Is it possible to file for bankruptcy after paying off your debts?
Jan Meriss Alfonso Assistant at Ascent Law LLC If you have already paid off your debts and are still struggling, you may be wondering if you should file for bankruptcy. Bankruptcy is a legal option, and you can keep certain types of debts even after filing. Here are some things to keep in mind before making this decision. Chapter 7 bankruptcy If you are in serious debt and are considering Chapter 7 bankruptcy, it is important to know what you can expect from the process. Although filing for bankruptcy isn't free and it is not a quick solution, it can help you get out of debt and avoid filing again. There are some important things to remember, however, and here are some tips to follow. First, you must be able to pay the court's filing fees. Chapter 7 bankruptcy is less expensive than filing for Chapter 13 bankruptcy, and the process does not take a long time. Usually, your debts are cleared within four to six months of filing. The filing fee for Chapter 7 bankruptcy does not i...