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Analyzing the costs associated with a Chapter 7 bankruptcy

For many of those with whom we here at The Law Office of Paul Petrillo work with here in Manchester, a lack of funds in the face of mounting debt may leave them with little choice but to seek bankruptcy protection. If this accurately describes your situation, then such action may provide you with the debt relief that you have been desperately seeking. However, it is important to remember one thing about filing for a Chapter 7 bankruptcy: that too costs money. Understanding what those costs may be may help you to better determine if this is a viable option for you.

The first expense you will have to deal with is your filing fee. Filing fees may vary based upon the area that you live in. According to US News and World Report, the average Chapter 7 filing fee in the U.S. is $306. If you are currently in a Chapter 13 case that you are hoping to convert over to a Chapter 7, you may have to pay an added $25 conversion charge on top of the filing fee you have already paid. Coming up with $300 immediately may seem like a tall order if you are strapped for cash, yet to do have some options when it comes to meeting this fee. Most courts may allow you to pay in installments. You may also qualify to have the fee waived of your income is less 150 under the poverty line for your particular demographic.

The other expense that accompanies a Chapter 7 bankruptcy are attorney fees. While the aforementioned report lists these costs as averaging around $1,078, these fees may also vary depending upon your representation. You can learn more about the total costs of a Chapter 7 bankruptcy by continuing to explore our site.  

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Law Office of Paul Petrillo
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