Wanting to become financially aware may hit you for any number of reasons. In particular, you may already have found yourself facing considerable financial difficulties and now want to get back on track. You may try to budget, account for every penny spent and make sure that you do not put money toward frivolous or unnecessary expenses.
Of course, even with putting your best efforts forward, you may not have the ability to fully address your outstanding debts or even put a major dent in your owed balances. You may be considering the idea of filing for bankruptcy, but with your new-found financial consciousness, you may wonder whether you should or even can put the necessary funds forward to start the process.
Initial filing fees
It may seem like a bit of a disappointment that you have to spend money to file for bankruptcy. After all, you are already struggling with your finances. However, if you feel serious about seeking debt relief, any method will likely come with its costs. With bankruptcy, you will know that you have chosen a legal and tried-and-true method of relief rather than risking putting money toward services that could turn out as scams.
The cost of your basic filing fees will depend on the type of bankruptcy for which you file. If you qualify for Chapter 13, the federal court has dictated that the basic fee will come to $310. With Chapter 7, the fee comes in at $335. As mentioned, these represent basic fees. Therefore, your particular case could face additional fees. Other expenses, such as attorney’s fees, will likely also come into play.
Ways to pay
You may worry that, despite your desire to file for bankruptcy, you do not have the funds to file a petition. However, you could take steps to help yourself obtain the necessary funds. If you have already started budgeting, you may be able to work bankruptcy savings into your budget. You may even want to try raising money in other ways, such as having a yard sale.
You may also have the chance to apply for an installment plan that allows you to spread your fee payments out over time rather than having to pay all at once. If you meet certain stipulations, you may also have the chance to have the filing fees waived entirely.
Seriously consider bankruptcy
If you worry that the cost of the starting the bankruptcy process may make filing impossible, you may wish to gain more information. Assessing your personal circumstances may prove useful as well. Learning about the expenses and the benefits of bankruptcy may help you with addressing your debt in a well-informed way.