How Much Does Bankruptcy Cost? I Don’t Have Much Income or Money.
When individuals and families encounter severe financial pressures that leave them with excessive debt and no way to pay their monthly obligations, bankruptcy is often considered the only solution. Although many people consider bankruptcy as an extreme measure, little is truly understood by those who’ve never had to make this decision. One area of concern is the financial cost involved to file. As with most facing bankruptcy, very few, if any funds are available to pay for the filing and lawyer fees associated with entering into this process. The following information will help to explain the cost of bankruptcy and provide suggestions for how to begin the process.
The Cost Varies
Some people will call around to find the least expensive attorney and make their decision based only on cost. But, determining which is the right attorney for your situation should not be based on cost alone. No reputable attorney can quote you a fee over the phone without meeting with you personally to assess your individual circumstances. The Law Offices of Sirody & Ruben Bankruptcy Center offers affordable fees and usually payment plans can be arranged. We realize that most of our clients are strapped for cash, and we will work with you to make bankruptcy an affordable option.
As soon as you do file for bankruptcy, an automatic stay is put in place that prohibits your creditors from demanding further payments until your case is resolved. This can free up some much needed funds to pay for attorney costs.
Don’t Use the Cost of Bankruptcy as Your Only Criteria for Choosing a Lawyer
It’s important to not allow ‘cost’ to be the primary criteria for choosing a bankruptcy attorney. Going with a cheap bankruptcy lawyer can leave you with someone who has either little experience in cases like yours or is a dishonest practitioner who’s just out for your money. It’s advisable to select an attorney with extensive, relevant experience in bankruptcy law as well as a high level of professional integrity.
An attorney who has had past experience successfully dealing with bankruptcy situations such as yours should definitely be on your short list. This claimed experience should be confirmed by obtaining verifiable references, i.e. past satisfied clients. Your attorney should also be licensed within the state in which you are filing. As well, a trustworthy bankruptcy lawyer will let you know about any other alternatives to bankruptcy that may be available and feasible in your situation.