If you are researching the process and have concerns about the costs of filing for bankruptcy, this is understandable. After all, if you’re considering bankruptcy, then you are already under financial duress. The upside is that filing for bankruptcy can provide debt relief and provide you with a fresh start. The initial investment of bankruptcy fees and associated costs are often worth it. An affordable bankruptcy lawyer, like an affordable bankruptcy lawyer, will charge a competitive fee and not take advantage of vulnerable clients’ finances. He or she will make every effort to make the bankruptcy process as manageable as possible.
What are the costs associated with filing for bankruptcy?
There are two main costs for filing for bankruptcy: legal fees and court costs.
- Court costs are dependent on what form of bankruptcy you are filing. Talk to your bankruptcy lawyer about whether or not you are eligible for a court fee waiver. It will be dependent on your level of income. If you qualify, your bankruptcy lawyer can assist you with submitting the fee waiver request to the court. Another possible option is to petition the court with a request to pay the fee in manageable installments.
- Legal fees are more subjective because not all bankruptcy lawyers charge the same fees for their legal services. They also vary depending on location, the complexity of the bankruptcy case, and the attorney’s level of experience. Some legal firms will accept payments on a case-by-case basis, other firms will require full payment, while others may require the payment of certain fees upfront. Before making a decision on who to hire a lawyer, be sure to understand their fee schedule.
Serving the Legal Needs of Community Members
If you are facing what appears to be an insurmountable mountain of debt and overall financial stress, bankruptcy may be an option for you. The legal process can be daunting, and the eligibility requirements can frustrate those who are already under duress because of their situation. Talk to a lawyer from a trusted legal team who can discuss your options with you and explain how the bankruptcy process works.