What is the cost of Bankruptcy?
The cost to file bankruptcy depends on many factors: which chapter is filed (chapter 7 or chapter 13), the type and number of creditors, the type and amount of non-exempt (if any non-exempt assets), the existence of any lawsuits pending against you, etc. Therefore, we cannot quote you a fee until after one of our experienced bankruptcy attorneys concludes the initial consultation. It would be quite simple for our firm, like many others, to have a “one price” policy whereby we quote and charge everyone the same price to file bankruptcy. However, we believe most people do not have complex financial issues. In these situations, we are able to lower our fee to make the filing of a bankruptcy more affordable to more people. Our firm is large enough that we are able to offer lower fees than most or all other bankruptcy firms.
The cost of bankruptcy will vary depending upon the country or state in which a person lives or a corporation exists. Most countries assess filing fees for individuals or businesses that want to go bankrupt. Many people find it difficult to claim bankruptcy without help from a lawyer, so there are legal fees to consider too. These are not the full cost of bankruptcy, since a filing of bankruptcy may continue to affect people or businesses for up to ten years after legal proceedings have occurred. First, it’s important to understand that bankruptcy doesn’t always mean permanently escaping or having all debts erased. Under some laws like certain ones in the US, people or businesses may need to undergo a “means test” and if the court deems that there is some ability to pay back debts, they may have to continue to make payments as structured by the court. Individuals claiming bankruptcy in the US must also pay for and attend a credit counseling session, which usually costs about $50 US Dol
Cameron • Okolita Inc. offers an “all inclusive” fee agreement which includes registration costs to the Superintendent of Bankruptcy, counselling fees, mailing and photocopying costs, professional time and G.S.T. Various payment plans are available to suit your budget. These will be discussed with you during your initial consultation.
