Essential Guide to Costs Involved with Bankruptcy Process

Every debtor will understand the importance of bankruptcy as it is a very unique way of getting out of paying debts to a creditor whom you owe money. We can divide the bankruptcy into few different categories depending on the kind of agreement and the process of repaying the loan amount. Bankruptcy is a kind of way that you have to opt for and there is a complete process for it that you have to go through. For that purpose, you have to file it in a bankruptcy court.

The most important question arises here is that what is the New York bankruptcy cost and how much you should think that you have to pay.

  • The credit counselling is one of the most important parts of the complete bankruptcy process and before filing you have to pay for it. This is the first step and it also depends on your city and state that how much they are charging for it. It is also entirely dependent on your case and how much money you owe to the creditor.
  • The next comes the court filing fee and you are supposed to pay it when you file the bankruptcy case in a court as you are dealing with problems of repayment of loan money. You will need around $400 for the court filing fee and it can be less or high depending on your case.
  • You should also do not deny the importance and role of attorney in the complete process of bankruptcy and it does not matter whether you are opting for chapter 7 or Chapter 11 they will charge you some amount of money depending on how strong your case is and various other things are important regarding it. However, you do not have to worry about it because there are some bankruptcy services that charges your amount and you have to pay for the bankruptcy after filing.
  • There is also a great option available for you that you can utilize and that is by paying the fee in the form of installments. It will reduce the burden on you because you are already dealing with financial issues and that is why you are filing for a bankruptcy in the first place.


The cost on filing a bankruptcy and also for filing the complete process depend on the location and the level of bankruptcy and you will find all the information about it during the initial investigation.