Filing for bankruptcy is an expensive endeavor, as you must pay three primary fees. The initial fee covers credit management courses. The new bankruptcy law stipulates that if a person wishes to file for bankruptcy, they must first attend financial management seminars in an effort to resolve their financial issues without declaring bankruptcy. The second expense is the cost of an attorney. This can be quite costly and is likely the most expensive cost associated with bankruptcy. The final expense consists of court filing fees. These costs average around $300.
Individuals do not need an attorney to file for bankruptcy, unlike corporations. The issue with self-representation is that if you make an error, such as forgetting to submit a document, your rights as a debtor could be affected. Always recommended is legal representation. If you cannot afford legal counsel, you should contact your state and local bar associations, as they may be able to provide you with free services.
The classes for financial management cost approximately $50, which is difficult to avoid but not impossible.
The primary fee associated with filing for bankruptcy can be waived, but only for a very small percentage of filers. Your financial standing will be investigated before a decision is made. There is a provision in the bankruptcy code that exempts these expenditures. If you want to request a free filing, you can do so by completing out the appropriate forms, which can sometimes be downloaded from state and local government websites.
Keep in mind that declaring bankruptcy can negatively affect your credit score, but it may be your only option. You will have to establish a new credit rating from scratch. Avoid services that promise to remove your bankruptcy from your credit report, as doing so could be unlawful and have severe consequences.
It is therefore feasible to file for free. The procedure is challenging, so if you cannot afford legal representation, you should seek it out.""
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