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How much does it cost to file bankruptcy?

How to Predict the Price of Bankruptcy

Chapter 7 Chapter 13 Chapter 11

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Some Expenses are Unavoidable, Even When You're Bankrupt

In some legal proceedings, the government furnishes free services and financial assistance when you are unable to pay for yourself. In Bankruptcy Court, there is no financial assistance from the Court or any other agency, other than translation services at your meeting with the Trustee if you don't speak English.

The founding fathers considered bankruptcy too important to let the States make up their own rules and instead included specfic provisions in the United States Constitution making it the preeminent domain of the Federal Government to make uniform bankruptcy laws and bankruptcy rules that would apply to all 50 states and all persons and companies located in the United States. Bankruptcy laws are not unique to the United States, but many communist countries had no bankruptcy laws before the fall of the Soviet Union and, well, the results speak for themselves. Communism failed for the simple fact that people living under communist repression suffered from lack of will to succeed and grow, among other reasons. No one dared step out of line to offer new ideas and methods for improving efficiency and productivity to enhance the quality of human life.

The cost of bankruptcy in the Phoenix Arizona area and across the global economy, to the individual filing bankruptcy, to creditors, the economic system and society overall is so much less than the benefits of the process, which allows those who suffer economic failures or catastrophic economic losses to re-start their financial lives and regain a sense of hope for the future. Sometimes, a fresh financial start might seem like the only reason to go on living when debt problems are severe and have a profound impact on nearly every aspect of life. The bankruptcy process can also teach many valuable lessons, to borrowers and lenders alike, helping some borrowers to better understand the true cost of credit, and forcing creditors to accept their losses and adopt more responsible lending practices in the future. Bankruptcy is rarely a condition where it is easy to lay blame. More often, it involves circumstances and events that are unpredictable and unavoidable and the damage done would be nearly impossible to overcome in a single lifetime, if not for the protections of Bankruptcy.

If there were no bankruptcy courts, not many of us would be willing to take financial risks to pursue new ideas for products and services. Inventors, investors, dreamers and entreprenuers who drive the engines of human progress would be reluctant to promote new concepts and ideas for fear that if they failed, they might be saddled with insurmountable debt for life. Bankruptcy is a safety net. It ensures fair treatment of honest debtors and protects the public from overly-aggressive creditors. Bankruptcy has specific safeguards in place designed to prevent any of the players involved, debtors and creditors alike, from taking unfair advantage of a forgiving legal system and ensures honest, deserving debtors have a chance at getting a fresh financial start.

Compare the Cost of Bankruptcy with the Debts Eliminated and Property you Keep

Most People who file Bankruptcy retain all their equity.

There are several expenses to pay in order to get the benefits of the bankruptcy process. Some of the expenses are the same for all individuals, like filing fees and copying and transcription fees charged by the Clerk of the Court, while fees paid to others can vary from one region to another and can be affected by the complexity and difficulty of each individual's case.

Court filing fees increase regularly.

The Clerk of the US Bankruptcy Court requires payment of filing fees when a bankruptcy case is filed. Fees increase on a regular basis, most recently on June 1, 2014. For Chapter 7, the filing fee is $335, for Chapter 13 the filing fee is $310 and for Chapter 11 the filing fee is $1717. You may qualify to pay your filing fee in installments, if you are unable to pay the entire fee at the time of filing. The Court has an application to waive the filing fee if you qualify (few applications to waive the filing fee are granted).




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