Can I Afford to File for Bankruptcy?
Nov. 29, 2021
Filing a bankruptcy can be intimidating due to the costs needed to file. Fortunately, at AKS Law, we offer flexible payment options, so everyone who needs legal help can get it.
Chapter 7 Costs
In Missouri, the filing fee for a Chapter 7 bankruptcy is less than $338. The average attorneys’ fees at AKS Law are between $600-$700. Remember, however, that this is an average. Based on your circumstances the fees could be different than above. While it is possible to file a case without an attorney- this route is not advisable. There are many problems that could arise out of filing without an attorney. Generally speaking, those who file with an attorney come out of the process far better off than those who don’t. After filing, their debts are cleared, and often they are able to achieve a decent credit rating and access to credit once again.
Chapter 13 Costs
To file for a Chapter 13 bankruptcy in Missouri, the upfront fee is generally under $400. However, the attorneys’ fees for a Chapter 13 are set by the courts at $4,800 and will be paid as part of your Chapter 13 plan payment through the court. Additional fees will not have to be paid directly to the lawyer after a case is filed. This option can allow for lower costs upfront to file a case. If the Chapter 13 bankruptcy eventually gets dismissed to due to non-payment, the remaining attorney fees are not owed.
A Chapter 13 bankruptcy is a repayment plan that spans three to five years. Depending on your income and assets, the Chapter 13 plan payment may be an attractive alternative to a Chapter 7. This is often the case where your income is too high to qualify for a Chapter 7 or if you have assets that are at risk in a Chapter 7.
Contact a St. Louis Bankruptcy Attorney Today
If you’re wondering whether bankruptcy filing in Missouri is right for you and, if it is, whether you can afford it, you should contact an STL bankruptcy lawyer today. Contact us or call my cell phone at 314-740.2989 for a free initial evaluation of your options.