If you are one of the many, many Americans who have reached the point of having declare yourself bankrupt, then the fact of the matter is that you are in a bad way financially and have more outstanding debt than you can afford to repay. Simple fact. So of course, the last thing you want is another high bill for the cost of going through the bankruptcy process. But just how much does it cost to declare yourself bankrupt?
Well, let's start by taking a look at the actual court fees. Contrary to popular belief, these do not run into the thousands. In fact, to declare personal bankruptcy is much, much less in court fees than many believe. Chapter 7 will incur a court fee of $274 and chapter 13 a court fee of $189. The difference is that, where chapter 7 can eliminate a number of debts, chapter 13 instead focuses on a repayment plan for you.
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But, as with anything that involves legalities and court proceedings, the true cost to declare yourself bankrupt comes in the form of legal fees. Since the bankruptcy reforms of 2005 complicated the bankruptcy process, nobody can manage without a lawyer now and with more paperwork than previously, the cost can run high! Most lawyers charge by the hour and this bill can quickly become a large one.
However, you should consider this simply a necessary and unavoidable expense. After all, most lawyers who handle bankruptcy proceedings are familiar with people in financial troubles and are happy to work out a manageable payment plan with you. And in top of this, if successful, much of your debt can be eradicated altogether, leaving you with fewer financial commitments, thus making your legal bills a little easier to balance into your budget for your expenses.
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