How Much Does It Cost To File Chapter 7 Bankruptcy in Minneapolis MN ?

Are you contemplating filing a Chapter 7 Bankruptcy in Minneapolis? If so, then you want to know how much it costs. Let’s face it moneys tight and your debt is deep. After all you wouldn’t be even considering it if it wasn’t, right? Here’s a list of fees that you will encounter:

U.S. Bankruptcy Court Filing Fees

At Kain & Scott our Minneapolis Bankruptcy Attorneys don't charge any up-front fees with a promissory note signed by a third party guarantor. This means the only money that you’ll need to come up with to get started will be the bankruptcy courts filing fee. The filing fee for a Chapter 7 Bankruptcy case is the same for everyone and is $375. If you don’t think you’ll be able to afford this all at once our Lawyers can talk to the courts for you to request to make payments. Usually as long as we can show them that paying in full would be a financial hardship for you they will allow it.

Pre-Bankruptcy Credit Counseling & Debtor Education Courses

Before you file your bankruptcy petition you’re going to have to take a Minnesota approved pre-bankruptcy credit counseling course. After completing the course you will receive a certificate that needs to be filed along with your bankruptcy petition. The only exception to the rule is if you are on active military duty or you are physical or mentally incapable of taking the course. After you’ve filed you will need to take a debtor education course. This course will cover developing a budget, managing money and using credit wisely. Both courses are fairly simple and can be done online. At Kain & Scott your Bankruptcy Lawyer in Mineapolis will cover the cost.

Average Chapter 7 Minneapolis Bankruptcy Attorney Fees

In Minneapolis, Minnesota there are two different ways that you can file a Chapter 7 Bankruptcy. You can file without an Attorney called “pro se,” or with one. However, most people choose to file with one because the success rate for “pro se” filers is very low. Only about 1 in 2500 typically succeed. Making any mistakes on your worksheets could potentially lead to the loss of some or all of your assets. Besides filing on your own can be very stressful.

With an experienced Minneapolis MN Bankruptcy Attorney your experience will be quite different. Your Attorney will help you fill out all of the worksheets, ensure they are filled out correctly, file them at the right time and help you use the state or federal exemptions to protect as many of your assets as possible. It will be a lot easier and less stressful. Not to mention the success rate of filing with an attorney representative is over 95%! Plus, at Kain & Scott we guarantee our Bankruptcy Service and the majority of cases we file are become “no asset” cases, meaning you keep everything!

Minneapolis Bankruptcy Attorney fees range and generally have to be paid up front unless you have a promissory note signed by a third party guarantor. If you do you won't be charged any up front fees and will be able to make easy monthly payments after your debt has been discharged. You can typically expect to pay in between $1500-$2000 depending on the complexity of your case.

Miscellaneous Fees

Although it is very rare and most Chapter 7 cases are relatively quick and easy there are a few situations that could cost you a little bit more. This is usually only if there is some type of complication provoked by the Bankruptcy Trustee or a creditor. For instance let’s say the Bankruptcy Trustee objected to a piece of property that you wanted to exempt. In this case you would need to have the matter resolved in front of a judge and will incur an extra charge for your Lawyer to prepare a defense and appear in court. Although, don’t be alarmed because the majority of cases very smoothly especially with an experienced Bankruptcy Attorney.

Cheap Is What You Want, Cheap Is What You Get

Filing a Chapter 7 Bankruptcy can be significantly complicated. The required worksheets are not easy and very long. The more experienced your Bankruptcy Lawyer is the more knowledgeable they’ll be about the rules, regulations, courts, creditors and trustees. Plus they’ll be able to communicate to them in legal language that they will understand a lot better. An experienced attorney is going to know how to deal with any objections, protect your assets and help you get the best out of the bankruptcy. Plus, minimize the risk of anything going wrong.

Even though moneys tight and you might want to try and hire a cut rate Bankruptcy Lawyer in Minneapolis, hiring a cheap one can easily cost you in the long run. Typically there are two reasons Lawyers offer a reduced rate fee. One is because they are inexperienced. Usually fresh law school graduates. The other is because the attorney isn’t doing any of the work and handing it down to someone else who is also inexperienced.

You want your case in the hands of an experienced Minneapolis Bankruptcy Lawyer. If your case gets dismissed which can happen for a variety of reasons, including making a mistake on your worksheets or not filing at the right time, you won’t get the same protection that you would when you originally filed. If you decide to try and file again you’ll be classified as what’s called a serial filer. Serial Filers don’t get the protection from an automatic stay meaning creditors and debt collectors still have the right to call and harass you for payments.

The Bottom Line

Contact a professional Bankruptcy Attorney in Minneapolis. One that’s experienced and specializes exclusively in Bankruptcy. They might cost you a little more up front but in the long run you’re going to be so much happier. An experienced Bankruptcy Attorney is going to be able to help you get on the road to your new debt free life quickly, painlessly and easily as possible!

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