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Chapter 7 may seem costly but well worth it in the end

Utilizing bankruptcy in hopes of getting a fresh financial start is an action that many people choose to carry out. Of course, there is much information regarding Chapter 7 and other forms of bankruptcy that many Louisiana residents may be lacking. For instance, it may come as some surprise that individuals must attend to associated fees when filing for bankruptcy.

Because Chapter 7 is the most common form of bankruptcy filed, individuals may be most interested in how much filing for this option could cost. Starting off with basic fees, the federally mandated filing fees total $335. While this certainly may seem like a significant chunk of money for someone already struggling financially, parties may want to remain wary of services that claim to have the ability to help individuals file for less than that amount.

Of course, the potential for scams does not mean that no assistance options exist. In fact, parties who feel that they cannot pay the fees all at once or at all could apply for an installment plan or fee waiver. Certain stipulations apply for these forms of assistance, and interested individuals may wish to gain more information on this part of the process.

In addition to filing fees, other costs may also apply. However, in the end, addressing the costs and moving forward with Chapter 7 bankruptcy may help open the door to a brighter financial future. Therefore, Louisiana residents interested in finding out whether this route could suit their circumstances may wish to consult with knowledgeable bankruptcy attorneys.

Source: thebalance.com, "How Much Does It Cost to File for Bankruptcy?", Latoya Irby, April 2, 2018

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Richoux Law Firm, L.L.C.
110 E. Kaliste Saloom Road
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Lafayette, LA 70508

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