Preparing to file bankruptcy can be a trying time for anyone. When evaluating outstanding debts, income, savings, and any other number of expenses or assets, it can be all the more troublesome when the price of bankruptcy itself has to be considered. In addition to attorney's fees, a fixed sum must be paid to the government's trustees in order to file for bankruptcy. These fees are collected by the US Trustee's office, which oversees the bankruptcy process for the government.
To better facilitate bankruptcy and the hardship it can bring to those with limited financial means, the US Trustee's office has multiple payment options for these fees. The most obvious and direct method of payment is a lump sum that can be paid to the trustee prior to filing for bankruptcy. This type of payment simplifies the process by divesting those funds from the debtor immediately, and there are no additional payments due to the court. The only exception to this is a small fee required for converting a Chapter 13 bankruptcy into a Chapter 7 bankruptcy.
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Another option available to debtors is wage garnishment. While bankruptcy fees usually do not exceed $300, wage garnishment can spread this sum out over marginal payments. Some wage garnishment periods can extend to three years, reducing stress on the debtor to make their filing payments as requested.
The final payment option for debtors looking to pay their bankruptcy fees is a personalized plan contracted between the overseeing trustee and the debtor. These agreements can establish how much money is due and at what times over a predetermined period. In addition to bankruptcy fees, this method can be used to negotiate credit counseling fees and other related costs.
If you want to learn more about bankruptcy fees and the process of filing, contact a bankruptcy attorney.
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