When it comes to bankruptcy, there are many options available to people contending with mounting debt. One such option is commonly referred to as a no money down or $0 down bankruptcy, and understanding just how this option works is crucial to making an informed decision. In Stuttgart, AR, the Bueker Law Firm can assist local clients with this and many other pressing financial questions, which is vital for getting back on track in terms of your financial future.

Your Guide to No Money Down Bankruptcy

What Is $0 Down Bankruptcy?

$0 down bankruptcy involves the repayment of attorney’s fees when filing for different types of bankruptcy. For instance, when filing for Chapter 7 bankruptcy, attorney’s fees would need to be filed before the process takes place. This is not the case with Chapter 13, however, which entails bundling associated attorney’s fees into the larger repayment package. In this case, you must make payments on time for the duration of the term to keep current on debt.

Is It Really a Good Option for You?

In most cases, the $0 down option can actually be detrimental to people mired in debt. While Chapter 13 can be a good option for many people, if your case is better suited to Chapter 7, meaning you have little to no assets and disposable income, you should pursue that option. While you will save on attorney’s fees initially, you could be facing even more debt down the line. If you fail to meet Chapter 13 obligations after filing, your financial situation is bound to become even more untenable, which defeats filing for bankruptcy in the first place.

If you live in Stuttgart and want more information on your bankruptcy options, the Bueker Law Firm is poised and ready to help. Schedule a consultation with a bankruptcy lawyer today by calling (870) 673-1313. If you’d like to learn more about this firm and the skilled and knowledgeable legal team, visit them online.