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Tuesday, May 10, 2016

The Price of Debt Relief

What will it actually cost me to file for bankruptcy?

If you are considering filing for bankruptcy you are likely overwhelmed with debt. So much so that the thought of one more bill is enough to put you over the edge. So, when someone tells you about the fees associated with bankruptcy is causes you to pause. The bad news is yes; it does cost money to file for bankruptcy. The good news is it bankruptcy is a relatively cheap option in comparison to the amount you owe creditors. Here, we will give a brief overview of the costs associated with personal bankruptcy.

Filing Fees

In order to officially ask the court to initiate your bankruptcy case, you must file a petition. It costs money to file this petition. Specifically, for a Chapter 7 petition it costs $335, for a Chapter 12 petition it costs $275 and for a Chapter 13 petition is costs $310. If you cannot afford to pay this fee in full or at all you can ask the court for an installment plan or waiver. Note that this usually only applies to Chapter 7 cases. For an installment plan, you have to file a specific form with the court proposing a plan that allows the fee to be paid in 120 days from the filing. For a waiver, you must prove that you cannot afford to pay in installments and that your income is a certain amount below the poverty level.

Credit Counseling

Although credit counseling is usually relatively inexpensive, it is still a cost associated with bankruptcy. It is required in all Chapter 7 and Chapter 13 cases and usually costs around $50.  These fees can be also be waived if necessary.

Attorney’s Fees

Filing for bankruptcy is not something you should undertake alone and it is recommended that you hire an attorney to handle your case. But, this does increase the cost. Attorney’s fees for personal bankruptcy vary greatly across the country so we cannot give you an estimate as to how much your bankruptcy will cost. What we can tell you is that some attorneys offer payment plans and the attorney you choose should be able to give you an idea of what his or her fees will be after evaluating your case.

If you think bankruptcy is the right option for you contact a Xenia, Jamestown and Beavercreek attorney today.


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Miami Valley Bankruptcy, Brian Lusardi, Esq., assists clients with Bankruptcy matters including but not limited to: Common Myths, Cost of Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, The New Bankruptcy Law and Personal Bankruptcy in Xenia, Ohio, and the cities of: Wilberforce, Alpha, Spring Valley, Dayton, Bellbrook, Yellow Springs, Cedarville, Fairborn and Clifton; and the counties of Greene and Montgomery.



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