So how much does it cost to declare bankruptcy, anyway?
Are you worried about how to pay for bankruptcy in order to get out of debt? Well, first of all you need to make sure that you have chosen bankruptcy after careful consideration and not simply out of panic. Talk things over with your family and a bankruptcy lawyer before you make the final decision. Still, once you have done that, you are left with the matter of having to pay for all of this.
Well, the cost of bankruptcy depends on which kind you will be filing. You're probably planning to file chapter seven bankruptcy, which is the kind that tries to eliminate your debt entirely. Chapter seven cost $274 at the time of this writing. The price for chapter 13 bankruptcy, which creates a payment plan for your debt, is currently $189.
This may or may not seem like a large amount to pay. On the one hand, you're getting a chance to get on top of your debt and get some breathing room, so to speak. Still, if you've come this far in your financial journey, then you probably don't have much money to speak of. This can make it quite difficult to cover the costs of a bankruptcy case.
It is important to point out, however, that the filing fees are not the only cost that you have to worry about when it comes to bankruptcy. You'll also have to pay your lawyer.
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.
Are you worried that you will not be able to pay for the fees associated with bankruptcy? The real question is whether you have talked things over carefully with your family and asked a good lawyer for advice. If you're sure the bankruptcy is necessary, then don't let the costs get in your way.
The good news is that once you file for bankruptcy, the bill collectors have to stop contacting you (at least until your case is over). This is the law.
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).
Well, the cost of bankruptcy depends on which kind you will be filing. You're probably planning to file chapter seven bankruptcy, which is the kind that tries to eliminate your debt entirely. Chapter seven cost $274 at the time of this writing. The price for chapter 13 bankruptcy, which creates a payment plan for your debt, is currently $189.
This may or may not seem like a large amount to pay. On the one hand, you're getting a chance to get on top of your debt and get some breathing room, so to speak. Still, if you've come this far in your financial journey, then you probably don't have much money to speak of. This can make it quite difficult to cover the costs of a bankruptcy case.
It is important to point out, however, that the filing fees are not the only cost that you have to worry about when it comes to bankruptcy. You'll also have to pay your lawyer.
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.
Are you worried that you will not be able to pay for the fees associated with bankruptcy? The real question is whether you have talked things over carefully with your family and asked a good lawyer for advice. If you're sure the bankruptcy is necessary, then don't let the costs get in your way.
The good news is that once you file for bankruptcy, the bill collectors have to stop contacting you (at least until your case is over). This is the law.
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).
About the Author:
Don't let the fear of your debt take over your life. Get the facts about bankruptcy and learn how to get control of your debt. To learn the answers to common bankruptcy questions online visit us at http://personalbankruptcyquestions.org
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