The cost of bankruptcy can be scary. Once you have determined that a bankruptcy filing is the best solution for your situation, you should decide what form of bankruptcy to file and review the cost of bankruptcy for each form. Fortunately, there are a few things that you can do to substantially lower the cost.
Bankruptcy filing fees are the same nationwide, however attorney fees can vary depending upon what region of the country you live and what form of bankruptcy you choose to file. Attorney fees can range from approximately $600 - $2500 or more. Be sure to interview several attorneys before you select one.
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Being Prepared Will Save You Money
When selecting an attorney ask if they offer free initial consultation. Be sure to have the necessary information and documentation available when meeting with attorneys. Remember, the less time your attorney has to spend looking for things and organizing information the less he may charge.
Familiarize yourself with bankruptcy terminology so that your attorney does not have to spend time explaining very basic terms to you (time saved can be money saved).
When interviewing attorneys ask about payment methods of accepting attorney fees:
• Do they require payment up from
• Will they accept installment payments
• Etc
Most attorney recognize the financial situation of the debtor and have payment plans to accommodate tight budgets.
You may be able to save additional funds by asking your lawyer not to attend the 341 meeting with you. That may be possible depending upon what state you file in since some states require that the lawyer attend the 341 meeting. The 341 m4eeeting is where you are questioned under oath about your finances
Types of Personal Bankruptcy and Filing Fees:
• Chapter 7 bankruptcy information: bankruptcy filing discharges debts without paying them
• Chapter 13 bankruptcy information: partial payments of debt over 3-5 years and debts discharged
• Chapter 11 bankruptcy information: reorganize and discharge debt in a plan of five years or more.
Bankruptcy filing fee totals are listed below. (Attorney fees are additional):
• Chapter 7 = $299
• Chapter 11 = $1039
• Chapter 13 = $274
To Reduce The Cost Of Bankruptcy You Must Be Prepared:
One of the best ways to reduce the cost of bankruptcy is to be prepared when you meet with an attorney. Remember the less time your attorney spends looking for or asking you for things the less he may charge you. Have all of your debt, assets, taxes and income information available to provide to the attorney.
Understand simple terminology such as the means test. This test must be provided to see if you qualify for chapter 7 or chapter 13. Federal bankruptcy rules require this to be provided when filing for bankruptcy.
Understand the right time to file for bankruptcy. There are occasions such as a bonus a work, divorce or other reasons that you may need to postpone a bankruptcy filing for a few months.
Choose the right attorney
Not all attorneys are the same and fees vary among them. Interview several attorneys before you choose one. Ask about how much they charge and what services they will provide for the fee they charge.
Finally, another way to reduce cost is a "Do I Yourself Bankruptcy Filing". Under this method you would purchase the forms for filing at a retail outlet or online and file your own bankruptcy. This would eliminate the cost of attorney fees; unfortunately it increases the possibility of your bankruptcy being filed improperly therefore costing you more time or possibly creating the necessity of hiring an attorney in the end.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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