Typical Attorney Fees for Bankruptcy
Typical attorney fees for bankruptcy vary based on your local market and the complexity of your bankruptcy filing. Per MSN Money, fees will likely range between $500 and $1,500 in addition to court filing fees.
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Significance
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The true cost of a bankruptcy is situational. If an individual filing for bankruptcy is undergoing a simple liquidation of a small number of assets, the fee will be lower than if the same applicant was seeking a complicated repayment plan with creditors.
Considerations
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When looking for a bankruptcy attorney, it is not always best to go with the cheapest option. See if a local credit counseling center can recommend a lawyer, or if any friends and family have contacts. In any case, find an attorney who is willing to meet with you and discuss your situation before your court hearings.
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Misconceptions
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Although a debtor may file for bankruptcy on their own, it can be difficult to keep track of all deadlines and necessary paperwork. Even if you plan to file and represent yourself through your bankruptcy proceedings, it is best to sit down and discuss your plan of action with a lawyer.
Warning
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Some document filing services offer low-cost bankruptcies that are hundreds of dollars less expensive than consulting with an attorney. Be wary of these services, as a document filing service is unable to provide legal advice. You could find that paperwork is incorrect or that the document filing service incorrectly identifies which assets are to be liquidated.
Expert Insight
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Bankruptcy will have a major impact on your credit history and ability to finance purchases in the upcoming years. Speaking to an attorney will let you confirm if bankruptcy is the right choice for your situation. A bankruptcy specialist will also make sure that the proceedings eliminate as much debt as possible.
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