Home - business & services - What You Need To Know About Bankruptcy Cost

What you need to know about bankruptcy cost

How much does it cost to file a bankruptcy petition? Unfortunately, there is no definite answer to this question. It depends. In most cases, the cost of filing a bankruptcy petition to the court is fixed. However, the expenses associated with the attorney will vary. Moreover, how one makes the payments will also differ based on where they live and the case’s degree of complexity. The cost will also vary depending on whether one files for bankruptcy under Chapter 7 or Chapter 13.

What you need to know about bankruptcy cost
Here are a few things to know about bankruptcy, bankruptcy cost, and how to pay for it.

Difference between Chapter 7 and Chapter 13
With Chapter 7 bankruptcy, most of the debts are forgiven. With Chapter 13 bankruptcy, all the debts are reorganized into a repayment plan. Further, it reduces the overall debt owed by a person. Also, it lets a person retain certain vital assets and reduces what you owe while retaining critical assets.

Bankruptcy cost
Bankruptcy costs include two expenses: attorney fees and court filing fees. The court fees are almost always fixed. The attorney fees will vary, and the costs given here are general approximates. The fee will depend on the attorney’s years of expertise, the location, and the complexity of the case. For rural areas, the attorney fees will be far less than that in Manhattan.

Moreover, the attorney fee will differ based on whether one is filing Chapter 7 or Chapter 13. For chapter 7 bankruptcy, the average cost would be around $1,450. It can range between $1,000 and $1,750. For Chapter 13 bankruptcy, the average cost is about $3,000. Depending on various factors, it can range from $2,500 to $5,000.

In the case of Chapter 13 bankruptcy, the court governs the attorney fees in the specific district. So the fees would vary across districts. The court will review the attorney fee unless it is below a level known as “no-look.” This level is accepted to be reasonable fees. This level also varies from district to district. So it is essential to check with the local court before hiring an attorney for filing Chapter 13 bankruptcy.

Bankruptcy education cost
This is a small fee included in bankruptcy costs. It covers two courses of credit counseling. Those who put forward petitions in Chapter 7 and Chapter 13 need to complete these courses. These courses can be completed online or in person. A nonprofit credit counseling agency needs to be approached by the petitioner to take these two courses. The bankruptcy education cost for these courses has been fixed at around $50 by the Office of the US Trustee.

Tips to pay for and save on bankruptcy costs
With Chapter 13 bankruptcy, a person can retain certain critical assets. This leaves them with sufficient finances to have repayment to pay for the debt and the attorney. However, with Chapter 7 bankruptcy, the attorney needs to be paid before the case begins. If there are not enough funds to pay the bankruptcy costs, here are a few tips to follow.

  • Raise money
    Money can be freed up for bankruptcy by minimizing the outgoing cash. Instead of repaying credit card debt, save the money for the bankruptcy cost. Also, earning extra can be helpful. Having a yard sale of additional household items and old electronics can bring in some extra cash. Borrowing money from friends and family is another way to raise some interest-free money.
  • Have a plan
    It is possible to spread out the costs of filing fees and attorney fees in many cases instead of paying everything upfront. Many attorneys often have different payment plans. They are willing to receive their fees over an extended period. For instance, some attorneys are okay with spreading the payments over three months or even six months. However, it is crucial to set the terms and conditions of the payment in the initial meeting itself.
  • Hire a petition preparer
    If a person is in a hurry to file a bankruptcy petition, they can hire a petition preparer. This person provides the necessary assistance to fill out the bankruptcy paperwork. They charge only an hourly fee, which can be as low as $70. There is no legal advice included in this service. However, it is useful when someone needs to have an “automatic stay” to halt debt collection efforts.

Disclaimer:
The content provided on our blog site traverses numerous categories, offering readers valuable and practical information. Readers can use the editorial team’s research and data to gain more insights into their topics of interest. However, they are requested not to treat the articles as conclusive. The website team cannot be held responsible for differences in data or inaccuracies found across other platforms. Please also note that the site might also miss out on various schemes and offers available that the readers may find more beneficial than the ones we cover.
Previous Article

Choosing An Instant Approval Credit Card

Next Article

Don’t bite off more than you can chew

Latest Articles

The Causes And Symptoms Of Carcinoid Neuroendocrine Tumors

The Causes And Symptoms Of Carcinoid Neuroendocrine Tumors

The causes and symptoms of carcinoid neuroendocrine tumors The neuroendocrine system can be described as a network of glands producing hormones that are carried into the bloodstream. There are different roles that these hormones play in the human body. The carcinoid neuroendocrine tumor is a very rare tumor that shows up in the cells of the neuroendocrine system. Around 80% of these tumors grow in the small bowel and the appendix. However, they can even grow in the lungs, pancreas, ovaries, stomach, testicles, and kidneys. These tumors develop at varied rates, and they are usually slow at developing. They might develop over several months and even years. Nevertheless, there are some tumors that tend to be highly aggressive. They can spread very quickly to other parts of the human body and can even result in serious issues. What are the causes of carcinoid neuroendocrine tumors? Experts are still not aware of the main causes of neuroendocrine tumors. However, there are certain conditions that might make you a victim of these tumors. These are called risk factors, and they are situations and diseases that you cannot control. Some of the most common causes of neuroendocrine tumors are as listed: Some diseases that are caused due to family history or genes passed to an individual through their family can increase their chances of having a carcinoid neuroendocrine tumor. Individuals with multiple endocrine neoplasia disease can be the victims of carcinoid tumors. This is a disease where tumors form in the cells, making hormones or chemicals that have a major effect on the actions of the body, such as sex drive, mood, and hair growth. Your age can have an effect on your chances of suffering from carcinoid tumors. There are certain NETs that have an effect on people of specific ages. The gender of an individual also has an effect on the risk for certain NETs. However, women have an increased chance of suffering from these tumors. The race of a person also has an effect on their chances of suffering from carcinoid tumors. The immune system in the body is its defense against all kinds of germs. Diseases or conditions that affect the immune system, such as organ transplant and HIV/AIDS, can increase the chances of neuroendocrine tumors in individuals. Excessive sun exposure can also result in neuroendocrine tumors. This is because the sun gives off ultraviolet rays that damage the skin DNA. This can result in the growth of cells in an uncontrolled manner, resulting in cancer. Studies have proved that smoking can also increase the chances of neuroendocrine tumors in people. What are the symptoms of carcinoid neuroendocrine tumors? Neuroendocrine tumors are generally diagnosed in people between the ages of 50 and 60. People with these tumors might experience certain symptoms, or they might not have any signs or changes in their body. The symptoms of neuroendocrine tumors include the following: Anxiety attacks High blood pressure Headaches A fever Rapid pulse Clammy skin Sweating Vomiting Nausea Heart palpitations Weight loss Flushing Severe diarrhea Wheezing Increased heart rate Appetite loss Sudden changes in blood pressure Always keep in mind that neuroendocrine tumors are rare and therefore the above-mentioned symptoms might be the result of other medical conditions. Nevertheless, it is important to consult a doctor if these symptoms persist for more than two weeks. What is the prognosis for carcinoid neuroendocrine tumors? If you go through carcinoid neuroendocrine tumor prognosis, you will be able to find that these tumors are either malignant or benign. The benign tumors tend to be small and can easily be removed completely, not to come back again. There are no symptoms produced if you are suffering from benign carcinoid tumors. The cells from these tumors do not spread to other parts of the body. The malignant or cancerous carcinoid tumors are large and can damage organs and tissues close to them. The cells of these tumors can easily break and enter the lymphatic system and the bloodstream to form new tumors. How can carcinoid neuroendocrine tumors be prevented? There is no way of preventing these tumors at present. However, quitting or not starting to smoke might reduce the risk of these tumors. It is important to maintain a healthy and balanced diet and a good lifestyle in order to prevent such tumors.
Read More
An Overview Of Cla Safflower Oil

An Overview Of Cla Safflower Oil

An overview of CLA safflower oil CLA stands for conjugated linoleic acid. It is high in good fats, i.e., monounsaturated fats and polyunsaturated fats. According to the National Institutes of Health, typically, CLA is found in foods like beef and dairy. However, it can also be found in small quantities in vegetable oils. Safflower oil is a oil produced from the seeds of a safflower plant; thus, it is a vegetable oil. Safflower plant is about 30 to 150 cm in height and each branch of the plant has about one to five flower heads with 15-20 seeds per head from which the oil is extracted. The plant is found in Kazakhstan as well as India, the USA, Mexico, and Argentina. Below is some information about CLA safflower oil. What are the advantages of using CLA safflower oil? The CLA safflower oil is a rich source of unsaturated fatty acids, namely, polyunsaturated fats and monounsaturated fats. These fats, commonly known as good fats, are required by the body to function well. The CLA safflower oil helps in improving memory and aids hormone regulation. This oil allows the body to absorb fat-soluble vitamins like vitamin K, E, D, and A. CLA safflower oil reduces inflammation in the body and also improves general health. It is a good way to regulate blood sugar levels in the body. Regular intake of CLA safflower oil improves blood cholesterol levels, thereby, reducing the chances of any kind of heart diseases. It contains vitamin E, which is great for skin issues like dry skin or even inflamed skin. However, you must perform a patch test before applying the oil all over the skin. How do you use CLA safflower oil in diet? The moderate use of safflower oil in your food will improve your metabolic rate, thereby, reducing your weight. The proportion of safflower oil intake would be dependent on weight-loss calorie requirement. For instance, a woman who needs to have 1200 calories daily would need 4 teaspoons of the CLA safflower oil. Men who are on a diet and need to consume 1600 calories would need 5 teaspoons of it. What are the side effects of CLA safflower oil? Most often people do not face any side effects from this oil if it is consumed or applied in recommended proportions. CLA safflower oil thins the blood so it could slow down clotting and could increase the chances of bleeding for those who have bleeding disorders or are undergoing some sort of surgery. People allergic to ragweed or pollen should not consume this oil as it could lead to an allergic reaction. Pregnant women should avoid it. Which are the best safflower oils of the year? As per CLA safflower oil reviews, the following brands have made the list of favorites among consumers this year: Renewalize Organic Safflower Oil – This is a USDA-certified brand and it is high in oleic acid. Renewalize Organic Safflower Oil is extracted using the cold pressed method that allows it to have a high amount of oleic acid, which is great for hair growth. Hollywood Safflower Oil – This is a great oil for cooking. It is the best when it comes to light heat cooking. The Hollywood Safflower Oil is available in a pack of one, three, or twelve, and it works well for pasta and as a drizzle over appetizers. It is good for cake mixes as well. Eden Unrefined – This brand of CLA safflower oil is organic and kosher, and it only has safflower oil. It works well for acne-prone skin and for cooking too. Dr. Adorable One Gallon – If you want to use CLA safflower oil especially for body massages, then this brand works beautifully as it blends well. You can take a generous quantity and apply it all over the body. It has no noticeable smell. However, this oil should be only used for external purposes. Spectrum Naturals High Heat – This brand produces the perfect CLA safflower oil for cooking. It has a smooth flavor that is ideal for cooking. The Spectrum Naturals High Heat does not have any artificial coloring, genetically modified organisms (GMOs), and other common allergens. It is much lighter than other oils, such as olive oil.
Read More
Top 10 Health Benefits Of Safflower Oil

Top 10 Health Benefits Of Safflower Oil

Top 10 health benefits of safflower oil Safflower oil is an oil that is extracted from the seeds of the safflower. CLA stands for conjugated linoleic acid. CLA is a type of polyunsaturated fatty acid. The CLA safflower oil has a number of health benefits; hence, it is being used as medicine by many people. CLA safflower oil can be used for treating a number of health issues and it is also used as a cooking oil. Continue reading if you wish to know more about the amazing health benefits of safflower oil, its side effects, and more. What are the health benefits of safflower oil? It is believed that safflower oil helps in boosting the immune system. This oil has properties that can protect the body from any kind of infections and it is considered to boost immune health. The CLA safflower oil is good for your heart’s health. When you are having heart-related health issues, your doctor will usually suggest you maintain a balanced diet, and it is important to keep it natural. Safflower oil is a natural oil that has omega-6 fatty acids, which are good for a healthy heart. The cholesterol levels of the body are also maintained using this oil. CLA safflower oil helps in losing weight. Shedding those extra pounds is not a simple task and you need to do a lot more along with exercise. Safflower oil is very good for healthy and shiny hair. If you are having dull, damaged, and dry hair, then this oil can be very helpful. Just massage a few drops of this oil into your scalp and it would increase the blood circulation in your scalp resulting in strong hair. When you have strong hair, why not have flawless skin? Yes, there are a number of products available in the market for flawless skin, but how many of them guarantee long-lasting results? Safflower oil can do that for you. You can check the CLA safflower oil reviews for skin and you will find the best reviews about this oil. It is good for joint pains as well. Massaging is one of the best ways to get rid of joint pains and massaging with safflower oil is a good option for better results. Diabetes is a health condition that needs to be treated with the right medicine. According to many studies, the omega-6 fatty acids are considered as the best option for controlling sugar levels in the body. It is also good for treating a migraine headache. Any health problems related to respiration can be treated using this oil. Menstrual pain and cramps in women can be treated with the help of this oil. Are there any side effects of safflower oil? There are no side effects of using safflower oil when used in moderation. This oil is strong and can cause irritation, so do not use it directly. You need to dilute with any carrier oil before you actually use it. What is the dosage of safflower oil that is good for your health? The dosage of CLA safflower oil usually depends on what kind of health issue you are treating. If you are using it to help reduce weight, then you can use it as cooking oil for at least six weeks. For this, you should consume at least one and a half teaspoons of this oil on a daily basis. How should safflower oil be stored for better results? Safflower has to be stored always in a dark place in an airtight container. Safflower oil can be kept in the refrigerator. In order to reduce the chances of oxidation, you should make sure that minimal air and light reaches the containers in which the oil is stored. You need to use the oil in just one or two months after you open the packing or oil tin.
Read More