Filing for bankruptcy requires a long process for most cases being filed. This is because there are many aspects that need to be meticulously verified by the court and the trustee who will be assigned for the bankruptcy case. Each petitioner has a different financial situation which requires different length of time to be finalized. More often than not, amendments of the bankruptcy case filed takes place. This is anticipated especially during the course of the bankruptcy proceedings.
Many people, a sole proprietorship or a company owner, are at loss when it comes to the cost of filing bankruptcy. All they are aware of is the filing fees with information that can be easily obtained from the Administrative Office of the US Courts. Sometimes, they would know someone who has gone through the bankruptcy process who can tell them about the filing fees. What is left to learn is the extent of cost that one should expect from the beginning of filing bankruptcy until the very end.
As mentioned, filing fees are necessary in order to jumpstart the process. As of this time, the filing fees for chapter 7 bankruptcy is $299, for chapter 13 is $274 and for chapter 11 is $1,039. It is best to verify with the Administrative Office of the US Courts for any changes of the filing fees ahead of time if one can confirm the date of filing. For individuals, credit counseling must be attended prior to filing of bankruptcy. The fees here will be for the account of the applicant, too.
Aside from the credit counseling, there are also costs involved when the bankruptcy proceedings are already with the courts or supervised by the trustee. This includes, but not limited to, court fees, amendment fees, lawyer’s fees and the likes. In order to get an approximation of the how much it will cost a petitioner, they may ask from bankruptcy lawyers who can give him an idea on the ballpark figure. It cannot get very accurate since the fees may change depending on the nature of the bankruptcy case filed or the time the bankruptcy case will be filed.
