Average payback $0.00 (but costly)

Trustee fee (generally avg. $1500-2500).

Many other possible fees that could move into the thousands depending on your situation.


  • - All unsecured debt eliminated (some exceptions apply)
  • - Collection activity stops
  • - Legal action stops


  • - 7+ years on credit file
  • - Public record
  • - all unsecured debts must be included
  • - Loss of future opportunities (i.e. most employers pull credit reports as do landlords).
  • - Assets can be seized
  • - Tax refunds Kept while bankrupt
  • - Earnings are limited based on household members and if you earn more than the allowed amount typically ½ that is taken and sent to creditors
  • - Any win-fall or inheritance may be seized
  • - Each month, you must report your household income and living expenses to ensure you’re not making more than you are allowed while in the bankrupt state.
  • - If you borrow more than $500, you must tell the lender that you are bankrupt.
  • - You may not be a director of a company.
  • - You may have to surrender assets (i.e. car, excessive belongings over allowed amounts.)


  • Average Bankruptcy
    Severe Credit Impact and costs