The Cost of Bankruptcy

Almost two years ago, Congress passed a law making it much tougher for Americans to file for bankruptcy. Since the passing of these new bankruptcy laws the cost of bankruptcy has taken a dramatic rise.

According to a recent press release, and various websites devoted to low cost bankruptcies, the average cost of filing a bankruptcy is around 1800, and that's not including filing fees. With most attorneys quoting 2,000-2,500 for a completed bankruptcy.

With the economy in shambles, many good hearted and honest people find themselves in a real financial bind. With the rise of the cost of completing a bankruptcy many potential filers have chosen to go it alone, which in most cases creates more problems than the creditor's harassing calls.

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There are many options and confusing opinions when it comes to filing. How does a chapter 7 bankruptcy differ from a chapter 13? Do I have to give away all of my assets? What is the future risk of declaring bankruptcy?

There are many websites devoted to bankruptcies, but be very careful because many promise a low cost and quote a price, but ends up being just the filing fee or just paperwork. Which does nothing for the filer. The filing fee alon, depending on state, is around 299 dollars. This is just for filing and not a completed bankruptcy, unless you take a pro se approach and finish everything on your own.

There are large penalties that can be added onto a bankruptcy if paperwork filed has any errors, and with the new bankruptcy laws, it has made the whole bankruptcy process extremely complicated.

There have been many people denied for bankruptcy because of small errors, who would have otherwise been easily qualified to take advantage of their constitutional right receive a discharge of their debt.

With something as serious as bankruptcy, professional assistance is strongly recommended. To be without qualified help is like doing surgery on yourself. It is just not done.

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