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Many Americans too broke to afford bankruptcy

Posted on Thursday, May 10th, 2012 at 8:56 pm    

Nearly 200,000 to one million Americans are expected to forgo filing for bankruptcy because they cannot afford the necessary fees. According to the National Bureau of Economic Research, the average cost of filing for bankruptcy is $1,500.

The price of filing for bankruptcy has increased since Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005. It was aimed to lower the number of bankruptcy filings, but it has instead added more paperwork, which means more time and more money.

However, the increasing prices should not encourage people to file for bankruptcy on their own. One mistake can have the case denied, which will seriously hurt your credit.

If you are considering filing for bankruptcy protection, contact the bankruptcy lawyers of the Law Office of Russell Van Beustring, P.C. at 713-973-6650 today.

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