How Much Does a Bankruptcy cost?
Whether a potential client calls me from Chicago, Naperville, Joliet or Aurora, one question is always the same. How much does a bankruptcy cost?
For most people a chapter 7 case will cost about $2100.00
This is divided into 3 parts
Filing Fees
Filing fees for a chapter 7 bankruptcy are $299.00.
Two:
Classes
Prior to filing a consumer bankruptcy you need to take a credit counseling class. There are generally done over the internet and take about an hour. They cost between $35.00 and $50.00.
Before the bankruptcy is completed you must also take a debtor education class. This is also done over the internet and costs between $15.00 and $50.00.
Three:
Attorneys Fees
This is the part with the most variance. Each case is unique and presents different problems.
In a chapter 7 case in the Northern District of Illinois our base fee is $1500.00. Some clients have cases where we know there will be much extra work and those cases will involve additional fees.
Some cases are extremely simple and we may deduct part of the fee.
In a Chapter 13 case, fees are as allowed by the court. In the Northern district of Illinois, there is a "no look" fee statute of $3500.00. These fees are usually worked into the plan.
