* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, October 3, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Taylor Swift Releases New Album The Life of a Showgirl : Listen and Read the Full Credits – Yahoo

    Taylor Swift Releases New Album The Life of a Showgirl : Listen and Read the Full Credits – Yahoo

    Toni Braxton Is Turning Her Biggest Hits Into Lifetime Movies – Yahoo

    Toni Braxton Is Turning Her Biggest Hits Into Lifetime Movies – Yahoo

    Major airline to offer new in-flight entertainment options for passengers – PennLive.com

    Major airline to offer new in-flight entertainment options for passengers – PennLive.com

    Penn State-Themed Restaurant and Entertainment Spot Happy Valley Live Set to Open in State College – StateCollege.com

    Penn State-Themed Restaurant and Entertainment Spot Happy Valley Live Set to Open in State College – StateCollege.com

    The Police Made Chart History With This 1979 Hit Nearly 50 Years Ago – Yahoo

    How The Police Changed Music Forever with Their Iconic 1979 Hit Nearly 50 Years Ago

    Good Deed Entertainment Acquires Worldwide Rights To Liza Mandelup’s Documentary ‘Caterpillar’ – Deadline

    Good Deed Entertainment Lands Global Rights to Liza Mandelup’s Captivating Documentary ‘Caterpillar

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Technology Is Becoming More Important Than Humans In CX – No Jitter

    Technology Is Becoming More Important Than Humans In CX – No Jitter

    A Tech Expo Shows What China Can Make, but Not Who’ll Buy It All – The New York Times

    Inside China’s Tech Expo: Cutting-Edge Innovations Face Uncertain Demand

    Steampunk Metal Oval Technology Sense Sunglasses Personality Handmade Chain Multicolor Sunglasses UV400 – The San Joaquin Valley Sun

    Steampunk Metal Oval Sunglasses with Handmade Multicolor Chain – Bold UV400 Protection and Unique Style

    STELLA Automotive AI Appoints Fred Seidelman as Chief Technology Officer – Yahoo Finance

    STELLA Automotive AI Appoints Fred Seidelman as New Chief Technology Officer

    Saving Energy and Money with Smart Technology – Terms of Service with Clare Duffy – Podcast on CNN Podcasts – CNN

    Saving Energy and Money with Smart Technology – Terms of Service with Clare Duffy – Podcast on CNN Podcasts – CNN

    Four Strategic Signals Technology Leaders Are Tuning In To – SPONSOR CONTENT FROM ARM – Harvard Business Review

    Four Essential Strategic Signals Every Technology Leader Should Watch

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Taylor Swift Releases New Album The Life of a Showgirl : Listen and Read the Full Credits – Yahoo

    Taylor Swift Releases New Album The Life of a Showgirl : Listen and Read the Full Credits – Yahoo

    Toni Braxton Is Turning Her Biggest Hits Into Lifetime Movies – Yahoo

    Toni Braxton Is Turning Her Biggest Hits Into Lifetime Movies – Yahoo

    Major airline to offer new in-flight entertainment options for passengers – PennLive.com

    Major airline to offer new in-flight entertainment options for passengers – PennLive.com

    Penn State-Themed Restaurant and Entertainment Spot Happy Valley Live Set to Open in State College – StateCollege.com

    Penn State-Themed Restaurant and Entertainment Spot Happy Valley Live Set to Open in State College – StateCollege.com

    The Police Made Chart History With This 1979 Hit Nearly 50 Years Ago – Yahoo

    How The Police Changed Music Forever with Their Iconic 1979 Hit Nearly 50 Years Ago

    Good Deed Entertainment Acquires Worldwide Rights To Liza Mandelup’s Documentary ‘Caterpillar’ – Deadline

    Good Deed Entertainment Lands Global Rights to Liza Mandelup’s Captivating Documentary ‘Caterpillar

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Technology Is Becoming More Important Than Humans In CX – No Jitter

    Technology Is Becoming More Important Than Humans In CX – No Jitter

    A Tech Expo Shows What China Can Make, but Not Who’ll Buy It All – The New York Times

    Inside China’s Tech Expo: Cutting-Edge Innovations Face Uncertain Demand

    Steampunk Metal Oval Technology Sense Sunglasses Personality Handmade Chain Multicolor Sunglasses UV400 – The San Joaquin Valley Sun

    Steampunk Metal Oval Sunglasses with Handmade Multicolor Chain – Bold UV400 Protection and Unique Style

    STELLA Automotive AI Appoints Fred Seidelman as Chief Technology Officer – Yahoo Finance

    STELLA Automotive AI Appoints Fred Seidelman as New Chief Technology Officer

    Saving Energy and Money with Smart Technology – Terms of Service with Clare Duffy – Podcast on CNN Podcasts – CNN

    Saving Energy and Money with Smart Technology – Terms of Service with Clare Duffy – Podcast on CNN Podcasts – CNN

    Four Strategic Signals Technology Leaders Are Tuning In To – SPONSOR CONTENT FROM ARM – Harvard Business Review

    Four Essential Strategic Signals Every Technology Leader Should Watch

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

How much does it cost to file for bankruptcy?

September 22, 2023
in Business
How much does it cost to file for bankruptcy?
Share on FacebookShare on Twitter

Our experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

Most of the money you’ll pay during bankruptcy proceedings goes to attorney fees.
Chapter 7 bankruptcies usually cost less than Chapter 13 bankruptcies because they take less time.
Local bankruptcy clinics and filing fee waivers may help lower the cost of bankruptcy.

If you can no longer manage your mounting debt payments, one path forward could be filing for bankruptcy. While filing for bankruptcy can have serious consequences for your credit score, it’s a price many are willing to pay to free them of their financial burdens. According to statistics from the United States Courts, the annual bankruptcy filings in 2022 totaled 387,721.

While bankruptcy will heavily impact your credit score, it will also take a toll on your wallet. Not only will you need to pay court and filing fees, but hiring an attorney can also be an added expense. So, if you’re considering going the bankruptcy route, first consider whether you can afford it.

How much does it cost to file for bankruptcy?

Unfortunately, there’s no one-size-fits-all answer to the question of how much bankruptcy will cost you. The number can vary depending on factors like your financial situation, the type of bankruptcy you file, the complexity of your case, and whether you hire a bankruptcy lawyer. But generally, you can expect to pay anywhere from $300 to over $4,000 in some cases.

Bankruptcy costs typically fall into the following categories:

Court filing fees: Filing costs for bankruptcy are set by the federal government, it’s the amount you must pay to the court to begin your court case.Credit counseling: You’re required to complete two credit counseling courses if you file a Chapter 7 or Chapter 13 bankruptcy. You must take the course from a non-profit credit counseling agency approved by the federal government. Use sites like the National Foundation for Credit Counseling to find an agency near you. You can also find our guide on the best credit counseling services here.Attorney fees: While not necessary, hiring a lawyer can save you hassle and prevent you from making legal mistakes that carry long-term financial consequences. Plus, “many jurisdictions set limits on how much attorneys can charge, so the pricing tends to be similar within geographic areas in the US,” says Adrienne Hines, a bankruptcy attorney with over 25 years of experience practicing in northern Ohio.Miscellaneous fees: Various other factors could increase your bankruptcy cost. For example, if you have to travel to meet your creditor or if you need to take time off from work to meet with your lawyer. 

Common types of bankruptcy

There are six types of bankruptcies, but the most common ones that an individual may file are Chapter 7, Chapter 11, and Chapter 13.

Chapter 7 bankruptcy: Often referred to as “liquidation” bankruptcy, Chapter 7 bankruptcy involves the sale of a debtor’s non-exempt assets by a trustee. The proceeds are then distributed to creditors according to the priority of their claims. However, your income must be below the median income for your state to qualify for Chapter 7. The entire process takes four to six months to complete.Chapter 11 bankruptcy: Chapter 11 bankruptcy allows corporations, partnerships, and certain individuals to restructure their debts while maintaining operations. This process involves the debtor proposing a plan of reorganization to keep the business alive and pay creditors over time.Chapter 13 bankruptcy: Also known as a “wage earner’s plan,” Chapter 13 bankruptcy allows individuals with regular income to develop a plan to repay all or part of their debts over three to five years, typically without needing to liquidate their assets.

Chapter 7 bankruptcy cost 

Court filing fees: $338 (may be waived for eligible filers)Attorney fees: From $1,500 to $3,000Credit counseling fees: Less than or equal to $50

Chapter 11 bankruptcy cost 

Court filing fees: $1,738Attorney fees: Around $18,000Credit counseling fees: Less than or equal to $50

Chapter 13 bankruptcy cost 

Court filing fees: $313Attorney fees: From $3,000 to $5,000Credit counseling fees: Less than or equal to $50

What other factors could affect your bankruptcy cost?

You may find that the details of your bankruptcy case complicate the filing, leading to a longer process and higher legal fees. The following factors may lead to a more expensive bankruptcy:

You’re filing for both a business bankruptcy and a personal oneYou have non-exempt assetsYou have numerous assets or unusual assetsYou have many creditorsYou’ve filed for bankruptcy in the past eight yearsYou have non-dischargeable debts such as student loans or past-due taxesYou need to print a lot of paperworkYou need to mail your documents to the court or bankruptcy trusteeYou have to travel to meet your creditorYou have to take time off from work to prepare for your case

Note that this isn’t an exhaustive list, so make sure you leave enough room in your budget to cover these potential expenses.

How to pay bankruptcy costs 

Bankruptcy costs can be overwhelming, especially considering the financial distress that led to bankruptcy in the first place. If you’re wondering how to handle your bankruptcy costs, some courts may allow you to pay the filing fee in installments or waive it altogether if you meet certain low-income requirements. You can also check out the website of your local bankruptcy court for more resources. As for attorney fees, some attorneys may offer a payment plan for their services if you can’t afford to shoulder the cost in one lump sum. 

How to save money on bankruptcy costs

Bankruptcy is viewed as a last resort for those drowning in debt. While it can provide a fresh financial start, the costs associated with filing for bankruptcy can often create another hurdle if you’re already facing financial uncertainty. Here are a few ways to minimize your financial burden when you file for bankruptcy.

Use free or low-cost resources

If you don’t have many tangible assets, are in a low-income situation, and your case is rather straightforward, there are many resources out there that could help you file for bankruptcy without the use of an attorney. For example, the United States Courts website provides comprehensive information on bankruptcy laws.

Local bankruptcy clinics

“Some areas offer free legal clinics where attorneys offer advice or assistance for low-income individuals dealing with bankruptcy matters. You may even have a local legal non-profit with programs that could help,” says Hines. Check out the Free Legal Help page by the American Bar Association for more information.   

Waiver of filing fees

“Some states offer waivers for individuals based on their income — typically, you must be below 150% of the federal poverty level for your family size to qualify for this,” says Hines. It’s important to note that the waiver generally only applies to the filing fees and not to other costs associated with bankruptcy, such as attorney’s fees.

What are the alternatives to bankruptcy?

Filing for bankruptcy not only comes with hefty fees in the short term, but it could have long-term financial consequences. It will take years to rebuild your credit after a bankruptcy. Depending on the bankruptcy you file, it can stay on your credit report for seven to ten years, affecting your ability to qualify for loans and lines of credit with affordable rates in the future. So, consider these alternatives before making a final decision.

Debt consolidation: As the name suggests, debt consolidation means combining multiple debts into a single debt. This method is especially helpful if you have multiple high-interest debts and are struggling to keep up with your monthly payments. By combining these loans into one with a lower interest rate, you can save money on interest charges and pay down your balance faster. You can consolidate your debts using a personal loan or a home equity loan.

Unlike bankruptcy, debt consolidation can actually boost your credit score, as long as you. Here’s our guide to the best debt consolidation loans.

Debt settlement: This involves negotiating with your creditors to accept a lower amount than what you owe as full payment. If you decide to go this route, know that your debts typically have to be at least 90 days delinquent for a creditor to accept less than the full repayment amount. And remember, if you can only pay 70% of your total balance, start by offering 35% so you have enough room to negotiate with your creditor. You can find our guide on the best debt settlement services here.

Balance transfer credit card: A balance transfer credit card allows you to transfer your existing high-interest credit card debt, typically across multiple credit cards, onto a new card with a lower interest rate. The best balance transfer credit cards will have a 0% introductory APR period that will last anywhere between 12-18 months. This approach can help you save on interest costs and pay down your debt faster.

To consolidate your debt using a balance transfer card, apply for the card, and upon approval, transfer the balances of your other debts to this new card. Be mindful of the transfer fees that may apply, and aim to pay off as much of your debt as possible during the low-interest introductory period, which typically lasts up to 21 months. 

Bankruptcy filing cost frequently asked questions

Yes, filing for bankruptcy will hurt your credit. Usually, the better your score was before you filed for bankruptcy, the lower it could fall. But here’s the good news: Though bankruptcies could remain on your credit report for seven or ten years, you can still take steps to improve your credit score during that time by building healthy financial habits like paying your bills on time.

Generally, Chapter 7 is the cheapest way to file for bankruptcy since it’s the quickest bankruptcy, typically under a year, and you can reduce or waive costs in various ways. For example, if you don’t have any tangible assets like a house or a car, your filing fee and/or bankruptcy court fee can be waived, saving you hundreds of dollars.

The key difference between Chapter 7 and Chapter 13 bankruptcy is that the former involves selling your assets, while the latter involves reorganization. Namely, Chapter 7 discharges your obligations by selling your non-exempt assets to pay your creditors. But with Chapter 13, responsibility for your debt doesn’t end until you’ve completed your repayment plan. 

Jamela Adam

Freelance Writer

Jamela Adam is a personal finance writer covering topics such as savings, investing, mortgages, student loans, and more. Her work has appeared on Forbes Advisor, U.S. News & World Report, GOBankingRates, Chime, and Mint Intuit, among other publications. 

Read more
Read less

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Business Insider – https://www.businessinsider.com/personal-finance/how-much-does-it-cost-to-file-bankruptcy

Tags: Bankruptcybusiness
Previous Post

6 strategies to maximize your 401(k) contributions

Next Post

Top New Jersey Democrats call on Bob Menendez to resign, breaking their silence

Top-12 NFL running games: Which teams are helping our RBs score fantasy football points this season? – Yahoo Sports

Top-12 NFL running games: Which teams are helping our RBs score fantasy football points this season? – Yahoo Sports

October 3, 2025
FIRST LOOK: Official match ball of FIFA World Cup ‘26 – Yahoo Sports

Get an Exclusive First Look at the Official Match Ball of FIFA World Cup 2026!

October 3, 2025
Arts economy grows, but funding lags on Long Island – Long Island Business News

Long Island’s Arts Economy Thrives Despite Ongoing Funding Challenges

October 3, 2025
Taylor Swift Releases New Album The Life of a Showgirl : Listen and Read the Full Credits – Yahoo

Taylor Swift Releases New Album The Life of a Showgirl : Listen and Read the Full Credits – Yahoo

October 3, 2025
HIV pioneer Dr. William Valenti retires, leaving lasting impact on health community – 13wham.com

HIV Pioneer Dr. William Valenti Retires, Leaving an Enduring Impact on the Health Community

October 3, 2025
As the shutdown drags on, the threat of permanent cuts is mired in politics – NPR

As the Shutdown Continues, the Risk of Lasting Cuts Grows Amid Political Stalemate

October 3, 2025
West Seattle Ecology Fair 2025, report #2: Heat waves aren’t just a source of discomfort – West Seattle Blog…

West Seattle Ecology Fair 2025: Uncovering the Hidden Impacts of Heat Waves Beyond Our Comfort

October 3, 2025
Roam The Huntington after dark at an atmospheric ‘Strange Science’ night – NBC Los Angeles

Uncover the Secrets of The Huntington After Dark at the Enchanting ‘Strange Science’ Night

October 3, 2025
Viral apple cider vinegar weight loss study retracted for flawed science – ScienceDaily

Viral apple cider vinegar weight loss study retracted for flawed science – ScienceDaily

October 3, 2025
A love letter to the garden – The Inquirer and Mirror

A Heartfelt Ode to the Garden: Celebrating Nature’s Timeless Beauty

October 3, 2025

Categories

Archives

October 2025
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Sep    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (848)
  • Economy (869)
  • Entertainment (21,743)
  • General (17,381)
  • Health (9,912)
  • Lifestyle (881)
  • News (22,149)
  • People (870)
  • Politics (880)
  • Science (16,079)
  • Sports (21,370)
  • Technology (15,852)
  • World (852)

Recent News

Top-12 NFL running games: Which teams are helping our RBs score fantasy football points this season? – Yahoo Sports

Top-12 NFL running games: Which teams are helping our RBs score fantasy football points this season? – Yahoo Sports

October 3, 2025
FIRST LOOK: Official match ball of FIFA World Cup ‘26 – Yahoo Sports

Get an Exclusive First Look at the Official Match Ball of FIFA World Cup 2026!

October 3, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version