With the cost to file bankruptcy over $1,000, it can be hard to imagine being able to afford the costs to file. There are some strategies that can help you save the money to pay the fee to get your debts discharged so you can be free of the overwhelming debt. When filing for debt protection is an urgent matter, such as if you are facing foreclosure and want to use Chapter 13 to enable you to catch up on your missed payments, borrowing money may be your best option. You may consider borrowing from family and friends or even taking out a high-interest loan to pay for the costs of your filing.
If your debt does not need to discharged immediately, saving money may be the best answer for you. Bankruptcy Attorneys in Des Moines recommend that you don’t save your money in your personal bank account. Some people who owe debts have had their bank accounts seized by creditors and lost the money they were saving to pay their attorney. By saving the money in cash in your home or depositing it with your Bankruptcy Attorneys in Des Moines, you can ensure the money is safe when you are ready to file the documents with the court.
Another problem many people have is that they use all of their money to make the minimum payments on their bills, leaving no money left over to save. Your Bankruptcy Attorneys in Des Moines may recommend that you stop paying the debts that you hope to get discharged in order to save for the filing fee. Making minimum payments won’t reduce your debt by much and if you are going to file to have the debts discharged anyway, skipping the payments is a better investment of your money. As soon as the paperwork is filed with the courts, creditors are required by law to stop contacting you regarding the debts. If you are able to save enough money to pay your Bankruptcy Attorneys in Des Moines within a few months, you may be able to avoid any serious collection action such as lawsuits and wage garnishments.