' How to File Bankruptcy with No Money - Law Offices of Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What to Do If You Have No Money to File for Bankruptcy

How To File Bankruptcy When You Have No Money In Florida.Money to File Bankruptcy

It comes as a surprise to many people that filing for bankruptcy is not free.

How can that be? If someone is struggling financially how can he or she afford to pay to erase debt?

The truth is, many people assume they cannot afford to file for bankruptcy so they don’t take the next step. They allow their financial situation to worsen and they put their assets at risk. And if they do file, they opt for a so-called free or low-cost option that ends up costing them more in the long-run than their other options.

The first thing you need to understand is that filing for bankruptcy is a serious step in improving your financial situation and you should be as smart about it as possible. It is best to work with a professional, experienced bankruptcy attorney.

So what should you do if you don’t think bankruptcy is affordable but you know it is the best option for you?

Bankruptcy Options

First, it’s important to understand the different types of bankruptcy available. It’s cheaper to file for Chapter 7 then it is Chapter 13 because you won’t be committing to a repayment plan. In Chapter 13, you’ll be repaying all or a portion of your debt, which means it’s going to cost you more.

To file for Chapter 7, you must first take a means test and qualify. Not everyone is eligible for their preferred type of bankruptcy, check out this information from Credit Karma.

Feel free to take the free Chapter 7 calculator below if you want to estimate whether you pass the means test and qualify for a Chapter 7 bankruptcy.

Bankruptcy Automatic Stay

Next, you’ll want to understand how the automatic stay works. Chances are if you are dealing with debt you are getting calls from debt collectors on a regular basis. Most people get several calls throughout the day, in addition to other demands.

And if you’re like most people, you pay what you can when you’re able to scrape together a bit of money. You might not be able to pay a debt in full, but creditors will pressure you to send them what you have – so out goes the occasional $50 to $100 you have at the end of the month to the most demanding creditor.

The automatic stay stops this and makes it so creditors are legally restricted from contacting you. This means you won’t feel pressure to pay that little bit of extra money and you’ll be able to save it and use it toward the cost of filing for bankruptcy.

Speak to a Bankruptcy Attorney

Your final option for dealing with the cost of filing for bankruptcy is to speak to a bankruptcy attorney about your situation. Some attorneys are willing to work with you regarding the cost of filing. You’ll still need to pay the entire fee for filing with the court, but you might be able to work out a payment arrangement with your attorney.

The important thing is to explore your options and find out what you can do to make bankruptcy work for you.

For more information or to schedule a time to discuss your financial situation with an experienced bankruptcy attorney, contact the Bankruptcy Law Office of Robert M. Geller at 813-254-5696 to discuss your situation or schedule a bankruptcy lawyer consultation appointment online today.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

How Often are Bankruptcies Denied?

Bankruptcy offers a lifeline for people drowning in debt. It provides a chance to start anew and regain financial stability....
Read More

How Much Debt Should I Have Before Considering Bankruptcy?

Dealing with overwhelming debt and financial hardship is difficult. The prospect of bankruptcy may offer a path toward relief, as...
Read More

How Long Does Chapter 7 Bankruptcy Take to Discharge?

Chapter 7 bankruptcy offers a fresh start and a path toward financial stability for people struggling with debt. But when...
Read More

Does Business Bankruptcy Affect Personal Credit?

Does Business Bankruptcy Affect Personal Credit? For entrepreneurs and business owners facing financial challenges, the prospect of business bankruptcy can...
Read More

Can I Get an Apartment After Filing for Bankruptcy?

Filing for bankruptcy often feels challenging and overwhelming. It also raises a variety of concerns. One of the most common...
Read More

Are SBA Loans Dischargeable in Bankruptcy?

Navigating the complexities of Small Business Administration (SBA) loans and bankruptcy can be a daunting task for many business owners....
Read More

How to Get Bankruptcy Off of Your Credit Report

Rebuilding financial health after bankruptcy is challenging, but that doesn’t mean filing is worth the effort. One common concern for...
Read More

What Happens When You File for Bankruptcy?

Contemplating bankruptcy is a significant decision that comes with many questions. If you're considering filing for bankruptcy, it's essential to...
Read More

Can I File for Bankruptcy If I Have a Job?

Many people considering bankruptcy are unemployed or know that unemployment is imminent. However, this isn’t always the case. In some...
Read More

Can Bankruptcy Stop Foreclosure?

Many people face the distressing prospect of foreclosure on their homes. If you find yourself in this situation, it's crucial...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions