Costs of Bankruptcy

When preparing to file for bankruptcy, the first question to come to your mind is likely to be “how much will this cost me?” After all, you’re filing for bankruptcy because you’re in a tight financial bind. It can feel overwhelming to know that the only to resolve your debt will require more money. However, it’s important to take the time to learn about the costs of filing for bankruptcy before you cast off the idea. Once you’ve paid filing fees and other related expenses, you will finally have some control over the mounting debt over your head.

Filing for bankruptcy can be quite an expensive process without the proper guidance. It also might be tempting to file for bankruptcy “pro se,” which means you represent yourself instead of hiring counsel. Many people who file for bankruptcy by means of their own representation end up having their cases dismissed because the bankruptcy process is incredibly intricate. For the best guidance and bang for your buck, we highly encourage you to secure an experienced bankruptcy attorney to resolve your debt.

Cincinnati Attorney Explains Bankruptcy Costs in OH

It’s a major decision to file for bankruptcy, but for many it’s the best option out there. Although you’re already strapped for cash, investing in an attorney to assist your bankruptcy process will mean more financial freedom for you in the future. If you are thinking of filing for Chapter 7 or 13 bankruptcy, then it’s crucial you find experienced and skilled legal representation.

Eric Steiden and his team over at [firm] are reputable in the Cincinnati area with over 15,000 successful case filings on record. They adopt a no-nonsense, thorough, and proactive approach to each case [firm] takes on. Not to mention, attorney Steiden has over 26 years of experience to draw back on. Get in touch with [firm] by calling [phone] to set up your first consultation. 

Eric Steiden and his team proudly represents individuals throughout Kenton County, Boone County, Campbell County, Gallatin County, Grant County, Pendleton County, Bracken County, Robertson County, Mason County,  in Kentucky, along with those who reside in Hamilton County, Butler County, Clermont County, Warren County, Clinton County, Montgomery County, Greene County, Preble County, Darke County, Highlands County, Miami County, Shelby County, Champaign County, Clark County, Brown County, Adams County, Lawrence County, and Scioto County, Ohio.

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How Much Does a Typical Bankruptcy Cost?

Often filers have anxiety over how much their bankruptcy will cost. They may fear that the bankruptcy lawsuit will put them in more debt than they already are. However, if you properly file for bankruptcy that should never be an issue. The filing fees and other related costs are simply investments in your financial freedom. After your bankruptcy case has been resolved, you will soon be free of debt or on a payment plan that is reasonable.

The first cost you will encounter while filing for bankruptcy is the filing fee. The amount of the fee will depend on what type of bankruptcy you are filing. If it’s a Chapter 7 case, then the filing fee will be $335. Chapter 13 bankruptcy filing will require a one-time fee of $310. Your bankruptcy trustee who manages your estate is likely to charge a fee of around $20 as well.

In some cases, you can request to pay your filing fees in smaller installments. The courts are likely to allow it if you can show it would be a financial hardship to pay the whole filing fee at once. Thankfully, if you are filing for Chapter 7 bankruptcy and later convert it to Chapter 13 bankruptcy, you won’t be required to pay a fee. However, converting a Chapter 13 bankruptcy case to a Chapter 7 one will require a fee of $25.

Aside from all the filing fees, you must also obtain credit counseling and may be required to take a personal financial management course. The cost for these classes could range from between $20 to $100 depending on where you file.

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Why Should I Hire an Attorney When Filing for Bankruptcy?

You have the option to file for bankruptcy without the help of an attorney. You can instead choose to file “pro se,” but it’s important to understand the success rate for pro se bankruptcy suits is low. It was recorded that nearly twice the pro se Chapter 7 cases were dismissed as attorney-represented cases in the year 2014. The report also revealed that attorneys filed nearly four times as many cases as self-represented parties. Calculations of this data reveal that the success rate of filing for Chapter 7 bankruptcy with an attorney is over 95 %. 

The same rings true for Chapter 13 bankruptcy. Most pro se Chapter 13 filers do much worse than even their Chapter 7 counterparts. Those who hired an attorney for their Chapter 13 bankruptcy had a success rate of around 55%. On the other hand, pro se Chapter 13 filers only had a success rate of .04 %. That means only 1 in 2,500 cases was resolved completely. Not only this, but less than half of all Chapter 13 pro se filers in 2014 received a discharge. Meanwhile, attorney-represented cases revealed that over 82 percent of cases were discharged.

Despite all the statistics, it’s extremely hard to commit to hiring representation when you’re already financially struggling. But it’s important to remember how imperative it is to resolve a bankruptcy case the first time. Every time you file that’s another filing fee and additional fees including credit counseling. Essentially, filing for bankruptcy without an attorney could mean you’re needlessly putting money down the drain.

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Additional Resources 

National Bankruptcy Forum – Visit the official website for the National Bankruptcy Forum (NBF), which provides bankruptcy information to consumers looking for solutions to resolve their debt. Access the site to learn more about bankruptcy basics, Chapter 7, and Chapter 13 bankruptcy.

About Bankruptcy | U.S. Courts – Visit the official website for the United States Courts to learn more about how to file for bankruptcy. Access the site to read the laws on bankruptcy fees, required bankruptcy forms, how to waive your Chapter 7 fee and more.

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Experienced Bankruptcy Attorney in Cincinnati, OH

If you’re looking to file for bankruptcy, we suggest you look no further than [firm]. Attorney Steiden has over 26 years of experience he’s utilized for other cases and can do the same for you too. To set up your first consultation, you can contact [firm] at [phone].

Eric Steiden and his team serve clients throughout the greater Ohio and Northern Kentucky area including Montgomery, Edgewood, Elsemere, Villa Hills, Covington, Erlanger and Fort Mitchell.

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