Being in financial distress is likely the reason why you are considering bankruptcy in the first place. So you are likely taken aback when you discover that a bankruptcy filing is going to cost you. Read on to learn how much you have to pay for your bankruptcy filing and how a seasoned Louisville, Kentucky consumer bankruptcy lawyer at Schwartz Bankruptcy Law Center can help you reduce or altogether eliminate it.
How much do I have to pay for a bankruptcy filing?
Notably, the cost of your filing may be contingent on what type of bankruptcy you are petitioning for. For example, you may have to pay an estimated $338 if you submit a Chapter 7 bankruptcy petition. In contrast, you may be required to pay a little less for a Chapter 13 bankruptcy petition, at an estimated $313.
But regardless of the type of bankruptcy you are opting for, you may be expected to pay for your credit counseling course and your debtor education course. For one, you may have to take a credit counseling course at least 180 days before filing and submit a certificate of completion alongside your bankruptcy petition. You may be able to find this course from an approved provider for as little as $15. Next, you may have to complete a debtor education course within 60 days of your creditor’s meeting and similarly submit a certificate of completion. An approved provider may offer this course for $35 or less.
How can I cut the cost of a bankruptcy filing?
If you do not think it is best to have these bankruptcy filing costs tacked onto your overall debt, you may be able to reduce or eliminate it. At the very least, you may be able to make it more manageable to pay off. With that being said, you may attempt any of the following tactics:
- If you require to pay off the bankruptcy filing payment via installments, you may fill out Form 103A, Application for Individuals to Pay the Filing Fee in Installments.
- If you require to waive the bankruptcy filing payment altogether, you may fill out Form 103B, Application to Have Chapter 7 Filing Fee Waived.
- If you require to waive the credit counseling course payment altogether, you may remind the provider that the law requires them to offer this counseling without regard to your ability to pay.
Importantly, the aforementioned options may only be at your disposal if you are applying for a Chapter 7 bankruptcy. This is because a Chapter 13 bankruptcy requires that you follow a repayment plan for your debts, so the bankruptcy court expects that you can handle these initial payments too.
In the end, a competent Louisville, Kentucky consumer bankruptcy lawyer at Schwartz Bankruptcy Law Center is here whenever you are ready to initiate your bankruptcy proceedings. Simply call our firm at your earliest possible convenience.
