Many people suffering from the severe economic downturn to no surprise are looking into filing bankruptcy. Today you can't turn on the TV without hearing something about bankruptcy or debt consolidation. Usually, individuals try to weigh the pros and cons of filing bankruptcy versus debt consolidation. One of the considerations that weigh heavily on the decision, is the cost of a bankruptcy filing. When an individual starts looking for a bankruptcy attorney the first thing they ask when they call the law office is, "How much is it going to cost to file bankruptcy?" The callers want to know a complete price. A bankruptcy attorney can give a rough idea of what the cost is going to be but won't be able to give a firm price until meeting with the individual and discussing their personal financial situation. The only price that is firm and can be quoted is the price of the bankruptcy court filing fees.
Getting a price for filing bankruptcy is not like calling around and asking a car dealer how much they will sell you a Chevy Suburban for. First of all, someone filing bankruptcy needs to make sure that they are hiring a bankruptcy attorney that is qualified for their particular case. Someone filing personal bankruptcy wouldn't necessarily want to hire an attorney that specializes in Chapter 11 for corporations. Just because the bankruptcy attorney quotes a cheap price doesn't mean that they will be best for your situation. Every bankruptcy case is different from everyone else. Sure, many cases carry similar qualities, but every case is unique. Having a bankruptcy attorney that will work well with the debtor is worth the extra money when it comes to protecting a family's financial future. Trust is very important when selecting an attorney. The bankruptcy attorney will be responsible for reviewing your finances and advising you on whether to file Chapter 7 or Chapter 13 bankruptcy.
Technically, when it comes to bankruptcy law there is no such thing as one-size-fits-all. The cost should depend heavily on the amount of property and debt and the time needed to protect it properly. Even if you have what you feel is a simple case, it's in your best interest to have a bankruptcy attorney that will take the time to sit down and explain everything, along with answering all your questions. Some debtors have very easy cases and others that own a lot of property add a complexity to it. The cases that become more complex many times require bankruptcy planning prior to filing. When it comes to bankruptcy, timing is everything. A good bankruptcy attorney will be able to direct their client on when it's time to pull the trigger and file. In some situations, if the debtor pushes to get their bankruptcy filed they might get forced into Chapter 13 bankruptcy. With proper guidance the same debtor might have been able to wait three months and qualify for Chapter 7 bankruptcy which might've been in their best interest.
When it comes to filing bankruptcy it is not advisable to go it alone. Although the law allows it, there are many land mines and without having the help of a professional the debtor might lose property that otherwise could be protected by the exemption laws. When considering the debt you're eliminating and the property you're protecting, the cost of paying a bankruptcy attorney is very minimal. Take the time and due diligence by speaking with a few attorneys and find out which one is the best fit for your situation.
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