This year, up to 1 million broke Americans are expected to be too financially destitute to file for bankruptcy, reports cnn:
The average cost to file for Chapter 7 bankruptcy protection, the most common form of consumer bankruptcy, is more than $1,500, according to recent research submitted to the National Bureau of Economic Research.
As a result, anywhere between 200,000 and 1 million consumers are estimated to be unable to afford that steep cost this year. …
That means many of the Americans who have seen their debt snowball out of control due to events like job loss, foreclosure or a medical emergency during the economic downturn are now left without their last financial lifeline .…
But in case you are thinking about saving by skipping the expensive attorney fees, cnn warns:
