Sometimes, there are life situations that leave you broke, with no money at all. Such moments include loss of a job, unexpected illness or accident, divorce, among other occurrences. If not lucky, you can suffer two or more disasters, leaving you with no option but to file for your bankruptcy.
With bankruptcy law, commonly known as chapter 7 in the US, you can give your creditors a chance to either clear off your credit record or plan how you can pay for the outstanding debts. At times, you may be left with nothing at all, even for filing these bankruptcy proceedings. If you are in such a situation, then this article is here to give you other available options you can use. Some of the choices you can use to file for 0 down bankruptcy include:
Having a discounted or Pro-bono assistance
Some states, especially in the US, provide individuals who are broke or living below the poverty line, pro-bono services. If you happen to live on these estates, you can be eligible for these services provided by legal societies or bar associations. You can use these to file for your 0 down bankruptcy.
What is judgment proof? In this situation, you only need to write a letter to your creditors informing them that they should not contact you to recover their debt. This situation only covers individuals with less or no properties and solely depends on income from pensions or social security services. If all that you own only adds to $2000, you will benefit from this judgment proof. However, you don’t need to go through this if your situation might improve in the coming few years.
Wave the Bankruptcy fees
If the above aren’t fit for your case, you can quickly write to the courts to completely wave or discount your bankruptcy fees. This decision will, however, depend on the court handling your case and other variations.
Have payment plans with your attorney
When filing for chapter 7, the most expensive fees are usually the commission you pay to the lawyers. Most attorneys in such cases demand a deposit since they may not recover their charges when closed. Talk to your attorney and plan to pay them in installments. These might include a deposit and a few monthly payments according to the agreement.
Depositing your paycheck to the bankruptcy attorney
This idea is only applicable to the employed. If you get a paycheck, you can deposit it to your bankruptcy lawyer and make him file the bankruptcy case for you. Once the claim gets submitted, the only person you will be left to pay is the bankruptcy lawyer, whom you can settle his commission using the paycheck.
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