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Many people worry that even if they want to file for bankruptcy, there is no way they can afford to. While there are bankruptcy filing fees and other fees associated with bankruptcy, but there are ways to work with the courts to make it possible should you choose that path.
There is usually a filing fee of a few hundred dollars to file the bankruptcy petition. If your income falls within 150 percent of the national poverty guidelines and you do not own a significant amount of property, you can apply for a few waiver for the bankruptcy filing fees. In order to qualify for a fee waiver, you must not be able to pay in installments and your income must be below 150 percent of the poverty line. You have to file Form 3B and you will have to appear in court and a judge will ask you some questions before determining if you qualify.
Usually those filing Chapter 7 are the only ones considered for a fee waiver. Those filing for Chapter 13 usually have enough money to fund a repayment plan for 3-5 years, so those filers rarely qualify for a fee waiver. If you do not qualify for a waiver, you may still be able to pay for the fee in installments.
Usually there are a few additional fees associated with filing for bankruptcy. Some attorneys require at least a portion of their fees upfront. Filers usually need to get credit counseling from a court-approved provider six months before filing. Additionally, you must take a personal financial management course before your bankruptcy can be discharged.
If you are considering bankruptcy, it is important to speak with an experienced bankruptcy attorney today. Call for your free, initial consultation.