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How much does Bankruptcy usually cost? The usual costs of Bankruptcy can vary depending on the type of Attorney you use, the service you expect from them and the type of Bankruptcy you are filing. For an average individual filing chapter 7 the usual cost is between $1500-$2500.
A Chapter bankruptcy will remain on your credit report for 10 years. A Chapter 13 will stay on your credit report for seven years from the initial filing date as long as the repayment plan was completed satisfactorily.
If the Chapter 13 was not completed due to non-repayment that information will stay on the report for 10 years as well.
While that seems rather onerous in reality you're not doomed for a decade when you file for bankruptcy. In fact, you will soon see credit offer from credit companies who issue credit cards to those fresh out of bankruptcy or who are experiencing negative credit. However, if you do obtain credit after a bankruptcy and falter on it as well, it's quite possible that a mortgage lender will deny you another mortgage while the credit reflects a bankruptcy. It's imperative to never, ever be late on any other credit item after a bankruptcy discharge, that is if you want to be considered for a mortgage loan in the future.
Credit scores will stay depressed for the next few years and even the slightest 30 day late payment on a department store credit card can harm your future chances of obtaining a home mortgage like no other.