If you are one of many Americans who have declared bankruptcy, then the fact is that your financial situation is bad and you have more debt than you paid off. . Simple facts. So of course, what you don't want most is another high-value bill that goes through the costs of bankruptcy proceedings. But how much does it cost to claim bankruptcy?
Well, let us first look at the actual court fees. Contrary to popular belief, these do not touch thousands. In fact, the degree of declaring an individual bankruptcy is much lower than many people think, and the court fees are much less. Chapter 7 will charge a court fee of $274, and Chapter 13 will charge a court fee of $189. The difference is that Chapter 13 will focus on your repayment plan in the event that Chapter 7 can eliminate some of the debt.
However, as with anything involving legality and litigation, the true cost of announcing its own bankruptcy comes in the form of legal fees. Since bankruptcy reform complicated bankruptcy proceedings in 2005, now no lawyer can manage and more paperwork than before, the cost can be high! Most lawyers charge by the hour, and this bill will soon become a big one.
However, you should think that this is only a necessary and inevitable expense. After all, most lawyers who deal with bankruptcy are familiar with financial issues and are happy to work with you to develop manageable payment plans. Most importantly, if successful, most of your debt can be eradicated, your financial commitments reduced, and your legal bills can then be more easily balanced into your budget.
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Orignal From: Should you announce personal bankruptcy? Get the fact here
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