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 Bankruptcy0%Severe Credit Impact and costs