Chances of going bankrupt

If you don't have the money for a lawyer retainer or court costs, find a lawyer who will pay those fees in advance for you. When I was thinking of filing for bankruptcy in the past, I contacted an attorney's office who paid all court costs and all fees were deferred until I could get back on my feet. I think I would have only had to pay $50 to get the ball rolling. Plus, since I would no longer be paying on any of my bills, I would then be able to start paying the attorneys' fees and court costs back once the bankruptcy proceedings were initiated.

Look in your phone book for bankruptcy attorneys who defer their costs.

However, have you thought about debt consolidation? For many this is a better alternative to bankruptcy and with the new bankruptcy laws that are in effect, you are required to try a debt consolidation program for 6 months prior to be allowed to declare bankruptcy.

Hi rtaxron

Before filing bankruptcy, you can explain your situation to your creditors and arrange for some extensions. If they are willing to work with you, you won't need to file for bankruptcy even.

Most of the credit companies are willing to work with the consultants in the consolidation program. So, you can try out that avenue also if you are unable to make the payments on your own.

Gretchin: That is another good idea. If you don't want to do credit counseling, try doing it on your own. Most credit card companies will work out a payment plan or lower your interest and you can do it on your own since debt consolidation does tend to hurt your credit score.

rtaxron: You should use bankruptcy as an absolute last resort. BUT if after you've checked into other avenues, such as contacting your debtors yourself or speaking with a debt consolidation company, and you don't feel that is going to work for you, you can find an attorney out there who will take your case and defer the fees.

Keep in mind though that the bankruptcy laws were just changed last year and it is much harder to file bankruptcy now because of the added requirements that have been imposed. You should check out all your options first and then make a decision that is best for you.

Rtaxron-Have you taken advantage of the free counseling on this forum,if not please sign up. They may have a solution to your problem you haven't though about. Also please read the section on bankruptcy here in the forums and read what others have gone through and say,it may help you. If it comes down to it,there are legal aid offices in every state you can look into for bankruptcy. Try to make this your last choice until you talk to someone to see if there are other solutions. Godd luck,keep us posted :D ...Karen

you could also do it your self. If you contact the court, they can point you in the right direction to get started. but filing fees etc. would still need to be paid upfront to proceed.

If you do decide to do it yourself, please make sure that before you get into it, you research the laws or buy a book or a kit with instructions on how to fill out the forms and that have the laws in "plain" english. You don't want to try to do it yourself without being prepared.

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http://community.debtcc.com/diy/index.html