Virtually everyone who requests formal debt relief from a United States Bankruptcy Court must pay case filing fees. People who declare bankruptcy are clearly in serious financial turmoil, so it is perfectly natural to wonder how much it costs to file a case.
Keep in mind that individuals declaring bankruptcy on personal debts do not need to hire an attorney, but it is highly recommended that they do so. Though it can costs hundreds of dollars to secure the proper legal assistance, people who have assets such as home equity often can benefit from hiring a bankruptcy lawyer. Business owners filing bankruptcy on corporate debts must hire an attorney.
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Personal Chapter 7 bankruptcy is the closest any American can legally get to total debt liquidation. As of 2013, the filing fees were $306. Business owners filing Chapter 7 also pay $306, but remember that you must hire legal counsel to file bankruptcy on your corporation.
Some people who need to file Chapter 7 qualify for installment payment of the court costs, but all fees must be fully paid before a judge will officially grant you bankruptcy protection. If you have serious financial difficulties, a court official may grant a fee waiver. However, that type of financial relief is generally reserved for people whose income falls below the average poverty level.
A Chapter 13 bankruptcy filing offers a partial debt repayment plan for private citizens who have some form of disposable income. The filing fees are $281. It takes 3 to 5 years to finish a Chapter 13 plan. During the first three years of your repayment program, you will likely be required to pledge all or part of your tax refunds toward reimbursing your creditors.
Chapter 11 is a type of bankruptcy usually appropriate for business owners who want to restructure their corporate debts while trying to save their companies. In some cases, Chapter 11 may be appropriate for a self-employed person who wants to restructure personal and business debts. The filing fees for any type of Chapter 11 case are $1,213; remember you must hire a lawyer to file Chapter 11 on your behalf.
Some people wonder if they can discharge every debt in bankruptcy; the answer is "no." Recent tax bills, child support, alimony, court fines, lawsuits related to the commission of a crime, and future debts are excluded from bankruptcy protection. More often than not, you cannot include government-issued student loans in any type of debt relief program.
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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