Bankruptcy can be an expensive process. When credit counseling fees, court expenses, and payment plans add up, the price of a bankruptcy is enough to make many people feel overwhelmed. However, when filers fully understand the process, it may seem easier to cope with. Each type of bankruptcy has filing costs that are enforced by the US Trustee’s office. However, to help those in desperate need of financial relief, there are different methods of payment.
If you are looking to file bankruptcy, a knowledgeable bankruptcy attorney can help you with legal advice today. Contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC today at (205) 324-4000.
Different Ways to Pay
By offering different methods of payment, the government has alleviated some of the burdens of bankruptcy. Without these different options, debtors would be subjected to payments that may not be plausible, given their dangerous financial situations. The following are plans established by the government and available to those who qualify:
A direct lump-sum payment
A structured, personal payment plan worked out between debtors and US trustees
Wage garnishment, which could run up to three years
These types of payments can help debtors work through the bankruptcy process, allowing them to get to a point of paying off their creditors as quickly as possible.
Determining the cost of bankruptcy is an important first step in developing a plan to work through your outstanding debts. By consulting with a trustworthy bankruptcy attorney, you can begin to better comprehend the kind of expenses caused by bankruptcy. Contact the Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC today at (205) 324-4000.