How much does it cost to file for bankruptcy in Colorado?

For many individuals dealing with debt beyond their means, bankruptcy can be a path to relief and a fresh start. While there is no shame in filing for bankruptcy when doing so becomes necessary, it remains the case that the fees associated with bankruptcy can be a barrier to entry for those already struggling financially.

Understanding Colorado’s bankruptcy filing fees will help you make a fully-informed decision when determining whether or not to move ahead with the process. Whether you are considering Chapter 7 or Chapter 13 bankruptcy, it is important to know the costs and your payment options.

How much does it cost to file Chapter 7 bankruptcy?

Chapter 7 bankruptcy, also known as liquidation bankruptcy, entails selling off your nonexempt assets as a means to repay unsecured debts before discharging what you cannot pay. The filing fee for Chapter 7 bankruptcy in Colorado is $338, but it is possible to pay this fee in installments. There is also the possibility of waiving the filing fee if your family’s income falls below certain federal thresholds.

How much does it cost to file Chapter 13 bankruptcy?

Chapter 13 bankruptcy does not entail liquidating your assets and instead provides you with a span of time during which you can form a repayment plan without worrying about creditors pursuing you. The filing fee for Chapter 13 bankruptcy in Colorado is $313, but it is not possible to pay this fee in installments or waive the fee as is the case when filing Chapter 7.

Filing fees can be an understandable cause for pause when considering bankruptcy. It is important to remember, though, that the debt relief that comes with bankruptcy can possibly save you a much greater amount of money as well as stress.