How Much Do Bankruptcy Attorneys Cost?

Law

You cannot hire an attorney without paying them even if you are filing for bankruptcy. It is important to know how much a backruptcy attorneys cost before you decide on hiring them.The cost of a bankruptcy attorney can vary depending on the type of bankruptcy that you are filing as well as how your attorney wants to be paid. The cost will be different for Chapter 7 bankruptcies and Chapter 13 backruptcies. And your attorney may prefer to be paid hourly than on a fixed rate.It is important to know the average cost.

Bankruptcy AttorneysTake the Chapter 7 bankruptcy for instance. The payment will depend on your current status and assets as well as your location. The average fee can range from as little as $500 to $3,500.Your payment will also depend on your status. If you are unemployed with hardly any assets, your fee will be at the lower end of the spectrum. But if you still have a lot of assets with a stable source of income, then you will need to pay higher. If you work for a corporation, you will have to pay higher compared to an individual. Prices can go higher as the case becomes more complex. And the average price will also depend on the price that is acceptable in your location.

Another aspect that you may be paying for is experience. If an attorney has sufficient experience in the area, he may charge higher.For Chapter 13 bankruptcies, the fee will depend on the court’s guideline fee. These fees can range from $2,500 to $6,000 depending on the location and your status. Again, the price is higher if you own a corporation or run a business and it is lower if you are by yourself. The price can also vary depending on your location.The difference between the two types of bankruptcies is that payments are not required upfront for Chapter 13 bankruptcies. Although some attorneys will require some upfront payment, this is not necessary. You can always ask to split the bill before and after the case proceedings.

The best way to get an idea on the experience of your lawyer is to ask. Ask for some cases as well as for some people to contact. Ask if there are some people who can vouch for the lawyer’s experience.Now that you have a general idea on how much to pay your bankruptcy attorney, you should now go and ask them about their services. It may be better to ask multiple attorneys about their services and fees before deciding on hiring one. This will let you pick the best among the bunch. Hopefully, you’ll find someone who fits your budget.

 

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