If you are looking for a way to save some money on a bankruptcy procedure, the only costs you may lower are the lawyer and filing expenses.
Chapter 7 Bankruptcy is as serious a bankruptcy there is. Once you are accepted for it your assets are sold off and most of the debt you have is eliminated. Chapter 13 Bankruptcy is a lot less serious in that all you are essentially getting is a consolidated loan with good interest rates, which is used to pay off all of your creditors.
Chapter 13 and 7 Bankruptcies are certainly not the only ones that you can apply for. There are other Bankruptcies, just not nearly as popular. For example, fishermen often apply for a Chapter 12 Bankruptcy.
You’ll have to pay a total of $274 ($235 and $39 for administrative expenses) if you want to file for Chapter 13 Bankruptcy and a total of $299 if you want to apply for a Chapter 7 Bankruptcy ($245 as well as $39 in administrative expenses and $15 in trustee fees).
The only way to avoid these fees is if your financial situation is in really bad shape (in which case you can apply for a waiver). Otherwise, you are going to have to suck it up and pay the fees.
Whether you apply for Chapter 7 or Chapter 13 Bankruptcy, you’re going to have to pay a lawyer around $1,000-$2,000 to get you through the whole bankruptcy process. The best way to save on lawyer fees is to be educated about your finances so that the amount of hours you have with your bankruptcy lawyer don’t add up too fast.
There are many do it yourself products online, which promise you to save money on lawyer fees. The truth is, however, that nothing can replace advice from a bankruptcy attorney, which you can only get by hiring one.
The last thing you want to deal with, when applying for bankruptcy, are even more expenses, especially ones that are in the thousands of dollars range. However, many attorneys have re-payment plans. Furthermore, your financial situation is going to get a lot better once your bankruptcy proceedings go well. But in order for them to go well you’re going to need a lawyer to help you.