If you are one of millions of Americans struggling to make ends meet and in a situation where, even with changes to your spending habits, you will unable to repay your debts within even the next few years, you might be considering bankruptcy. But just how much does it cost to declare bankruptcy?

With all the talk of bankruptcy as a possible and very viable solution to your financial woes and with information readily available in the media, there is surprisingly little about what it may cost to declare bankruptcy. This article will answer that very question.

The first thing to consider is the court fees, currently at $274 for Chapter 7 and $189 for Chapter 13 bankruptcy.

So the actual court and administration cost to declare bankruptcy is relatively little. But this is not where the bulk of the fees you incur will lie. That will lie with the fees for your bankruptcy attorney and, when you consider you are required to pay many by the hour and this can add up to a sizeable sum. But this should not put you off the process. Consider the fact that if your filing for bankruptcy is successful you could have many of your other debts written off, enabling you to free up funds to pay your lawyer. Many lawyers are happy to work out payment plans, given that the reason you are filing in the first place is your dire financial situation. And considering also that from the very moment you file for bankruptcy, the automatic stay prevents your creditors from being able to contact you at all until a decision is made in court, you will be completely  able to focus everything on the lawyer fees without having to be too concerned about any other outstanding debts, at least until after a decision has been finalised.