What Does it Cost to File for Bankruptcy?
It’s true that everything costs money these days and, oddly enough, so does filing for bankruptcy. Regardless of your specific financial situation, there are a few fees that are unavoidable when filing a claim.
The first cost you’ll run into is the filing fee, which can be rather substantial. In Georgia, it costs $306 to file the paperwork for Chapter 7 and $281 to file for Chapter 13 bankruptcy.
In addition to the initial filing fee, there are other services you will most likely want to take advantage of, including mandatory credit counseling and debtor education. Together, these can run up to $85, placing even more strain on your financial woes.
It’s important to note that these are just the minimum requirements. Most people are strongly advised to seek the aid of a bankruptcy lawyer, which can also come with some costs. However, the investment may be well worth it, as the bankruptcy process is complex and difficult to navigate on your own.
With the costs of filing for bankruptcy steadily increasing each year, some lower-income Americans may be unable to afford the process. This has created the unsettling phenomenon of people being too poor to do anything to confront their mounting debt.
If you are considering bankruptcy in Georgia, you need to fully understand the requirements and costs associated with this process. Many nonprofit organizations throughout Georgia offer free or low-cost debt counseling to help you create a plan to work your way out of a difficult financial situation. These organizations typically offer you resources and materials to aid in your bankruptcy claim.
If you have further questions, be sure to speak with an experienced bankruptcy attorney in Georgia.