You may be considering bankruptcy as a way to solve your debt problems. This is certainly an option that you should consider if you’re facing an overwhelming amount of debt and don’t see any other way out. Of course, you should speak to a lawyer and not rush into things prematurely. However, if you decide to go this route, you may be wondering how much does it cost to declare bankruptcy.

You have to pay the court a fee of $274 when filing chapter seven bankruptcy, while the fee for chapter 13 bankruptcy is $189. Chapter seven bankruptcy, by the way, is what most people are looking for since it aims to wipe out your debts completely. Chapter 13 bankruptcy, on the other hand, establishes a repayment plan for you to pay off your debts over time.

This may seem like a lot of money, but this really depends on your perspective. Think about what you’re getting in return, since a successful bankruptcy case can give you a fresh financial start.

It is important to point out, however, that the filing fees are not the only cost that you have to worry about when it comes to bankruptcy. You’ll also have to pay your lawyer.

It’s true that lawyer fees can be expensive, and the new bankruptcy law makes the need for a lawyer greater than ever.

However, you shouldn’t think that bankruptcy is not an option because of the cost involved. After all, the process is designed to bring you relief even if it could have long-term consequences for your credit. The main question to ask yourself is whether bankruptcy is the way to go, and you shouldn’t try to answer this question without a good amount of research and legal advice.

The first thing you should remember is that filing for bankruptcy will automatically put your debts on hold, and your creditors will not be able to contact you until your case is finalized.

If you were successful in wiping out your debts, you won’t have to worry about these anymore. Getting rid of these other debts should clear up enough funds for you to pay your lawyer fees (especially if you work out a payment plan with your attorney).