Can I File For Bankruptcy For Free ?
With the current financial situation in the world, a lot of people are facing the probability of an impending bankruptcy, and a subsequent foreclosure. They are all concerned about their credit and assets. Under such circumstances, one cannot help but rethink about the cost of filing for bankruptcy. In fact, there are many people who wonder whether bankruptcy can be filed for free. |
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Unfortunately, filing for bankruptcy is not free in any court. It costs some amount of money to get the forms, do the documentation and meet the other requirements for filing bankruptcy. All forms and documents have to be processed legally. Generally, it is possible to file for Chapter 7 bankruptcy with less than $200, while Chapter 13 bankruptcy can be filed for less than $300.
However, the above mentioned costs do not include any attorney's fees or financial advice that is often required if you want the best possible judgment from the court. Yet, there are several legal offices that offer free advice to individuals who want to file for bankruptcy. Such evaluations can be used to determine if you are, at all in a position to file for bankruptcy. Several times an evaluation can save you a lot of effort and money.
Anyone who is looking for a cheap solution, should process his or her own bankruptcy. But, this requires knowledge of the current laws, of the state in which you reside. This is important because, laws pertaining to bankruptcy are rather complicated, and affect people in different ways. Besides affecting a person financially, the laws can also affect a person's marital or parental status.
Even when you process the documents for bankruptcy on your own, without the help of an attorney, you will still be spending up to $500. So, you should be prepared to take this additional financial burden.
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