Let's talk about the Cost of Bankruptcy. So you have ultimately made your mind that bankruptcy is the last resort because you have no money and sellable possessions and there is no means for you to pay the outstanding bills off. However, you shouldn't ignore the Cost of Bankruptcy. Lot of people applying for Bankruptcy files the Chapter 7 Bankruptcy. What they are doing is they want court to protect them from creditors by selling all their assets.
The cost of bankruptcy is $299 (which is waivable upon qualifying) and it generally lasts about two to three months. In order to meet the waiver qualification applicant's income must be less than as follows: As per household size 1 - $1,196.25 per month, 2 - $1,603.75/mo, 3 - $2,011.25/mo, 4 - $2,418.75/mo. After completing the Chapter 7 petition and the fee waiver application to the court, you might be required meet with a judge and explain your situation for not being able pay the fee. However, if you are filing the Chapter 13 Bankruptcy, that means you are trying your best to make payments on your debt. The court fee is $274.
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That is all fine. Although, in some instances, you could get rejected of your application and may make you to file under another chapter. Applying again mean you are adding to your cost. Also, you may face many other fees. Such fees include, abandonment of property, reopening fees and the withdrawal of reference fees.
It is highly advised on obtaining an attorney. When you do, you should anticipate on paying around $1,500 or more in legal fees. Clearly different attorneys will charge different. Common recommendation is to seek out a young attorney with around three years of practice with filing bankruptcy. They understand the process, however does not charge arm and a leg, reducing the cost of bankruptcy. The typical attorney fee for Chapter 7 goes some what below $1,500. However, Chapter 13 attorneys could charge in the area of $2,000. You could save lot of the money by doing it yourself with the help of DIY books and online materials and asking around online.
Beside the cost of court and attorney cost, there are other cost of bankruptcy. What about the impact the bankruptcy have on your credit worthiness. For the next eight to ten years, your credit score will take a hit and that will mean higher interest rates on things you finance such as a house or a car and even insurance. Your loan officer will not look at you with same respect.
Thus, think about all the cost of bankruptcy before you eventually choose to file bankruptcy. Think about the consequence and it has to be your last resort. In mean time however, you have to consider the alternative choices you may have instead of filing bankruptcy and if you possibly think you have the ability to pay off whatever amount, you should do that right away. Again, it is highly recommended that you seek attorney's advice on course of action and what other choices you may have available. The cost of bankruptcy is something you have to heavily weight when considering bankruptcy.
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