What is the cost of seeking bankruptcy help?
Category : Law
Even though opting to go bankrupt may help you to get out of a debt that you are not able to pay, it is not going to be a cheap option for you. For you to be able to file for bankruptcy help, you need to have enough money.
What are the costs and fees you are going to have to pay?
In case you decide to seek a bankruptcy help, you will need to pay for the following:
- A deposit of around £ 130
- An adjudicator fee of around £ 550
What this simply means, is that you will need to have around £680 for you to be able to file for a bankruptcy. In case you decide to do your bankruptcy application online, you may choose to pay for it in installments if you cannot be able to pay the entire amount at once. However, it is important for you to keep in mind that the minimum amount you can be able to pay online is £5. You can, however, be able to pay this amount in installments, as many as you may need. You can also look at the various options that you may have in case you are thinking of paying for the total amount of cash. However, you need to understand that if you decide to pay in cash, then you are not going to be able to pay in installments.
Can you be able to get help with all the costs that come with filing for bankruptcy help?
In case you are unable to pay the cost or you are struggling, you can go ahead and get a grant fund or do a charity that will be able to help you out in paying the costs that are needed. However, if you do this, your application may take a longer timer to be processed. You can go online and take a look at the various grant funds and charities that can be able to help you in the paying of your bankruptcy fee.
Other bankruptcy costs
There are other ongoing costs related to bankruptcy that you may be required to pay. This additional ongoing costs can be paid through your spare income or from any other assets that you may have in your possession. This assets or income is known as bankruptcy estate and you can only make use of them before they are distributed to the rest of your creditors. Also you can paying professional attorney and he or she will help you with your problems.
Some of these costs include:
- Fees that you may have to pay a Georgia lawyer that you may have hired to help you out.
- Paying for professional fees from your solicitors.
- Other administrative costs related to your bankruptcy.