Cost of Bankruptcy

Cost by Complexity

The cost for bankruptcy is normally dependent on the complexity of each individual case. For example, a person with no dependents, no real estate, does no car payment, and is on a fixed income (such as social security) with no other assets or equity is going to have less attorney’s fees if they file for bankruptcy compared to a person who is married, owns a business, has real estate, two car payments and other assets.

Cost by Type

Additionally, it also depends on what type of bankruptcy you qualify for. If you are interested in filing for bankruptcy, you should set up consultations with attorneys and determine which attorney best fits your needs. There are many bankruptcy firms and they all do things differently. Some might be faster, while others might give you more personalized attention. Some firms have attorneys who answer the phone and others will have a secretary. I think your best bet is to meet with some firms and determine which one best fits your financial and personal needs. In other words, which one is most worth it to you for the price.

Keep in mind that the two most common forms of Bankruptcy are Chapter 7 and Chapter 13.  Chapter 7 is in most cases less expensive than Chapter 13.  However, Chapter 7 is more difficult to qualify for.  Contact a local bankruptcy attorney to learn more.