How to Secure a Low-Cost Bankruptcy

in User Help Last updated Jul 05, 2018

Many people are not aware that the bankruptcy process will cost them money, that they may not have. This is one of the most common misconceptions about the whole process. Filing a bankruptcy is more than just a process of calculating your assets and liabilities to figure out whether you can manage to pay your bills. Whether you are filing a Chapter 7, Chapter 11 or even a Chapter 13 bankruptcy, you will still need to have extra money to pay the filing and attorney fees. 


No Money Left?

You might need some legal advice from an attorney as you go through the process of filing your bankruptcy. Some attorneys work pro-bono, but in most cases, they will charge you for their time. Be sure to take full advantage of the free consultation with your attorney. Prepare your questions in advance and make sure you have gathered all the necessary information on filing your bankruptcy. 

You may have managed to minimize your attorney fees, but you will still be responsible for your court fees. However, if you can prove to the court that you are incapable of paying the fees, the court might give you a fee waiver or split the fee into installments.


Which Bankruptcy is Cheaper?

If you are facing a dead end with your finances, you should opt to file for a Chapter 7 bankruptcy. This total declaration of bankruptcy will get you out of financial trouble for a while and you can start rebuilding quickly. If you petition for a fee waiver, with sufficient proof, the court may not charge you the court fees. 


On average, the bankruptcy process costs about $300 to $800. However, the amount may greatly differ based on the time involved in your case and how complex it is. If you can manage to keep your bankruptcy case simple, you might be able to get through it quickly at minimal cost to you.


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