How Much Does Bankruptcy Cost?
Posted on August 24, 2009 at 11:06 pm
I plan to file for bankruptcy and am doing some budgeting here~ and I want to know, how much does bankruptcy cost? If it's a little too steep for me, a little-dollar earner, I just might have to look at other alternatives! Please do answer my question. Thank you
Posted on August 25, 2009 at 12:35 am
To file for a Chapter 7, you have to pay $299, and for Chapter 13, you need to pay $274. And on top of that, you need to pay attorney's fees.
Posted on August 25, 2009 at 1:40 am
Funny. Another resource I found says that the court charges a filing fee, which is different according to the chapter filed for. It will take $200 for a Chapter 7, and $185 for Chapter 13.
Posted on August 25, 2009 at 2:01 am
So which is which then? i don't have a lot of money right now. that;s why i'm filing for bankruptcy. I find it crazy and senseless how I am required to pay such a high fee. I mean I'm filing for bankruptcy because i hardly have enough money as it is!
Posted on August 25, 2009 at 2:47 am
Okay here's the real deal.
For Chapter 7: it takes about three months and you may be charged $299 in filing fees--unless you get a waiver, that is. If you use a lawyer, you may have to pay an additional thousand or so dollars in legal fees.
Of course you can always self-represent, which will cut down on your expenses a lot.
Or, you can still opt
not to file, at all. You are aware of the long-term repercussions of bankruptcy, yes?
Posted on August 25, 2009 at 2:59 am
no. but please do explain them to me.
Also, what are my other alternatives?
Posted on August 25, 2009 at 11:21 am
Ok, so thank you for all of your responses to the question how much does bankruptcy cost. I was also wondering how much does debt settlement cost and how does that compare?
Posted on August 25, 2009 at 11:35 pm
Nicky: depending on the chapter of bankruptcy that you're filing for, it may take 7-10 years for that to stay on your credit report. Also, a bankruptcy will also remain on your public records for 20 years.
Other bankruptcy alternatives include consolidation your debts either thru a secured or unsecured consolidation loan; debt settlement; and credit counseling
Posted on August 26, 2009 at 4:00 am
Debt settlement typically costs 15-25% of your total debt amount that will be settled. This percentage is the industry standard. You are not required to pay off the entire amount immediately; debt settlement companies usually set up payment plans for the fee, and they may typically allow you to pay the fee within a 1-1.5 year period.
Posted on October 23, 2009 at 5:28 am
How much does bankruptcy cost? - or how does it affect your credit (?)
A Chapter 13 bankruptcy stays on the credit report for 7 years
A Chapter 7 for 10 years
A bankruptcy also stays on the public records for 20 years.
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