When you have decided that filing for bankruptcy is the best course of action for you to get out from under your debt and get a fresh financial start, you may not be aware that besides paying your attorney fees there will be a few additional expenses you will have to pay before your bankruptcy can be completed.
It seems like if you have thousands of dollars to pay a lawyer and the fees associated with bankruptcy, you could just catch up on your bills. Considering the average American has $15,000 in unsecured debt such as credit cards, medical bills, and loans, you will come out ahead by filing bankruptcy even with the expenses incurred.
When you fill out your paperwork and turn it into the courts, there will be a filing fee that the clerk will collect from you at the same time. The fees for personal bankruptcy range from $200 to $400 depending on the state you live in.
Credit counseling and management courses typically cost from $20 to $400. And the trustee may also charge a fee of $15 to $20.
While there is a lot of variation due to the complexity of the case, also for the region you live in, for a Chapter 7 bankruptcy, you can expect to pay $1,000 to $2000. Chapter 13 bankruptcies are more involved; the average attorney fee for this type is around $3,000. Any additional court time will, of course, cost more money, such as if the trustee objects to the property you want exempt or allegations of fraud. These are rare though; usually, the cases are pretty straight forward.
Filing Without a Lawyer
You may be tempted to save the fees associated with a bankruptcy attorney. This usually turns out to be a costly mistake. The laws are complicated, and one error could cost you more assets than necessary to complete your bankruptcy.
It is prudent to get a reliable Dayton bankruptcy attorney to navigate the laws and get you a fresh financial start.