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Costs Associated with Filing for Bankruptcy

It may surprise you to learn that filing for bankruptcy costs money and may, at first glance, seem like a disadvantage of bankruptcy. After all, this is a system that was designed expressly to help people for whom money is a primary problem, and the last thing you would expect is for the process to saddle New Jersey’s citizens with further expenses. Thankfully the costs associated with filing for bankruptcy are minimal compared with most people’s total debt load, and over time there is no question the fresh start afforded by those fees are worth it.

There is no fine or penalty associated with filing Chapter 7 or Chapter 13 bankruptcy in New Jersey, but there are fees. For instance, prior to filing, the courts requires each person to obtain a briefing with an approved credit counselor, regarding your entire financial situation, including your budget. The briefing costs vary and the average cost per person is approximately $50. Typically, an attorney is required to obtain a credit report for each person. If the client does not provide the report, the attorney must be reimbursed for these costs. A credit report costs approximately $20 per person. Finally there is the court filing fees, which is $299 for a Chapter 7 and $274.00 for a chapter 13.

What about legal fees? This is a figure that can vary widely depending on the circumstances of your case, the type of attorney you hire, unusual legal issues or facts, and the time that is necessary to resolve various matters. Because every case is different and the time requirements can vary so much, The Law Offices of Robert Manchel cannot offer a specific estimate until we have discussed your situation either by telephone or in person. The good news is that the initial consultation with Mr. Manchel is entirely free, meaning you can gather valuable advice with no further obligation. Mr. Manchel only asks for his reimbursement of costs prior to a chapter 13 filing. His entire fee is paid to him, by the trustee, through the bankruptcy plan.

Contact a NJ Bankruptcy Lawyer

Filing for bankruptcy in New Jersey involves accepting additional costs, but on balance, the tradeoff is overwhelmingly in favor of getting back in the black. It is not unusual for us to assist our clients with the elimination of five figure or six figure debt loads, that they have struggled to pay for years. Our office has assisted numerous honest individuals who are entitled to a fresh start. Contact the Law Offices of Robert Manchel today to begin the process of eliminating your debt through a New Jersey bankruptcy, and you may be surprised how quickly you will see financial daylight.