There are fees for filing for bankruptcy, and additional costs may arise in the bankruptcy process. Chapter 7 bankruptcy costs $2,300 and Chapter 13 bankruptcy costs $3,300. In both cases, additional expenses may raise the overall cost of filing for bankruptcy even higher.
The additional cost often comes from attorney fees. These expenses can cost $2,500, depending on your location. Because each bankruptcy case is unique, lawyer involvement may decrease or increase the amount you might expect to pay in the process.
The Bankruptcy Act of 2005 requires all individuals seeking to file for bankruptcy to undergo a session of credit counseling prior to filing, as well as completion of a financial management instructional course after filing. The added time and cost of these tasks, combined with higher attorney fees, may turn filing for bankruptcy into a slow and expensive process. Ensuring your paperwork is thorough and your filing is done correctly may help to move your case swiftly.
YOU MAY BE ABLE TO WAIVE YOUR FILING FEE
You must meet certain requirements to qualify for a fee waiver, including the following:
- Not able to pay in installments.
- Income below 150% of the poverty line.
Official poverty line numbers can be obtained from your bankruptcy court. If you are eligible for a fee waiver, you must file a Form 3B – Application for Waiver of Chapter 7 Filing Fee. Because Chapter 13 requires you to have enough money for a repayment plan of three to five years, it is very rare to acquire a fee waiver for Chapter 13 bankruptcy. Protect your future and seek guidance from a Dallas bankruptcy lawyer to help you move your case forward with confidence and security.