How much does it cost to file for bankruptcy?
Deciding whether or not to file for bankruptcy is a difficult decision. There are some unexpected costs that arise during the course of a bankruptcy filing that many people do not anticipate. However, the costs are usually negligible compared to the amount of debt that people are looking to have forgiven. The decision about whether or not bankruptcy is right for you depends on whether the pros outweigh the cons for your particular circumstance. The best way to make this determination is to have a consultation with an experienced Nashville bankruptcy attorney.
The fees for filing are generally minimal for most people considering bankruptcy. The filing fee for a Chapter 7 bankruptcy is $335. Chapter 13 is $310, which is paid as part of the plan and is not an upfront payment. If you are unable to afford the fees, you may be able to get those fees waived if your income is far enough below the poverty line.
The fees for filing do not include attorney’s fees. Those will depend on whom you hire to represent you in the matter. It is always recommended to hire a skilled Nashville bankruptcy attorney to prepare your case if filing for bankruptcy. The difference that an attorney makes in presenting your case and negotiating settlements is more than worth even the most expensive attorney’s fees. You need someone that understands the exemptions and different types of debt that you wish to be discharged. And, the relatively small investment of filing and attorney’s fees is usually less than the interest payments alone for many debtors.
The real costs of filing from bankruptcy are the costs that are more indirectly incurred after filing for bankruptcy. Different life opportunities and some careers are negatively impacted by a bankruptcy on your record. You should speak with a knowledgeable bankruptcy attorney in Nashville before filing bankruptcy so that you know in advance what all of the costs are going to be. The ultimate goal is to give you a fresh start for your financial well-being.