As you consider filing for bankruptcy relief, the cost of filing Chapter 7 is probably on the forefront of your mind. In addition to being worried about how to make ends meet, you are worried about how you can afford the cost of filing Chapter 7. A better question you may want to consider is whether you can afford not to file for Chapter 7 bankruptcy relief.
The Fixed Cost of Filing Chapter 7 Bankruptcy
Filing a bankruptcy case gives you a fresh start with a clean slate to rebuild your finances after you recover from a financial crisis. In some cases, a person’s financial situation does not permit any other alternative other than filing bankruptcy in order to resolve the debt problem. When this is the case, it is important to understand the fixed cost of filing Chapter 7 bankruptcy that we cannot control.
The first fixed cost of filing Chapter 7 is the cost of the credit-counseling course. All debtors must complete this mandatory course prior to filing bankruptcy. Because there are several companies that offer the mandatory credit-counseling course, you can shop around for the lowest cost. The cost of the course ranges from $9 to $50 depending on the company. You must also complete a mandatory debtor education course to receive your bankruptcy discharge. The debtor education course is typically offered by the same companies and costs about the same price as the credit-counseling courses. In some cases, a debtor may be eligible to have this cost of filing Chapter 7 waived depending on their circumstances.
Another fixed cost of filing Chapter 7 is the filing fee paid to the bankruptcy court. The current filing fee for a Chapter 7 case is $335 payable when the case is filed with the court. In a few cases, the debtor may qualify to pay the filing fee in installments. In rare cases, the filing fee may be waived if the debtor’s income meets certain requirements.
Legal Fees as a Cost of Filing Chapter 7
The substantial cost of filing Chapter 7 is the legal fee for the bankruptcy attorney. Pioletti Pioletti & Nichols offers competitive legal rates for filing a Chapter 7 bankruptcy case. Our attorneys understand that you are struggling to make ends meet; therefore, we offer affordable rates for filing bankruptcy. The cost of filing Chapter 7 will depend on the complexity of the case and your specific circumstances. It is our goal to work closely with each client to make the cost of filing Chapter 7 affordable for everyone. We urge you to contact our office to schedule a free bankruptcy consultation to discuss your options for resolving your debt. We will explain how the cost of filing Chapter 7 is outweighed by the benefits you receive from the bankruptcy discharge.
Contact Our Office for a Consultation with an Experienced Illinois Bankruptcy Attorney
The bankruptcy lawyers of Pioletti Pioletti & Nichols represent individuals who need help solving their debt problems. We assist clients throughout McLean, Woodford, Tazewell, and Peoria counties by providing compassionate, competent legal services. Contact our office at 309-938-4838 to schedule your free consultation.
When you need the assistance of an experienced bankruptcy attorney in central Illinois, call Pioletti Pioletti & Nichols. We are dedicated to providing our clients with exceptional service and support throughout the bankruptcy process.