When it comes to claiming bankruptcy there are all sorts of things to consider including the type of claim you should seek and whether or not you will hire an attorney to assist you during the filing process. There are also financial considerations that simply cannot be ignored, though borrowers often fail to consider them prior to filing a claim. It isn’t only the bankruptcy filing fees that must be considered, but also the fees associated with hiring an attorney. While such fees might not seem like much to the average person, even a few hundred dollars can seem overwhelming to someone going through the bankruptcy process. Because of this, it’s important to understand what you will be required to pay prior to making any firm commitments.
Regardless of whether you choose to hire an attorney to represent your case, you will be required to pay bankruptcy filing fees, which amount to about $200 for both Chapter 7 and Chapter 13. These fees are paid to the Bankruptcy Court and cannot be negotiated. In addition to these fees are those that you will pay for legal representation, and unfortunately these fees are considerably higher. Consider that you will need to pay between $1,500 and $2,000 to hire a reputable bankruptcy attorney, and while an attorney isn’t required by law there are several reasons why you should consider hiring one. For starters, an attorney can help you with the exhaustive process of preparing documents that are required to submit your claim. This is a process that can take someone several hours on their own, so it’s worth seeking assistance. Plus, the success of your case depends on you providing accurate and complete information. This isn’t the time to be rushing through the process or submitting false information.
For a more thorough understanding of the fees associated with bankruptcy and for an explanation of what to expect before, during and after your case, consider setting up an initial consultation with an attorney. Most consultations are free and can be a great way for you to learn about the process and about the attorneys themselves.
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