4 things you should understand about the cost of bankruptcy
If you are considering bankruptcy, you probably want to know what it will cost. This will vary based on a variety of factors. The following 4 items will help you understand the cost of Salt Lake City bankruptcy.
- Bankruptcy is an investment: While you spend money to file, you save thousands of dollars in debt reduction. This is a great financial investment in the long term.
- Court fees are mandatory: The court fees are as follows: Chapter 7 ($308), Chapter 13 ($281), Chapter 11 ($1,046). The fee is the same in every state and pays for the costs of the court.
- Attorney fees vary based on different factors: For Chapter 7 the average fee is around $1,250, while the average for Chapter 13 is around $3,000. Each attorney charges unique fees based on how long they spend on your case and how complex your case is.
- Avoid too high and low rates: Try and find an attorney with mid-level prices. Low-priced services are often low quality and results, while those that are too high leave you spending more than you should.
Learn more about our Salt Lake City bankruptcy attorney, Todd Sessions.