When it comes to significant financial repair, the personal bankruptcy process is often considered to be an extreme measure and a last resort to help troubled debtors regain their footing. Claiming bankruptcy is what people often do when other methods for financial repair has failed, or when they simply cannot pay back their debts under any circumstance. Although society views the process as extreme in most cases, there is very little that most people know about it. In fact, there seems to a misalignment between what people think about the bankruptcy process and what it actually means in terms of preparation, cost and consequences. It's not uncommon for people to ask the question "how much does it cost to declare bankruptcy?"
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One of the biggest misconceptions about the personal bankruptcy process is that it's somehow an easy process to initiate. Watch any late night television advertisement promoting bankruptcy and you're liable to walk away with the impression that filing involves nothing more than signing a few forms. Of course, the reality is that it's much more involved than this. Not only must you spend a significant amount of time on the front end gathering detailed information about your financial history, but you also need to pay a fairly significant fee just to apply. This fee, which amounts to several hundred dollars, is in addition to any fees that you may accumulate through retention of a legal advisor.
Although paying a few hundred dollars might not seem like a lot of money to someone with a healthy financial outlook, it can seem like an impossibility to someone that's greatly in debt. Fortunately, there are some things you can do to reduce your costs without having to resort to doing everything on your own. The following are just some examples of how you can save money on your bankruptcy claim -
• Hire a Cheap Bankruptcy Attorney - hiring an attorney to represent you during your claim can be an expensive and cost prohibitive process for many people. It's not uncommon for legal fees to amount to around $2,000 for a single case, though it is possible to realize a substantial reduction by hiring a cheap bankruptcy attorney.
• Hire a Bankruptcy Petition Preparer (BPP) - when it comes to filing, the most time consuming process involves the preparation of documents that must be submitted to the bankruptcy courts. A BPP can prepare these documents for you at a fraction of the cost that a full fledged attorney would charge. Although a BPP cannot legally offer you advice or represent you in court, having someone to prepare your documents for you just makes sense from a practical point of view.
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