If you are thinking about filing bankruptcy, you are probably wondering about the expenses involved. In addition to attorney fees, you will have to pay court fees in order to file your bankruptcy. Court fees in bankruptcy cases are used to pay for administrative costs and depend on the type of bankruptcy filed. A Cleveland bankruptcy lawyer can inform you of the court fees for your particular bankruptcy case as well as other costs.
Chapter 7 vs. Chapter 13 Bankruptcy Fees
Chapter 7 bankruptcy is the most common type of bankruptcy and is usually complete within three to four months. It will eliminate all of your unsecured debts and give you a fresh start. Chapter 13 bankruptcy is a bankruptcy repayment plan in which a portion of your debt will be repaid over a three to five-year time frame. It can give you the opportunity to keep your property while you repay creditors from your future earnings.
Court fees are $335 for Chapter 7 bankruptcy and $310 for Chapter 13. They change periodically and may differ in certain circumstances. Failure to pay the court fees may lead to a dismissal of your case.
Court Fees May Lead to Financial Freedom
Although it may seem like the court fees and other costs associated with filing bankruptcy are steep, you must keep in mind that they can improve your financial situation and put you on your way to financial freedom. Try to look at court fees, attorney fees, and other miscellaneous expenses as an investment in your future that can save you years of stress and frustration down the road.
Payment Plans Available
To make court fees more manageable, you may be able to pay them in installments. Paying in installments will give you some breathing room and make the pre-filing process a bit easier. In order to qualify for a payment plan, you must apply with the court for deviation of the normal up-front fee payment. This requires additional forms and filing requirements. A Cleveland bankruptcy lawyer can discuss all of the options available to you and help you find a way to fund your bankruptcy case and protect your future financial well-being.
Call Luftman, Heck & Associates, LLP to Speak to a Cleveland Bankruptcy Lawyer Today
A Cleveland bankruptcy lawyer at Luftman, Heck & Associates is an invaluable resource for individuals filing for bankruptcy. We will determine whether bankruptcy is right for your specific situation and guide you through the entire process in the event that Chapter 7 or Chapter 13 does make sense for your financial future.
Don’t hesitate to call us today (216) 586-6600 for a free case consultation. We look forward to making a significant difference in the way you live your life.