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Bankruptcy Filing Fees
As a bankruptcy document preparer, debtors I speak with are often surprised to learn that in most cases they must pay a $299.00 fee to the court in order declare Chapter 7 bankruptcy. Debtors often exclaim, "But, I have no money, that is why I'm filing!" Since the change in the bankruptcy laws in October 2005, there is relief available. Individuals that make 150% of the federal poverty guidelines established by the Dept of Health and Human Services can request a waiver of the filing fee. Individuals that make over that amount can request that they be allowed to pay the filing fee in 4 installments over a 120 day period. In the past, if the debtor had paid money to an attorney or bankruptcy petition preparer, they were not allowed to set up installment payments and were required to pay the fee in full at the time of filing. However, since the 2005 law change that requirement was abolished. This is one of the few changes in the 2005 law that was of actual benefit to consumers. |
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