Declaring Bankruptcy and the Costs You'll Need to Deal With

If you're facing debt problems that you can't handle, then you might consider declaring bankruptcy. When all other measures fail, you'll have to talk it over with your lawyer. But after assessing your financial status and giving up all hope of recouping the losses, you might wonder: How much will declaring bankruptcy cost me?

If you file under Chapter 7 bankruptcy, you'll have to pay a court fee of $274. If you want to file under Chapter 13, then you'll have to pay $189. Most people file under Chapter 7 since it can clear their debts entirely. Chapter 13 mostly focuses on creating a repayment plan that can resolve your debts bit by bit until they're eliminated completely.

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You might think that these amounts may be outrageous, especially since you're already cash-strapped to begin with. But think of what you'll be getting in return once you've declared bankruptcy -- a fresh start for your financial life.

When it comes to the cost of bankruptcy proceedings, you may have to focus your attention more on lawyer fees than court fees. Legal fees can be overwhelming, considering that recent changes in the bankruptcy code have made it more complex. This means a lot more work for your attorneys, thus the high professional fees.

Although such a hefty fee might be discouraging, you must listen to your lawyer's advice. After you've exhausted all other means to pay your debts, your lawyer will suggest filing for bankruptcy. It's your best option at this point, and you shouldn't be bothered by how much it will cost you when you know it will benefit you in the long run.

Filing for bankruptcy will put all your debts on hold, and your creditors cannot contact you until everything is finalized. Once you've succeeded in eliminating your debts, you won't have to worry about them anymore. Without your debts, you should have more than enough to pay your lawyer's fees, especially if you worked out a good payment plan.

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