bankruptcy after marriage

bankruptcy after marriage

The cost of the bankruptcy will affect you in a number of different ways. There is the real cost of filing for bankruptcy, the legal Advice and fees you will pay, and probably the increased costs of credit and insurance premiums over a longer period after the bankruptcy.

Cost of Bankruptcy – Filing Costs

The cost of filing bankruptcy are actually quite small and are as follows:

Chapter 7 – $ 299

Chapter 13 – $ 274

Cost of Bankruptcy – Legal advice and expenses

They are likely that the assistance of an attorney, bankruptcy. There are also new rules that require a credit counseling course before bankruptcy. Typical costs for these Go in the region of $ 700 – $ 2000

Getting Credit After Bankruptcy and Insurance

Your bankruptcy will be on your records for 10 years (or stay 7 years for Chapter 13). During this time you will find it much more expensive to obtain credit, including mortgages (in Chapter 7 Bankruptcy will probably be impossible) to get a mortgage every 2 years. In the current climate, you may find it hard to take out a mortgage at all to get. Insurance companies will use the credit records, and look at the people entering bankruptcy have had a higher risk. This way, your premiums will become increase.

The emotional cost

It is much less stigma attached to bankruptcy than his earlier, but it is still there. The impact on your family and relations could be significant, you will surely find out how strong your relationship. If you've kept hidden debt from your family then the double shock of declaring bankruptcy is also a lot of marriages push to breaking point.

About the Author:

If you want more free information then visit Neil Douglas-Campbell’s site, This site provides debt advice and information from someone that has been in a debt crisis situation and is now debt free.

Article Source: ArticlesBase.comThe Cost of Bankruptcy – Don’t Expect it to be Small

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