If you are at the point where you are thinking about filing for bankruptcy, then the costs are typically worth it. Being in financial distress can take an incredible toll on a person and their family. Depending on your financial situation, bankruptcy may be the best way to get a fresh start in life.nnFiling for bankruptcy can put an immediate stop to endless calls and letters from collection agencies. It will also stop wage garnishments and foreclosures. In short, it can give you the space that you need to figure out a plan for getting out of debt, whether that involves a Chapter 7 bankruptcy discharge or a payment plan through a Chapter 13 bankruptcy.nnFinancially, the roughly $1,600 to $4,000 that you will pay in filing fees, legal fees, and other expenses is often less than what you will pay in late fees and interest on both secured debt (like a mortgage) and unsecured debt (such as personal loans or medical bills). Over time, the interest and late fees can really add up. You might even be paying more in interests and fees in just a few months than what you would pay to file for bankruptcy.nnBankruptcy costs can seem overwhelming, particularly if you are already having difficulty paying your bills. Yet if you are in a place where you can’t make the minimum payment on your student loans or credit card debt, then filing for bankruptcy might be the best option for you. It is often more affordable than you may expect, with payment plans often available.