How Much Money Does it Cost to Declare Bankruptcy?

You may be considering bankruptcy as a way to solve your debt problems. This is certainly an option that you should consider if you're facing an overwhelming amount of debt and don't see any other way out. Of course, you should speak to a lawyer and not rush into things prematurely. However, if you decide to go this route, you may be wondering how much does it cost to declare bankruptcy.

You have to pay the court a fee of $274 when filing chapter seven bankruptcy, while the fee for chapter 13 bankruptcy is $189. Chapter seven bankruptcy, by the way, is what most people are looking for since it aims to wipe out your debts completely. Chapter 13 bankruptcy, on the other hand, establishes a repayment plan for you to pay off your debts over time.

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At first glance, this doesn't seem like a very large amount to pay in order to get a fresh start financially. Of course, if you're looking to declare personal bankruptcy, then any expense is going to be significant for you. Still, the above fees are not outrageous considering what you're getting in return, which is a second chance in your financial life.

When it comes to paying for your bankruptcy proceedings, the problem may not lie so much with the court fees. After all, the main fees you'll have to worry about are your lawyer fees. As we all know, legal fees can be expensive, and the recent changes in the bankruptcy code have made things more complex. This may mean more work for your attorneys, which can translate into a higher cost for you.

This may be discouraging for you, and you may think that you will not be able to pay for the bankruptcy process. At this point you might be wondering how to get out of credit card debt (or other kinds of debt for that matter) through some other means. However, if you and your lawyer have decided the bankruptcy is the best option for you, you shouldn't despair over the cost.

The first thing you should remember is that filing for bankruptcy will automatically put your debts on hold, and your creditors will not be able to contact you until your case is finalized. If you were successful in wiping out your debts, you won't have to worry about these anymore. Getting rid of these other debts should clear up enough funds for you to pay your lawyer fees (especially if you work out a payment plan with your attorney).

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