Know More About Free Bankruptcy Services And Bankruptcy Counseling
A debt-burdened consumer files for bankruptcy if he or she has no money, according to the constitutional right of American citizenship, filing for bankruptcy should not be expensive and the debtor should be able to afford it. The basic question ruling everyone’s mind is, Can bankruptcy be filed for free?
Free bankruptcy services, are they really available?
Is it really possible for a debtor to file for free bankruptcy services? Well, in theory it’s YES. But in the real world the answer for the debtor is NO. The court filing fees for Bankruptcy is $300 and other additional charges are also included. The lawyers groups and their association have established some aid programs which allow the debtors to file for bankruptcy for free, but only a handful of debtors qualify for this program.
One more option available to many American debtors is to save money while filing for bankruptcy. This involves filing with the help of kits, competent legal manuals and trustworthy debt relief agencies. This will help to reduce the total cost suffered by the debtors. Bankruptcy counseling is also available at low cost and the debtors can opt for these better prospects.
Chapter 7 bankruptcy:
Chapter 7 bankruptcy is also called as straight bankruptcy and it’s associated with the liquidation process. Here all the non-exempt property is turned over by the debtor to the trustee, who then auctions it to avail cash, which is distributed amongst the creditors. This complete process takes around four months and the debtors than receive a discharge. If the debtor has no possessions than Chapter 7 will provide that person a “Fresh start”. A debtor can file chapter 7 bankruptcy and it’s the quickest and the simplest process. It’s available to corporations, partnerships and married couples.
Chapter 13 bankruptcy:
The aim to file chapter 13 bankruptcy is to repay all or some debts. It involves the process of restructuring debts where debtors are allowed to use existing sources of income to pay off their creditors in the future. Thus only those debtors who have regular income can file for chapter 13 bankruptcy, Filing bankruptcy online can also be done in this process and it’s very easy and quick.
Get your free counseling on filing for bankruptcy at Bankruptcyonly today!
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