The Components Of Bankruptcy Attorney Fees

Today, there are millions of people experiencing bankruptcy worldwide. Bankruptcy is a legal status of an individual that is unable to repay debts owed to creditors. It is often initiated by the debtor and imposed by a court order. These cases are quite complex, so consulting an experienced and specialized attorney is important. Before you begin, you should understand the components of bankruptcy attorney fees.

Bankruptcy is a debt relief solution and a way of getting a new financial start. Before choosing this solution, consult a lawyer who specializes in this area so that you can make an informed decision. Lawyers assess your case and advise you on the type of suit to file (i.e. Chapter 7 or Chapter 13). They file the necessary paperwork, present your case before the judge, and even organize meetings with your creditors.

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Bankruptcy cases can be quite complex depending on the type case filed. The two main types of cases in this category are liquidation (Chapter 7) and reorganization (Chapter 13). Legal fees vary depending on the firm, type of case, and municipality.

There are three components to bankruptcy attorney fees. The first component is basic filing fees. These are charges for filing your documents with the court. These costs vary by municipality and the type of suit filed. For instance, liquidation cases are generally much cheaper to execute than reorganization cases because they are far simpler.

The second component is the attorney fee, which is usually the largest amount paid in these cases. Again, the amount changes based on the firm you choose and the type of case you file. A standard Chapter 7 case will be cheaper, since it takes less work on the part of your attorneys to complete it. Chapter 13 cases cost more because they require a great deal of information and consultation to complete.

The third and final fee component is the additional costs. These include paying for the mandatory financial management classes and credit counseling classes before and after the filing. These classes help you in managing your finances in the future. The attorneys may also require you to pay additional money based on the outcomes of their meetings with your creditors.

Bankruptcy attorneys help those who cannot pay their creditors get a fresh financial start. This is accomplished by either reorganizing or liquidating your assets to assuage creditors and pay off debts. For this process to succeed it is important to choose experienced and specialized attorneys and understand the components of bankruptcy attorney fees.

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