Posted on Wednesday, October 19th, 2011 at 9:45 pm
Effective Nov 1, the federal government is set to raise filing fees and institute new median income numbers for Chapter 7 and Chapter 13 bankruptcy. This change will make the process of filing more expensive and more difficult.
Today, there is a $229 filing fee for Chapter 7 and a $274 fee for Chapter 13 bankruptcy. Starting Nov 1, these fees will raise to $306 for Chapter 7 and $281 for Chapter 13. Though only small increases, this change also lowers the qualifying median income for each family affecting their eligibility to file for Chapter 7. Such a change could mean someone being required to file under a much more lengthy Chapter 13 case lasting up to 3-5 years.
If you or a loved one needs to file for bankruptcy, it is important to speak with a bankruptcy lawyer during the month of October before the fees increase. Contact the Joliet bankruptcy lawyers at the Law Office of Stuart B. Handelman at 815-722-2201 today.