A Bankruptcy Conundrum

Doesn’t it seem ironic that with the passing of the new bankruptcy law, it’s now even more expensive to file bankruptcy? The fact of the matter is this: you’re broke and your bank account is tapped and now you have to figure out just how you’re going to pay for your bankruptcy fees. Talk about kicking a person when they’re down…

The initial cost of filing has gone up and it’s now mandatory to pay for credit counseling prior to filing as well. Not to mention increased bankruptcy lawyer fees due to the new deadline and additional paperwork. But the good news is that there is hope for those that are so financially strapped that even filing bankruptcy seems out of reach.

First of all, think about borrowing some money from a trusted relative or friend. Granted, no one like to be “that guy,” you know, the one that is always looking for a hand out? But, desperate times call for desperate measures, right? If this is not an option for you, think about cashing in any stocks you have or taking out some of your retirement account to pay the fees. Whatever measures you have to take to file, including getting a second job or using your tax refund, keep in mind that the end result will make it all worth your while.

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