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Handling the Costs of Your Bankruptcy

Individuals that are filing for bankruptcy are doing so because they are at the end of their rope when it comes to being able to deal with their debt. In most cases they have creditors that are constantly hounding them for payment which they just simply cannot meet.

Money Well Spent

Going through a bankruptcy becomes an option for them but the concern on how to pay for this is the next thing that they are faced with. It is highly important that individuals use an experienced Louisville bankruptcy lawyer, and of course this cost money.

What can be done is that the payments can be spread out over time before the filing of the bankruptcy even takes place. As soon as a bankruptcy attorney has been retained then Federal Consumer Protection kicks in. This means that now the creditors can no longer contact the individual directly. This does put a stop to the harassment and at the same time now the individual can begin to make the necessary payments to their bankruptcy attorney.

There is also a bankruptcy filing fee that has to be paid and in many cases the courts will allow this to be done in instalment payments. Usually it is broken down into a maximum of four payments where the last payment must be made within 120 days after filing for the bankruptcy petition. In some cases the court may extend this if there are valid reasons for doing so.

Something else to consider also is if you have a tax return coming to you then you can use this money to pay your bankruptcy attorney. The best the thing to do is to discuss the various payment options with your chosen bankruptcy lawyer to help you get a payment plan in place so that you can move ahead with your debt relief.

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