The Cost of Bankruptcy in Chicago May Be More Then You Think

When people are considering bankruptcy their focus is usually on the damage to their credit and the benefit of discharging their debt. It is unlikely that they are prepared for the fees involved with bankruptcy.

What fees you are required to pay will depend on the type of bankruptcy you file. There are court filing fees for chapter 7 and chapter 13 bankruptcy. It costs $300 to file chapter 7 bankruptcy in chicago and about $25 less to file chapter 13. Despite your current economic situation there is no chance of these fees being waived. 

It is your attorney fees that will make up the bulk of your expenditure. On average you can expect to pay an attorney approximately $2,000.  Some attorney's will lower their fee if your case is particularly simple but at the same time if your case is extremely involved and require extra work then there will be additional fees.

Credit counseling class is often required for those who file bankruptcy as is a debtor education class. These classes are very short and are typically taken online. The cost per class is $50 or less. 

These costs may seem high, especially when you are struggling financially however they are well worth it for the end result. When you consider that with chapter 7 bankruptcy your debt will be discharged as the end result these fees are minimal.

Some bankruptcy filers may search for ways to cut costs. Because the court fees are not negotiable the only way to cut costs is with the attorney fees. This can save you money however it is important to remember that the cost is directly related to what you get in return. A quality attorney will help ensure the bankruptcy process runs smoothly from start to finish. You may compromise this as well as some of the attention to detail by going with a less expensive attorney. 

Regardless of what lawyer you choose you will need access to enough cash to pay your legal fees and court fees in order to file bankruptcy in Chicago.

Chang and Carlin
The content found on the Chang & Carlin site is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about chapter 7 bankruptcy, chapter 13 bankruptcy, foreclosure services, real estate legal services, you are encouraged to call our law firm at 866-790-8601 or Request a Free Legal Evaluation. Chang and Carlin serves clients in Chicago, Schaumburg, Joliet, Warrenville, Waukegan, Illinois.