Question How much does it cost to file Chapter 7 and/or Chapter 13?

[marshallgirl]

Hi. I live in Pasco County, Fl. I was wondering if anyone knows how much it is to file a Chapter 7 or 13 bankruptcy? Not sure which one we are going to do yet. And does filing a bankruptcy slow down the foreclosure process or speed it up, and should we file before or after we are served the Lis Pendens. Thanks in advance.

[justbroke]

I don't know for most of the 60+ counties in Florida. Typically, a Chapter 7 seems to be about $2,000 - 3,000 (average $2,500) in Florida (this includes filing fees). It certainly depends on your case as well. There could be additional charges based on how complex your case is, specially if you're over-the-median income, and/or you're doing redemptions or reaffirmations.

As for Chapter 13s, there is an unpublished no-look fee for these cases. Typically, it's about $2,500 for the case and an additional $1,500 to be paid in the plan. That makes a Chapter 13 costs about $4,000 in Florida. As with Chapter 7s, the fee can be higher if you have lien stripping, or other issues. The fee agreement may include just the base components, at $4,000, with an hourly fee schedule for items outside the typical "no-look" fee.

As for the affects on foreclosure, it depends! If you're filing a Chapter 13 and keeping the property, it will STOP the foreclosure dead in its tracks. If you're filing a Chapter 7 it will only slow down the foreclosure. In either case, you need to decide what works best, from a financial standpoint, with respect to the home.

Whether to wait before or after the lis pendens is really not determinant on how fast a foreclosure will happen. If you have no other reason to file "today", then you may want to delay filing bankruptcy a little longer.

[marshallgirl]

Thanks for the reply. Wow! It really does cost alot to file a bankruptcy! I thought it would only be a few hundred dollars, but I guess that was years ago.

[justbroke]

Thanks for the reply. Wow! It really does cost alot to file a bankruptcy! I thought it would only be a few hundred dollars, but I guess that was years ago.

Well, the filing fee is only a few hundred dollars. However, legal representation does cost money and those are the going rates.

The current filing fees are:

Chapter 7 - $306
Chapter 13 - $281
Chapter 11 - $1,046

[Pjmax]

Hi Marshallgirl, just wanted to say I'm new to this forum, but the folks here are super nice and super helpful.

If it hasn't been mentioned to you, first consultations with a BK attorney are usually free. It might not be a bad idea to start looking and make a few appointments now while you have time to think and make the right decisions. You can ask some questions that you are most concerned with, ask about fees, payment plans, etc.

Some people here have interviewed a dozen or more attys., before deciding which was right for them. I consulted with three.

[IHateChase]

Most folks find out that once they decide to file and stop paying their unsecured debts, there is money to pay the lawyer. Since you are considering a 13. I assume you have a decent income- even though that is not always the case.
There are a number of people who have filed 7's pro se (by themselves)- with great success.

[kathy09]

I'm in Missouri and it only cost us $1400 and we have the best lawyer in the world.

[LadyInTheRed]

Wow! It really does cost alot to file a bankruptcy!

How does the costs of filing compare to the amount of debt that will be discharged? For most people, the costs of filing are a bargain in comparison to continuing to struggle to pay off their debt. If that's not true for you, bankruptcy may not be your best option.

[justbroke]

I'm in Missouri and it only cost us $1400 and we have the best lawyer in the world.

Did that include the filing fee? If so, then that was a really good price!

[kornellred]

Another thing that must be understood is that the debtor does not have a choice about whether to file a Chapter 7 or Chapter 13. Chapter 13 is a foregone presumption unless you actually qualify for Chapter 7. A debtor who qualifies for Chapter 7 could conceivably choose a Chapter 13, but that makes sense only for asset protection.