How Much Should I Pay For a Bankruptcy Attorney?

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. Always ask any bankruptcy attorney how many cases they have completed--but it is even more important to ask cheap bankruptcy lawyers. 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. Check that your bankruptcy attorney is respected, qualified, and have a history of taking cases to successful discharge.Second, a cheap bankruptcy can be deceptive. 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. Usually you pay for every hour that a bankruptcy lawyer spends working 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 needed to have triple bypass surgery, are you going to get a heart surgeon who claims that they are the cheapest 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!

How Much Should I Pay For a Bankruptcy Attorney?

By: James Brown

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