A Bankruptcy Attorney Can Be Expensive
When trying to find a bankruptcy attorney most would agree that experience is the most important factor. You want to have an experienced attorney who not only understands the law and regulations, but also is an expert in the nuances of bankruptcy procedure and documentation. Do not, under any circumstances, select an attorney who specializes in any other area of law. Their credentials in their specialty are immaterial as they will most probably not be knowledgeable with the local interpretation of the laws, local trustees idiosyncrasies, or local judges ruling history. Another benefit of selecting an experienced bankruptcy attorney is there probable long-term relationship with local creditor’s attorneys. This is particularly critical when dealing with a Chapter 13 filing as a percentage of all debts will be paid off. The downside to hiring one of these bankruptcy attorneys is it is very expensive. It can cost around $3000 for a simple chapter 7 bankruptcy filing and even more for a Chapter 13.
The cost will vary based on the complexity of your financial picture, assets, income, and of course, debt profile. If you have only one or two income sources and six or seven creditors, your bankruptcy help should cost around $1500-$3000. The filing of a petition for a Chapter 7 bankruptcy costs around $300 in fees. A good bankruptcy attorney will give you a free consultation before you decide to file or retain them. Your legal fees will be somewhat higher if your financial mix is more complicated, and therefore, requires more time and expertise. To keep your legal fees under control, be as organized as possible. You should have all your information regarding income and expenses in one place.
