Cheap Bankruptcy Attorney Fees? Watch Out!

Bankruptcy attorney fees are fixed in the sense that bankruptcy court imposes a limit

. However, you may be wondering, then why different bankruptcy attorneys charge different amounts. If bankruptcy court caps bankruptcy attorneys' fees, what is the difference between an cheap bankruptcy attorney and everybody else?

I know some reasons to account for the difference in fees. You need to know that a cheap bankruptcy could mean your getting a bad bankruptcy lawyer.

First of all, often an inexperienced bankruptcy lawyer may have low fees because they simply don't know what to charge. If you find a bankruptcy lawyer with very low prices, be sure to ask him or her how many bankruptcy cases he or she has completed. Even if a bankruptcy lawyer claims to have 30 years of experience, none of that is necessarily in bankruptcy law. Bankruptcy law is a specialty and is different than other types of law. Make sure that your bankruptcy lawyer is well experienced and has a proven track record of successful cases.

Second, low prices could be misleading. Your bankruptcy lawyer may end up making you pay a lot of fees they never disclosed. These bankruptcy attorneys advertise prices below market value just to get you in their office. Once you sign a retainer, you're probably going to end up paying about the same amount, if not more, in extra fees that were not included in their advertised price. Look, if your bankruptcy lawyer feels fine about misleading people to get more clients, can you really trust them with your financial future?

Third, you get what you pay for. Someone may not be very expensive because they aren't doing that much work. Basically all lawyers charge a fee by the hour for their work. Generally, you will end up paying for how many hours your bankruptcy attorney works on your case. According to the rules established by the bankruptcy court, a bankruptcy lawyer is only allowed to charge up to $175 an hour. Someone who says that they will file your bankruptcy for $300 is really only spending less than 2 hours of time on your case!

Think about it this way: if you were going to get open heart surgery, would you want a doctor who advertises herself or himself as the cheap doctor? Everybody has different financial needs and each bankruptcy case will require a different amount of work. You don't want to put your financial life in someone else's hands that isn't going to do everything possible to keep you afloat!

by: Jim Brown

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