The process of bankruptcy – Know the details that matter

Filing for bankruptcy to get discharge from your debts can be a costly process. You need to know the details before looking into purchasing a home. The court will charge you a compulsory fee. This amount will be $200 for a Chapter 7 case and $185 for a Chapter 13 bankruptcy. You don’t require paying any money when you are filing the case. However, you have to make payment within a period of time of filing it. You can set up payment plan for the fees.

If you hire an attorney, then you may have to pay attorney fees also. Usually you have to find bankruptcy lawyers to help you go through the process as it can be quite complicated and confusing. However, you can file bankruptcy by yourself also. You can find instruction manuals and do-it-yourself kits available at stationary stores and book stores which approximately cost about $25. However, it is recommended that you don’t file a bankruptcy by yourself. You should remember that every case is different and you might lose valuable assets and rights if you don’t know for sure what you are doing. The people at the bankruptcy court will not be permitted to guide you or advise you on your case.

Generally a Chapter 7 is easier than a Chapter 13 bankruptcy. However, even Chapter 7 can have its fair share of complications with legal problems that you wouldn’t know how to handle. Thus the best thing for you to do would be to consult an attorney who is experienced. There are only a handful of people who have been able to complete a Chapter 13 without the help of an attorney. Before you consult an attorney ask for his experience and whether there will be any cost for initial consultation. You should make sure that you get in writing the amount he will charge or representing you and what are the services that would be included in the fee.

You can also get a number of non-lawyers who prepare documents for bankruptcy in return for a fee. Generally you should avoid using such services. Since these people are not lawyers, their work is not checked by anyone such as Bar Association which oversees the work of lawyers. In most cases you can hire a legal attorney only at a slightly greater cost that what you would be paying these non lawyers. Instead of losing your money to someone who gives you no guarantee to handle your case properly, you can check the fees of different attorneys before settling for one.

Before looking into buying a home in Ruidoso, know the facts if you have dealt with a bankruptcy. We want to get you into homeownership quickly and safely! Be sure to contact us for all Ruidoso real estate.

---