How much does bankruptcy cost?
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How much does bankruptcy cost?

by | Aug 19, 2019 | Bankruptcy, Nicolet Law Offices Blog

Nicolet Law Office often takes phone calls from people who ask this question first. We understand that costs are important to folks who are already under financial strain. Bankruptcy is an investment for our clients and this investment always pays off. The amount of money the client pays is small when compared to the tens of thousands of dollars of debt that is discharged. Bankruptcy gives people a fresh financial start which is a tremendous value.

When most people ask how much a bankruptcy costs, they are comparing fees from different bankruptcy attorneys and are assuming a chapter 7 bankruptcy. Nicolet Law Office charges an attorney fee of $1665 for simpler chapter 7 cases, where a person does not own a business or only owns one parcel of real estate, and has under 20 creditors. In some circumstances, we offer a lower fee to disabled veterans or elderly persons on a fixed income. However, until we complete an initial consultation, we don’t know whether chapter 7 is an option for you, or whether another chapter or perhaps non-bankruptcy options are available, and what you qualify for or how it would affect you. Regardless our fees are very favorable when compared to the $2500+ charged by others.

In addition to an attorney fee, there are filing fees which must be paid to the bankruptcy court. As of August 2019, these fees are $335 for a Chapter 7.

Can a bankruptcy filing fee be waived?

In certain cases, a bankruptcy judge may waive filing fees or allow installment payments to be made over the course of time. For a debtor to qualify for a waived fee or installment payments, their income must be lower than 150 percent of the local poverty line. The debtor will be required to regularly complete brief financial information forms, which state that the debtor cannot afford to pay the fee, or are only able to pay it through installments. The final installment payment is typically due within 120 days of filing.

The goal in any bankruptcy is to get a fresh start and to have a balanced budget going forward. Compared to other types of legal cases, a bankruptcy is very cost efficient and a client can compare the actual attorney fee with the amount of debt being discharged.

Bankruptcy is an investment that pays significant dividends. For a free consultation with an experienced bankruptcy attorney in Minnesota or Western Wisconsin, contact Nicolet Law Office today.

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