Here's what you need to know if you're considering filing for bankruptcy because of coronavirus (via CNBCMakeIt)
that you may be facing foreclosure or eviction. With this type of bankruptcy, you generally don't have to sell off your property to pay your lenders, but instead work to pay off your debts through a court-approved consolidated repayment plan that runs for a set period of time, typically three to five years. At the end of that period, any remaining unpaid debts are discharged.
If you hire an attorney, that's an additional expense. For a Chapter 7, you can expect to spend between $1,500 and $2,000 in legal fees, depending on the complexity of your case, Tadross says. These fees need to be paid before the Chapter 7 is filed in court to avoid any issues with your attorney becoming another creditor.. That's because many Chapter 13 bankruptcies can take up to five years to resolve, and the attorney will need to continue to manage your case.
If you file a Chapter 7 bankruptcy and receive a discharge of your debt, you can't file again for eight years. If you file for Chapter 13, you'll need to wait. If you want to re-file for Chapter 13 bankruptcy again, the waiting period is two years. Filing for bankruptcy is often seen as this admission that "I'm a failure," but that's not usually the case, he says. And while it's a step most people don't want to take, bankruptcy can provide a lot of relief if done right.
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