Are you checking bankruptcy fees and comparing it with the debts that owe? Is it much practical to file for bankruptcy? You should consider filing for bankruptcy if the amount of your debt is more than the cost of bankruptcy fees. This will give more opportunities for you to arrange your finances and clear off your debts.
Bankruptcy fees depend on what type of bankruptcy you will be filing for. Chapter 7 bankruptcy, which is the easiest bankruptcy to file, would cost you $299 to file bankruptcy case. On the other hand, chapter 13 bankruptcy filing fee is $279. A chapter 13 bankruptcy is much more complicated to file. Federal Court handles bankruptcy cases with involves more than $50 million of assets and the bankruptcy fee for this case is much higher.
The only way you can try bargaining the cost of filing for bankruptcy is with the bankruptcy lawyer that you will hire. Different lawyers have different rate and charges when they handle bankruptcy cases. Some bankruptcy lawyers will charge you based on debts and your financial situation. Try consulting different bankruptcy attorneys in your state. Consultations are offered for free. Know how much they will be charging you and what is their success rate when handling a bankruptcy case. The cost of hiring a bankruptcy lawyer could be $700-1500.
If you really don’t have the means to pay for a bankruptcy lawyer, some states have bankruptcy lawyers who practice their profession without charging clients. Although these lawyers might still lack the capabilities of a good bankruptcy lawyer since they are practicing, you will be represented in bankruptcy court and will be guided on filing the bankruptcy case. It is not required for you to have an attorney but having one will make the situation easier for you.
Filing for bankruptcy will cost you around $1,099-1,900. If you are in financial crisis, it will be hard to raise this amount. You should study your financial situation first and think of other options available first before considering filing for bankruptcy. This should be the last option that you will consider to get free from your debt.
