The cost of bankruptcy can vary depending on your circumstances. In general, filing Chapter 7 costs $335, about $100 in possible additional fees, and between $1,000 and $3,500 for a lawyer. Chapter 13 costs $310 to file, about $100 in possible additional fees, and between $2,000 and $5,000 for a lawyer. As of 2019 filing bankruptcy costs $335 for chapter 7 and $310 for chapter 13. These are only basic filing fees, however, and you could pay about $100 for mandatory debt counseling courses or other expenses, plus between $1,000 and $5,000 for a bankruptcy lawyer. How much a bankruptcy lawyer will cost depends on your state of residence and circumstances. In general, you can expect to pay between $1,000-$3,500 for chapter 7 and as much as $5,000 for chapter 13. Generally the amount of money saved by bankruptcy lawyers exceeds the cost of hiring one.How Much Does Filing Bankruptcy Cost?
How Much Does a Bankruptcy Lawyer Cost?
How Much Does It Cost to File Bankruptcy? FAQs
Bankruptcy is a legal proceeding in which a debtor declares their inability to pay back their creditors.
The cost to file bankruptcy depends on several factors, including the type of bankruptcy case you file and your local court’s filing fees. In most cases, it costs between $335 and $1,046 in total fees to file a Chapter 7 bankruptcy case with an attorney. Filing a Chapter 13 case also involves some upfront costs, but many people are able to make payment arrangements with their attorney or pay off the debt over time.
Yes, there may be additional expenses associated with filing for bankruptcy such as credit counseling courses, document-filing fees from the court system, and other miscellaneous costs.
Yes, help is available in the form of fee waivers for qualifying individuals. Additionally, depending on your financial situation and state of residence, you may be able to have your attorney’s fees paid by the court system or a third-party organization.
You can apply for a fee waiver from the court system when you file your bankruptcy papers. The application process typically requires you to provide proof of your income and financial resources to determine if you qualify for a fee waiver or other assistance with payment arrangements.
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.
To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.