The Cost Of Hiring A Bankruptcy Attorney

Hiring a bankruptcy attorney is one of the most important steps you can take if you are deciding to file

. Even if you have not made that decision yet, you should speak to a lawyer about your options and your concerns. In doing so, you will find that you have legal guidance moving forward in this situation. It is a big deal and it is often a situation through which you will earn your financial freedom again. Many people put off getting this type of help because they are worried that they cannot afford the legal advice.

Initial Consultation

The initial meeting, or consultation, with a bankruptcy attorney will provide you with outstanding information and give you a game plan to follow to get this process over with. Keep in mind that this is a meeting with the lawyer to discuss your case. Unless you plan to file that day, you generally will not pay any fees for this meeting. However, it is one of the best opportunities and methods for gathering information about both the process and the lawyer.

Attorney's Fee

The cost of hiring the lawyer will depend on the fees the legal professional sets. These fees range widely from one provider to the next. They also range based on the services the lawyer will provide. In Chapter 7 cases, these fees are due prior to the filing of the case. The lawyer is unlikely to process your claim until you pay the fees. Some do offer payment plans that can make this more affordable for you.

In cases of Chapter 13, though, you will pay a smaller fee upfront and then part of your monthly payment to the bankruptcy trustee will pay the lawyer's costs. This is spread out over three to five years. During that time, you will make payments to the trustee who will pay those you are in debt to.

Court Fees

Court fees also vary significantly. However, most of the time, it will cost a few hundred dollars to file. Your lawyer will tell you exactly how much it will cost when you have the consultation. These fees must also be paid at the time of the filing. They vary based on the type of bankruptcy you file.

The good news is that you can often make payments. You can often work towards filing if you cannot afford to do so at once. However, a bankruptcy attorney will need to work with you closely to determine if you qualify to file and to ensure the process goes as it should. Do not overlook the importance of having a lawyer by your side throughout the process.

by: Abraham Avotina

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