Why Is the Filing Fee going up for Filing Bankruptcy and When Is It Going Into Effect?

Even though consumers who file for bankruptcy are broke, they still have to pay certain fees associated with the procedure. The fees that a debtor has to pay include the fees for credit courses, the attorney’s fees, and the filing fees. The United States Judicial Conference has recently decided to raise the filing fees for consumers who are filing for bankruptcy after June 1, 2014. The reason is not clearly stated, although the rationale is that it has to do with the number of bankruptcy cases being filed each year.
New Bankruptcy Filing Fees

Several fees have been raised as of June 1, 2014. The filing fee for a Chapter 7 bankruptcy has gone up to $335. It was previously $306, which reflects a $29 increase. The filing fee for a Chapter 13 bankruptcy is now $310. The filing fee for a Chapter 12 bankruptcy is now $275. All three chapters have been raised by $29.

It Takes Money to Lose Money

Consumers who have are already strapped and struggling will now have to come up with more money to file a bankruptcy to eliminate their debts. Parties that wish to file for bankruptcy should contact an experienced attorney as quickly as possible to begin the process. With the changes going into effect on June 1, 2014, to file under the current filing fees a case will need to be filed by May 31, 2014.

Bankruptcy attorneys are available in all areas of Ohio and throughout the United States. An interested person can contact a reputable bankruptcy attorney today and schedule a consultation. The attorney will conduct the appropriate testing to decide what bankruptcy options are best for them and advise the client on how to proceed.

Comments are closed.