Many people with their backs against a financial wall worry about how much to file bankruptcy. After all, they’re in an economic bind, and don’t want to add even more debt to the heap that led them there in the first place. However, filing bankruptcy shouldn’t be viewed as just another bill they’ll have to worry about, but rather as costs to freedom from debt.
Of course, there are certain fees everyone will have to pay, such as credit counseling, bankruptcy attorneys’ fees, and filing fees, but how much to file bankruptcy depends on the individual scenario. If a debtor can’t afford the filing fees, it’s possible to qualify for installment payments, or for a waiver of the entire fee.
How much to file bankruptcy also depends on what kind the debtor is filing. Effective as of November 21, 2012, how much to file bankruptcy petitions are $306 for Chapter 7, $281 for Chapter 13, and $246 for Chapter 12. These court fees increase from time to time, so it’s important to check for the most up-to-date on the U.S. court’s website.
As previously mentioned, there are also additional fees aside from the cost to petition. If filing Chapter 7 or Chapter 13, a debtor must get credit counseling from an approved provider within six months before filing. Most counseling providers will charge between $20 and $50 for the required counseling, but some may provide it free of charge. The debtor must also take a personal financial management course prior to getting his or her bankruptcy discharged/ This usually costs about $50, but if it can’t be afforded, a debtor can ask that the fee be waived, or for a lesser amount.
These are just parts of the total cost to filing bankruptcy. How much to file bankruptcy, again, all depends on the individual scenario. If you have any questions, feel free to ask in the comments. Find out more at this site.