Does filing bankruptcy seem like a viable option to solving your money problems? Filing bankruptcy is not a decision you should take lightly, and you should always seek legal counsel to weigh all your options. You might not feel you have any alternative, but maybe a legal professional can shed a little more light on your situation. However, if you feel this is your only recourse, then here are some of the costs associated with filing for bankruptcy and declaring yourself bankrupt.

The court fee is $274 if you file Chapter 7 bankruptcy. If you choose to file Chapter 13 bankruptcy, it is a little cheaper, at $189. Chapter 7 bankruptcy is the option a majority of people in a stressful situation end up taking simply because it aims to wipe out a majority of your debt, leaving you to start anew. Chapter 13, on the other hand, allows you to set up a payment plan to pay your debts over time. This is mutually agreed upon by you, your creditors and the judge.

At first glance, these figures don’t seem to be too extravagant in comparison to what you will be achieving. Granted, you will get a second chance in your financial life, and many people bounce back from a Chapter 7 in a few years with a great credit score, learning from their mistakes. But coming up with those fees can sometimes prove difficult, too.

Paying the court fees for your bankruptcy proceedings might not be where your problem is. The main fees you'll need to pay attention to are your lawyer fees. We are all well aware that legal fees are expensive. There are also recent changes in the bankruptcy code that make things more difficult for your attorney, meaning they will more than likely have to charge you more.

This may sound discouraging for you, thinking that you will not be able to pay for the filing process. You might be thinking that you will have to get into more debt, just to allow yourself to get out of debt, and you will probably try thinking of some other way than filing bankruptcy. Don’t rush to any quick decision; that’s why you are seeing a lawyer, remember, to find out all the options. If you and your attorney decide that this is the best course of action for you, then relax and don’t get any more upset - all is not lost.

One of the most important things to remember is that filing for bankruptcy will automatically put your debts on hold, and it is against the law for your creditors to harass you until it has all been finalized. If you are successful in cleaning your slate of debt, creditors will become a thing of the past. That will allow you to have more than enough funds to pay your lawyer fees or arrange payments with them, making filing bankruptcy a viable option for you.