How Much Does Bankruptcy Cost?
The Fees & Costs of Bankruptcy
This is a very important question to those who are under great financial burden and are considering bankruptcy as an option to help them come out from under a mountain of bills. There are many factors to determining the exact cost. If you file for
Chapter 7, the filing fee is $335 and for
Chapter 13, the fee is $274.
With Chapter 7, you will have most, if not all of your debts forgiven which allows you to start fresh with your life. Chapter 13 requires that you pay off creditors with a set payment plan over a period of time so will require a strong financial commitment and obviously costs more than having your debts discharged. An attorney from Price Law Group can discuss with you the exact attorney fees and what the overall cost of bankruptcy will be. Having the skill and knowledge of thier legal team available to you can far outweigh the overall cost of having a lawyer represent you.
If I'm in debt, how can I afford to file?
It seems counterintuitive to say that the solution to getting out of debt is a process that costs money. Many people soon find out that the biggest expense that they run into when filing for bankruptcy is attorney fees, does that mean an individual should forego legal representation? Not necessarily. Our firm is willing to work with our clients exactly where they are at so that they can afford the process. Each case has to be handled differently, which is why looking for a set amount that bankruptcy will cost is a futile endeavor. Rather than continuing to worry about your finances, do what is right and get legal help. Our firm actually offers free consultations, so that you will know what steps to take in planning for the restructuring or discharge of your debts.
The Downside of Filing Bankruptcy on Your Own
It is always possible to file on your own. Having a lawyer from the firm work for you can, however, increase the chances that your bankruptcy will be approved and that all legal requirements are met. By trying to file on your own, you could miss some vital legal aspect and it could prove costly in the future.
Bankruptcy can be very complicated and you may not be aware of what actions to take to save your home, stop
wage garnishment or come to an IRS
tax resolution. Lawyers from the firm have been successfully assisting clients with bankruptcy for 20 years. Put their knowledge and understanding of the laws to work for you. Although you are under financial stress right now and adding another expense seems difficult, the cost of hiring a bankruptcy attorney is slight compared to the financial freedom that is in your future.