Personal Bankruptcy Fees
Of course filing a personal bankruptcy case is going to cost you money. First there's the filing fee of around $274. You'll have to pay that either in advance when you file your initial bankruptcy paperwork, or with the court's permission you may be allowed to pay it with four installments.
Under the new bankruptcy law you'll be required to attend a credit counseling class which will cost you around another $100 or so.
If you choose to use a bankruptcy lawyer there will of course be a fee.
Depending on where you live and how fancy a lawyer you go with, the fee can range from a low of around $2,000 to much, much more.
If you get stuck with a Chapter 13 Bankruptcy payment plan under which you have three or five years to pay off your debts, your bankruptcy lawyer's fee may be included in your payment plan which will give you several years to pay off the full debt. If you choose to file without legal counsel there are still some other costs to anticipate.
You will probably need to spend around $50 or so on legal books to help guide you through the legal maze. And if you hire someone to help fill out all the paperwork (and there's a lot of it), you can figure on spending another $100 to $200 or so.
Some of those who end up filing for themselves simply because they have little or no actual assets, will seek out a bankruptcy lawyer for paid advice. The attorney's time is usually worth around $100 to $200 an hour. That may sound high but if you have an important question about a critical factor in your bankruptcy it may prove to be the bargain of the century.
