If you're at the point where you're considering bankruptcy, chances are you can't afford to add any items to your budget at this point. In fact, you may be worrying about the cost to declare bankruptcy. After all, if you can't find the money to pay for your bills on a monthly basis, then how on earth are you going to find the resources to pay your lawyer along with the court filing fees?
Well, the first point to look at is what the actual cost is. The court filing fee for chapter 7 bankruptcy is $274, while the fee for chapter 13 filing is $189. Remember that chapter seven bankruptcy is intended to wipe out your debts completely, will chapter 13 established as a repayment program for the next few years.
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When you consider the benefits from filing along with the fact that you're getting a second financial start, the fees really are not that high. Still, you may have trouble imagining where you're going to get the money to pay for these basic filing fees, not to mention legal fees.
Remember the whole point of filing chapter seven bankruptcy is to eliminate your debts. True, some debts may not qualify for discharge under chapter seven personal bankruptcy. These include most student loans, child support payments, and Federal income taxes. However, most people file for bankruptcy because of other unsecured debts such as credit card bills and medical expenses. These are usually wiped out if you're bankruptcy case is successful.
So if that's the case, this will definitely free up your funds so you should be able to pay for your legal expenses more easily. Even if you end up filing chapter 13 bankruptcy, the repayment program may make it easier for you to pay for legal costs.
Also, it helps to learn as much as possible about personal bankruptcy before you visit your lawyer for the first time. Continue to read articles like this one, and get all of your financial records in order. Consider reading a book about bankruptcy as well, and remember that you can use your local library or a used bookstore to save money. Be prepared to answer your lawyer's questions, because this can reduce the workload for your lawyer. Less work usually means lower fees for you, so this is one more way to help you cover the legal costs associated with bankruptcy.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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