptcy?
How much money does it cost to file for Chapter 13? What are the lawyer fees when you file for debt relief?
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M$1 Answer
It is worse for your credit to declare bankruptcy. When you declare bankruptcy, banks and other lending institutions will see you as someone who gave up on trying to make his payments and so took the easy way out. With all the commercials that advertise declaring bankruptcy as the best way to get out of debt, it may seem like a good way to eliminate debt. On the contrary, it can damage your credit score for seven years or more. If all you have is one bad debt, I strongly encourage you to find ways to re-allocate your finances and find a way to either (preferably) pay off the debt yourself or utilize a credit counseling service.
From lawhelp.org
-quote
For instance, in general, you should always wait as long as possible before filing bankruptcy because you can do so only once every six years. In most cases, you will want to save this valuable option until you really need it.
-endquote
How much money it will cost to file for a Chapter 13 and what the lawyer fees will be when you file for debt relief will depend on what state you’re in and the attorney you will work with. Attorney fees will vary widely depending on the state you’re in and the attorney’s fee structure.
Good luck to you! I hope you found this information helpful.
From lawhelp.org
-quote
For instance, in general, you should always wait as long as possible before filing bankruptcy because you can do so only once every six years. In most cases, you will want to save this valuable option until you really need it.
-endquote
How much money it will cost to file for a Chapter 13 and what the lawyer fees will be when you file for debt relief will depend on what state you’re in and the attorney you will work with. Attorney fees will vary widely depending on the state you’re in and the attorney’s fee structure.
Good luck to you! I hope you found this information helpful.
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
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