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The cost of the bankruptcy – not expected to be small

The cost of the bankruptcy was hit in a number of different ways. It is not the actual cost of filing for bankruptcy, the fees and legal advice that you will probably have to pay and increase the cost of credit and insurance premiums for a period long after its bankruptcy.

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Cost of bankruptcy

The costs of bankruptcy are in fact very small and are as follows:

Chapter 7-$299

Chapter 13-$274

Cost of bankruptcy – costs and Legal counseling

You will probably need help from a lawyer to file for bankruptcy. Typical costs of these will be in the region of $700-$2000

Credit and insurance after bankruptcy

Your bankruptcy will remain on your record for 10 years (or 7 years for chapter 13). During this period, it will be much more expensive to obtain credit, including mortgages (for Chapter 7 bankruptcy is probable that you can’t get a mortgage at all for 2 years). In the current climate that could be difficult to get a mortgage at all. Insurance companies use credit records, and consider the people who have been bankrupt a higher risk. This will increase your premiums.

The emotional toll

There is much less stigma attached to bankruptcy used to be, but it is still there. The effect on his family and relations can be important, are no doubt going to determine how strong is their relationship. If you have been hiding debts of his family, then the double impact of filing for bankruptcy also boost a lot of marriages about to rupture.

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