Filing for Chapter 7 bankruptcy is a significant decision, and understanding the associated costs is crucial for planning. You might be asking: How much does Chapter 7 bankruptcy cost in Michigan?
In Michigan, the court filing fee for Chapter 7 bankruptcy is $338 as of December 1, 2020. Additional costs may include attorney fees and credit counseling fees, which vary based on your case’s complexity.
With decades of experience assisting clients through bankruptcy in Michigan, I’ve helped individuals navigate the costs and resources available to make the process manageable. Let’s break down the expenses associated with Chapter 7 bankruptcy and what to expect when filing.
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FAQs About The Costs Involved with Bankruptcy in MIchigan
Can I file for bankruptcy myself in Michigan?
Yes, you can file for bankruptcy yourself in Michigan, a process called “pro se” filing. However, it’s often recommended to hire an attorney to ensure your case is handled properly and to avoid costly mistakes.
How long does a bankruptcy take in Michigan?
In Michigan, Chapter 7 bankruptcy typically takes 3 to 6 months to complete, while Chapter 13 bankruptcy lasts 3 to 5 years due to its structured repayment plan. The exact timeline depends on factors like case complexity and court schedules.
Can I keep my car if I file bankruptcy in Michigan?
Yes, you may keep your car if you file for bankruptcy in Michigan, as long as you continue making payments and the car’s equity falls within Michigan’s exemption limits.
Is it cheaper to file Chapter 7 or 13?
It is generally cheaper to file Chapter 7 bankruptcy, as attorney fees typically range from $1,200 to $2,000, whereas Chapter 13 fees can be between $3,000 and $5,000.