I'm in chapter 7 right now - sm Posted: Apr 8th, 2016 - 1:12 pm In Reply to: Bankruptcy head count - Chapter 7 or whatever
Chapter 7 for me costs $1250. I paid the attorney with the money I would otherwise have paid on credit card payments. I'm keeping my car payment, which will be paid off in December. I had to include it in the BR and sign a "reaffirmation letter" promising that I'd continue making payments.
You do the same thing with your mortgage and rent. I rent, so I signed a reaffirmation letter that I'll continue my lease as is.
I'm using a bankruptcy attorney at a local privately-owned law firm; not one of the companies that advertises on TV. My attorney ONLY does bankruptcies, just like those advertised companies.
A chapter 13 for me would be dreadful. You have to give the bankruptcy trustee your money, and THEY pay your bills, and you have no control over it. I have 2 friends who did chapter 13 and they were miserable.
Chapter 7 leaves you free and clear. I'm not letting myself get down about it. It would be easy to feel like a failure, but I'm not. And neither are you.
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