Cost of Chapter 7 Bankruptcy
At the time of this writing, the court filing fee for a Chapter 7 Bankruptcy is $306.00. The two short credit counseling courses that you need to complete are about $40.00 each. Then you have to pay your bankruptcy attorney to do your case (attorney fees). Paying your attorney is the most expensive part of filing for Chapter 7, and the cost will vary depending on what part of the country you live in and how complex your case is. Attorney fees for Chapter 7 generally range from $1,000.00 to $3,000.00. If your case is very simple, the fee should be less. If the case is more complex, it should be more. Even though this seems like a lot of money, it is money well spent if it relieves you of debts totaling much more than that. Don’t be afraid to ask your bankruptcy attorney if they do payment plans to help make the fees easier to pay.
Cost of Chapter 13 Bankruptcy
At the time of this writing, the court filing fee for a Chapter 13 Bankruptcy is $281.00. You have to do a credit counseling which is about $40.00 and then you have to pay your attorney (attorney fees). However, the good thing about Chapter 13 cases is that most attorneys will let you pay most of their fees as part of your Chapter 13 Payment Plan. So you will give your bankruptcy attorney some money as a down payment to get started, and then the rest of the attorney’s fees will be paid out of your monthly payments to the Chapter 13 Trustee (your payment plan). The attorney fees for Chapter 13 depend on what part of the country you live in and how complex your case is. A general range for Chapter 13 would be from $1,500.00 to $4,000.00. Some jurisdictions even cap the amount that a bankruptcy lawyer can charge for a personal Chapter 13 Bankruptcy.