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Bankruptcy Cost

When you’re struggling with debt, taking on even more financial responsibilities might not be your first thought. However, the costs of bankruptcy tend to be low, but the rewards can be high. With First America Law on your side, you could be looking at freedom from debt sooner than you ever imagined.

Chapter 7 Bankruptcy

To file for Chapter 7, you will need several things, including:

  • A schedule of assets and liabilities
  • A schedule of exempt assets
  • The debts that will be included in the petition
  • Executory contracts
  • Current leases
  • Your current income and expenses


You will also need to pass the means test.

The filing fee is due in full when you file the initial petition. The fee is currently $335. In some cases, you may be eligible for a waiver of that fee. Some bankruptcy courts also allow you to make payments.

To proceed with the bankruptcy, you’ll need to complete the Personal Financial Management course. This course is different from the credit counseling course you will have already completed. The course, which costs about $30, must be completed within 45 days of your creditors’ meeting.

Chapter 13 Bankruptcy

Most who choose this option have regular income but need a little help managing their debts. If you choose Chapter 13 bankruptcy, you’ll be repaying your debts over a three- to five-year period. Your secured debts should be no greater than $1,081,400, and your unsecured debts must be less than $360,475. Filing fees are $310, and payment plans are available.

Attorney’s fees can vary based on the complexity of your case. Unlike Chapter 7 attorney fees, you will not necessarily need to pay these upfront. They can often be repaid through your repayment plan.


Regardless of whether you’re filing for Chapter 7 or Chapter 13 bankruptcy, you will need to take an approved credit counseling course. This cost can vary based on your location but tends to be between $50 and $75.

Legal Fees

Filing fees are the same regardless of where you live in the country, but attorney fees can vary based on how complex your case is, your location and your attorney. If your case is simple, then your fees will be lower than someone with more complex needs. Bankruptcy isn’t free, but it might be the key to your freedom. The associated fees and costs can be a small price to pay to create a more manageable fee schedule and eliminate your debts.

Although you can file for bankruptcy on your own, the process can be quite complex. Worse, even an innocuous or minor mistake could result in your case being thrown out, and you’d then need to start all over again. First America Law will help you through the bankruptcy process from start to finish, and we offer affordable fees and payment plans to lessen your load. Call us at 1-800-695-7674 today to schedule a free consultation.