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Actually, there are some ways to save on the fees.
You can almost always afford to pay for a bankruptcy if you put the time and effort into it.
Let's find out how.
The Costs of Bankruptcy Bankruptcy is not free.
However, in most cases you can easily afford to pay the relatively minor court fee just be being able to avoid paying on your interest.
If you have $20,000 in credit debt, for example, just paying the minimum payments will costs $400 to $500 every month.
It costs $299 to file Chapter 7, $274 to file Chapter 13.
If you lose all or some of the debt, lose the payments, you can afford the fees easily.
You Can't Afford a Lawyer? Now that you think you may be able to afford the filing fee, surely you can't afford hiring an experienced bankruptcy lawyer, right? Wrong, because you can get a professional lawyer out of the same money you're saving.
If you spent $500 for 3-4 months in paying minimum payments on credit or medical debt, you could get an experienced lawyer easily for that price if not less.
Typically, a bankruptcy lawyer will cost you anywhere from $1,000 to $2,000.
This is not free work, but the benefits are enormous.
Why It's Worth It, and Why It Takes Time Filing bankruptcy, paying the court fee, hiring a lawyer, paying his or her fee - why are they worth it? It does take time to successfully file.
However, the time is relative.
You can be free of tens of thousands in debt with a successful Chapter 7.
Even if you paid your lawyer half the amount you discharged, it's worth it - and in most cases, you save several times more than you pay.
Those few months are quite valuable.
In a Chapter 13 case, you are in this process for 3-5 years.
You are not free completely of debts; certain debts you have to pay in full, others you potentially can pay a fraction.
Still, Chapter 13 has the plus of giving you the extra time you need to rebuild financially, not to mention saving your home, car, and other assets from being taken.
Successfully Filing Bankruptcy For bankruptcy filers, the good news is that you can get a second chance financially.
The fees involved may seem impossible until you start thinking what you can save, both in terms of money and assets, by successfully filing.
A lawyer is an essential part of the process, and too important to ignore.
Go local, go for experience, go for a fair price, and try to get someone who's amiable to you.
Those few months for a Chapter 7 filing will lift you of potentially enormous debts, while a Chapter 13 can give you the opportunity to keep everything and rebuild over a more safe period.
The fees and time involved, therefore, are more than worth it.
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