For people in dire financial straits who are considering bankruptcy, one major hurdle or deterrent can be the question of the cost to declare bankruptcy. But few people actually know exactly what it will cost to declare bankruptcy. This article tackles that subject.
The first thing to consider is the court costs. At present, those are $274 for Chapter 7 and $189 for Chapter 13 bankruptcy. This might seem a little excessive considering the fact that the very reason you require such a service is because you are in a difficult financial situation. However, when you consider the potential of what bankruptcy can do in terms of relieving your financial stress, these costs seem far more reasonable.
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However, when considering the cost to declare bankruptcy, the real cost is not in these court fees. As with most legal situations, the real price tag is attached to your lawyer. And you will need a bankruptcy lawyer. There is no way around the fact that fees for bankruptcy attorneys add up sometimes to a hefty chunk of cash. Particularly since reforms to the bankruptcy laws in 2005, which have made the process more complicated for lawyers. But the fact is that you simply have to have a lawyer and in doing so, and in having one you have faith in, you are more likely to file successfully, thus free yourself of much of your financial worry. If you are successful in declaring chapter 7 bankruptcy, you will be freed of many of your outstanding debts, thus freeing up funds to pay these fees. In addition to this, the automatic stay comes into play as soon as you file, which forbids your creditors from contacting you to demand any form of payment, thus making it easier for you to find funds to pay your lawyer.
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