How Bankruptcy Can Cost You Money

People who are dealing with severe financial troubles frequently obsess over how much things cost. Though that may seem like a good thing, as you want to be careful not to get yourself further into debt, it can work against you if you’re letting it stand in the way of getting the legal help you need to file for bankruptcy. Attorney services have a reputation for costing a lot of money, but it doesn’t have to be that way. Though some attorneys’ bankruptcy claims can cost you a lot of money, others charge set fees that are predictable and manageable, and can be a positive step towards you regaining your financial freedom. The attorneys at Reinherz Law work on a flat fee schedule designed with your best interests in mind.

Though some people believe that the government imposes limits on the amount of money that an attorney can charge for helping a client with a bankruptcy filing, that is not the case. Though many attorneys charge a flat fee, others charge an hourly fee that can quickly grow out of control.  For clients who are filing for Chapter 7 bankruptcy, the fee that an attorney will charge is often based upon how complicated the case is, as well as the rate charged by other attorneys in the local area. These fees can cover a very wide range, from $500 as high as $3,500. Some attorneys will charge more based upon the value of the assets involved, or how high their advertising budget is, where an attorney who is newly starting out is more likely to charge less.

By contrast, for Chapter 13 bankruptcies, attorneys are more likely to follow a fee schedule that is recommended by their local bankruptcy court and are not permitted to exceed the amount set forth by the court.

In most cases, a bankruptcy attorney working on a Chapter 7 filing will require you to pay your legal fees to them before the case is officially filed with the court, and those working on a Chapter 13 filing will ask for at least a partial payment. The reason for this is that bankruptcy filings eliminate previously incurred debts, and that would include any amount that is owed to the attorney.

People who are considering bankruptcy often feel as if they are at the end of their rope, and are prone to act quickly in an effort to put the challenging position behind them, but it is essential that you act in your own best interests and work with an attorney who charges you a reasonable and controlled amount of money. At Reinherz Law, our flat rate allows you to remain in full control of how much the proceedings will cost, putting you on the right path to a more successful financial future. Contact us today to set up an appointment and learn more about how we can help.

 

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