How Much Does Bankruptcy Cost?

If you are in the position of needing bankruptcy protection you are most likely experiencing financial strain. While bankruptcy can provide relief from debts and resolve financial pressure, it is often assumed to be expensive. The fact, filing for bankruptcy is affordable and generally only costs you by way of court filing fees.

The Fees

Depending on where you file for bankruptcy the costs may be vary by a few dollars. In general the court costs for filing Chapter 7 bankruptcy is around $300. While this may sound like a lot for someone who is already in a tight financial position, there are instances in which the court may waive these fees. This is generally done when the debtor requests a fee waiver with the court and provides sufficient evidence demonstrating their financial hardship. The court cost for filing a Chapter 13 case is around $280, in most cases.

The costs for filing bankruptcy can be limited if a debtor files alone, without the help of representation. However, hiring a bankruptcy attorney is not as expensive as one may think and can actually be highly beneficial to the success of the case. Most bankruptcy attorneys charge anywhere between $1000-2000 for services, but these fees are not necessarily required up front or to be paid in full by the time of filing. In fact, most bankruptcy attorneys will offer free consultations to review your case and offer flexible payment plans to accommodate your financial situation.