While bankruptcy is something that most try to avoid at all costs, many find themselves in a financial situation where bankruptcy may be the best way to get back on track. Filing for bankruptcy after an illness, an extended period of unemployment, or after a few bad decisions is common. If you find yourself in a position where bankruptcy is your best option, a bankruptcy attorney can help. Here are three things that you should expect when hiring a bankruptcy attorney.
Advice On Bankruptcy Filling
The first thing that you should know when filing for bankruptcy is which type of bankruptcy will work for your needs. This is where bankruptcy attorney services come in handy. Usually, you will file for Chapter 7 or Chapter 13 bankruptcy. However, it can be challenging to determine which one is best. With a Chapter 7 bankruptcy, your debt is discharged. A Chapter 13 bankruptcy will typically involve repaying part of your debts throughout a three to five-year debt repayment plan.
A Better Outcome
Another thing to expect if you decide to hire a bankruptcy attorney is a better outcome. Bankruptcy attorney services significantly increase your chances of a successful filing. While you can file for bankruptcy yourself, any mistakes can mean an unsuccessful filing. Having an attorney take care of the process will give you a much higher chance of success. An attorney will handle all of the paperwork and also represent you in court. This is especially the case with a Chapter 13 filing. Using a bankruptcy attorney for a Chapter 13 filing significantly increases your chances of success.
While bankruptcy attorney services are invaluable, they do come at a cost. It's essential to keep in mind that there will be attorney fees if you hire a bankruptcy attorney. These fees vary depending on the type of bankruptcy you are seeking and also depending on your attorney's rates. Some attorneys have an hourly fee structure while others charge a flat rate. You may also be able to work out a payment plan if you are struggling to pay their fees. On average, attorney fees for a Chapter 7 bankruptcy range between $1,000 and $3,500. The fees for a Chapter 13 filing average out to $2,500 and $6,000.
If you are hiring a bankruptcy attorney, there are a few things that you should expect. First, an attorney will be able to give you valuable advice on which type of bankruptcy is right for your needs. An attorney will also greatly increase your chances of success. However, you should also be prepared to pay the fees for your bankruptcy attorney's services.
For more information on bankruptcy, reach out to local bankruptcy attorney services.