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Filing for bankruptcy comes with some additional expenses. This is because, if you have to hire an attorney, you have to put into consideration the amount of money you will require. The attorney fees aside, you will also have to pay related expenses to the court clerk. These include the filing charges and other handling charges that in most cases are not less than $300.
The charges however will depend on which chapter you choose to file your petition under. In chapter 7, the petition is not accepted until you have accompanied it with a bankruptcy filing fee of $299. In chapter 13 on the other hand, the petition costs you $274 to file. These fees are subject to change every now and then, putting in mind that there are now new insolvency laws.
As for the attorneys fee, be prepared to part with anything between $1000 and $2000. One good thing about the lawyers fee is that you can negotiate with him to have it settled in installments not exceeding 3 years if you are filing under chapter 13. To add to the good news, you can file for an application to have the filing fees waived or subsidized. At the end of the day, you may find yourself paying nothing for the petition other than the lawyers fee only.
If a debtor has filed for voluntary bankruptcy and wishes to have the filing fees waived, a few considerations have to be made. They are based on the poverty index of the social class to which the individual belongs. If the income of the debtor falls below 150% of the income levels of that class, then he will be considered for the waiver.
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