How much does it cost to file a chapter 7 bankruptcy and how does it affect the home buying process?

Asked about 3 years ago - Portsmouth, VA

Have one bad charge off on credit and the amount is damaging my credit. Tried to dispute it because the balance is incorrect but they wont do anything about it.

Attorney answers (5)

  1. Mitchell Paul Goldstein

    Contributor Level 20


    Lawyer agrees

    Answered . Did you dispute it with the credit bureaus? Did you provide proof that the listing was wrong? Unless the change affects your credit, there are no damages here. How it affects you depends on the rest of your credit history and how old this debt is.

    The cost to file depends on the specifics of your case. I have many terrific colleagues in your part of Virginia who can help you. See one of them. You can find them through the National Association of Consumer Bankruptcy Attorneys. Maybe there is an alternative for you.

    Good Luck.

    Mr. Goldstein is a Virginia-licensed attorney only. The information is not, nor is it intended to be, legal advice.... more
  2. John Gerth Merna


    Contributor Level 15

    Answered . The cost of a bankruptcy depends on the difficulty of the case. As with most attorneys, we offer a free consultation in our Virginia Beach office to sit down and figure out what your bankruptcy options are.

    Your negative credit score as a result of bad credit is as much an impediment to purchasing a home as a bankruptcy is. The difference is you still owe for the charged off debt and it could come back eventually to collect on the debt through garnishment, liens or levies.

    If you would like a free consultation to find out indepth what can be done and the cost, my contact information is below.

    John G. Merna
    The Merna Law Group, PC
    Tel: 757-340-4070

    This answer in no way creates an attorney-client relationship. The answer is not a complete answer and requires... more
  3. Theodore Lyons Araujo


    Contributor Level 20

    Answered . Bankruptcy will affect people differently depending on all of their other financial criteria. Usually banks will use a bankruptcy to disqualify someone from getting an FHA gauranteed mortgage for two years from the date of the BK. Other banks have different policies. If you have a 20% down payment there are banks that will not consider the credit report and bankruptcy when giving the loans and there are always private sources of loans.

    Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and... more
  4. John P. Brooke


    Contributor Level 10

    Answered . Generally in New York the attorneys fee to file a chapter bankruptcy varies from $1,000 to $2,000 plus filing fees of $306. I usually charge on the lower side because I have less overhead expenses and I understand that people filing for bankruptcy usually don't have too much money. That being said, I would call local attorneys and ask for free consultations over the phone and also ask them what they would charge for your case.

    This answer is to be considered general advice and may not be the actual law in your jurisdiction. It also does... more
  5. Nicholas I Fuerst

    Contributor Level 13

    Answered . Most Attorneys offer a free consultation after which, based on your case, they will quote you a fee.

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.


Ask now

25,409 answers this week

3,227 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

25,409 answers this week

3,227 attorneys answering