The moment one decided to file for a bankruptcy, they need to know about paying the fees for the filing process. The debtors have to pay fees as according to chapters related to bankruptcy like for chapter 11 they have to pay $1039; $274 for Chapter 13. The law fixes these fees as according to components mention in it.
Apart from these fees, one has to pay the attorney also who is responsible for the filing of the case. The information that is submitted by the attorney should be accurate and complete so that lies on the attorney to receive the same from the debtor. Most of the court fees and paper work costing is passed to the debtor only. One has to pay fees to the credit counselor who will come in picture before filing for bankruptcy. The fees varies from 20 to 50$ per session. The fees attorney depends on the case, the emergency of the situation, the bankruptcy amount and the number of creditors whom fees has to be paid. The Court fees vary from $150 to $350.
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The Process of Bankruptcy is very confused and complicated and so one needs a counselor and an attorney. Most of the attorneys take an advance fee whereas some may give the option to pay in installments. We have seen certain attorney charging around $1000 as fees and this may be high or low based on the income range and the employment of the person. Most of them accept cash while some give the facility to pay by credit cards.
Sometimes certain costs involved during the filing of bankruptcy can be waived depending on the situation or priority.
One should know the costs involved, pros and cons of the bankruptcy chapter in which the filing is done. For those who are filing under Chapter 7, will have to pay advance fees to the attorney and the costing towards filing as well.
In cases like chapter 13, one can pay monthly wise at the time of bankruptcy. The only flexibility for the debtor is to negotiate with the attorney in relaxing the fees or giving the payment in installment.
For lower income groups, it has been difficult to pay the fees at the time being bankruptcy claim. Most of them are requesting to get an exemption from certain charges. The Government is looking at these areas and planning to take some decisions in this regard.
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