Filing for bankruptcy can bring much-needed financial relief, but it comes at a price. If you’re thinking about bankruptcy, you’re probably wondering how much it will cost you. It’s a fair question, especially when money is already tight.
How much filing for bankruptcy will cost you depends on various factors, and it’s important to know what to expect so you’re not caught off guard.
Filing fees
The court charges a standard filing fee. For Chapter 7 bankruptcy, expect to pay $338. For Chapter 7, it’s $313. In some cases, you may be able to pay in installments or request a fee waiver if your income is too low.
Attorney fees
Many people choose to have legal guidance when filing. It isn’t a requirement, but it can make a big difference. Attorney fees vary, depending in part on the complexity of your case. Chapter 13 tends to be more expensive because it involves a repayment plan that lasts several years and requires continued oversight.
Other costs to consider
You may be required to attend a debtor education course or complete credit counseling as part of the bankruptcy process. While typically modest, the cost of these requirements can quickly add up when you’re under financial pressure. Other expenses to consider include the cost of obtaining credit reports, preparing paperwork or making corrections to your filing.
These and other upfront costs can feel steep, but bankruptcy can go a long way in alleviating your financial situation. If you’re not sure whether you can afford it or have other questions about how things work, talk to someone who understands Georgia’s bankruptcy laws to gain clarity as you weigh your options.