Preparing to file bankruptcy can be a trying time for anyone. On the evaluating outstanding debt, income, savings, and a number of costs or assets, it could be all the troublesome when the price of bankruptcy itself will be considered. In addition to attorney’s fees, a fixed amount must be paid to a government trustee’s to file for bankruptcy. This charge is collected by the U.S. Trustee’s office, which monitor the bankruptcy process for the government.
To better facilitate bankruptcy and difficulties it can bring to those with limited financial resources, the U.S. Trustee office has several payment options for these costs. The most obvious and direct method of payment is a lump sum which can be paid to the trustee before filing for bankruptcy. This payment simplifies the process by divestment the funds from debtors immediately, and without additional charge due to the court. The only exception is a small fee required to amend the chapter 13 bankruptcy to Chapter 7 bankruptcy.
Other options are available to borrowers is the garnishment of wages. While the cost of bankruptcy is usually not more than $ 300, the garnishment of wages can spread the sum out over marginal payment. Some wage garnishment can be extend up to three years, reducing stress on the debtor to make the filing payment as requested.
Final payment options for debtors looking to pay their bankruptcy fees is a personalized program contracted being the overseeing trustee and the debtor. This agreement may specify how much money is due and at what times over the predetermined period. Besides bankruptcy costs, this method can be used to negotiate credit counselling fees, and other related costs.