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MeanGirl1997

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Can I keep my car, and how much does the bankruptcy cost and how long does it take ?

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Top Contributor
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thats a loaded question.

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there are many variables to take into account.  

Depends on the type of bankruptcy you qualify for and the amuont and type of debt you have.

The costs are around $300 to file,  plus attorneys fees, those generally run a few thousand to several thousand dollars depending the amount and complexity of your debt. Also you can count on several trips to attorneys offices and Bankruptcy Courts,  (think lost wages, 40-50  hours on average)   You'll be allowed to keep a car and house along with the associated loans in most cases, But you could be required to sell everything else right down to your  computer, TV and Xbox  to pay off as much as the debt as possible before granting the bankruptcy, but not always.  

You wouldn't want to file if you could possibly pay off the debt your self.  The negitive effects will stay on your Credit report for 10 years.  

 An Attorney I have spoken to recomend, as a rule of thumb, not filing unless you owe more than your annual income in unsecured debt and it will cost about 10% -20% of what you owe. 

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