Dealing With The Cost Of Bankruptcy

Whenever an individual decides to take the route of bankruptcy there is a very emotional response to that decision. It can be a very frightening proposition from the outset with a ton of uncertainty. When doing your homework in an effort to determine if that is the right choice for you personally, a factor you have to consider are the fee’s that are required to pay in order to file for bankruptcy protection.

The fees vary from state to state so it is incumbent on the individual to find out exactly what the associated costs are in your particular state. The fees range from between $900-2000 in some less complicated Chapter 7 filings up to possibly $5000 if there are many assets or a business involved.

Again, contingent on the complexity, a Chapter 13 could cost as much as $2000-$5000 for attorney’s fees. On top of these fees there are also other costs such as filing costs from the courts which are around $300 or so.

Other fees associated with bankruptcy such as the credit counseling course and the debtor education course will need to be paid as well. That is the bad news. The good news is that many attorneys will allow the debtor to make payments to cover their fees. One has to consider the relief they will get from the bankruptcy filing and not be frightened off by the fees associated. For many the opportunities to recover will far outweigh the fees that are necessary. Do your homework and decide if the option is right for you and be sure to choose a reputable bankruptcy attorney to assist you.