Cost. Yes, you need to have money in order to file bankruptcy. It starts with a filing fee that ranges between $274 and $299, the cost of credit counseling, and the cost of the personal financial management class. For people that are poor, these fees may be reduced or waived. Then there is the attendance requirement at the Meeting of Creditors; unless you are walking distance from where this meeting takes place, you need to figure in the cost of transportation. Other cost you also need to consider are cost for amending certain schedules after the case is filed, legal fees if you are represented by an attorney, the cost of conversion should you need to change to a different chapter of bankruptcy, copying fees, and postage. These fees should be weighed, as in a cost/benefit analysis, to see if you should file bankruptcy or not. In the case of only a few small debts, you might find it more advantageous to simply pay your creditors.
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