What are the consequences of filing for bankruptcy?
Depending on a debtor's financial situation and reasons for filing, the consequences of filing for bankruptcy protection may outweigh the benefits. The following information is intended as a summary only. You are strongly encouraged to consult with an attorney in order to determine the rights and obligations that apply to your individual situation. Those considering bankruptcy should be aware of the following:
- Filing for bankruptcy protection is not free. How much does it cost?
The filing fee for a Chapter 7 is $209.00
The filing fee for a Chapter 11 is $839.00
The filing fee for a Chapter 12 is $239.00
The filing fee for a Chapter 13 is $194.00
For additional fees, please refer to the fee schedule.
- Not all debts are dischargeable. Ex: Secured creditors retain some rights which may permit them to seize property, even after a discharge is granted. Spousal and child support obligations and most tax debts are not dischargeable.
- Within 15 days of the filing of a bankruptcy petition, schedules of the debtor's assets and liabilities must be filed. Failure to timely file the appropriate schedules may result in dismissal of the bankruptcy and the barring of the debtor from filing again for 180 days (six months).
- If a case is not dismissed and a discharge is entered by the court, the debtor is prohibited from being granted another discharge under chapters 7 and 11 within six years.
- Fraudulent information or acts by the debtor are grounds for denial of a discharge and may be punishable as a criminal offense.