How Much Does it Cost to File Chapter 7 or 13 Bankruptcy?
Filling for bankruptcy is not as easy task as it seems to be. One has to make sure that all the things are done correctly while claiming bankruptcy. The bankruptcy attorney fees are crucial at this stage. One is already going through tough times, thus he or she will expect to save as much money as possible.
One should act smart in such situations. It is advices to gather a lot of information online about all the chapters of bankruptcy. There is a lot of free information available online. But do not think that reading the stuff online is enough and one does not need a lawyer and will end up saving on bankruptcy attorney fees. The information given over internet is very helpful in selecting your attorney because it is the lawyer that will guide you on how to file bankruptcy.
Now the question is that how much does it cost and what chapter will be beneficial for you. First, for all those who do not know about the bankruptcy, there are two main chapters. Chapter 7 bankruptcy is where one can be free of all or major part of the debt that is owed by the person. Whereas Chapter 13 bankruptcy is where one will have to pay the debt owed over the period of time agreed by the debtor. Now, it might seem that filing Chapter 7 bankruptcy will be better than filing Chapter 13 bankruptcy. However, this is not true and that is why one will have to invest in bankruptcy attorney fees. Lawyers will help you in claiming bankruptcy in such a way that you will end up saving money on the whole. The right way is to not to think how much does it cost, but rather think about how much you did save.
It will be advisable to to compare attorneys and select one of them. Next step will be to talk to your lawyer freely and explain them your situation. Ask them that how much does it cost when claiming bankruptcy. Then, take their advice on which one to file, that is, Chapter 13 bankruptcy or Chapter 7 bankruptcy. Your lawyer is your guide, so listen to them. But do not follow them blindfolded. Talk and discuss, tell them what you are looking for. Be frank with your attorney.
Act smart and stay confident, and you will achieve what you want.
My favorite part of the article is where you mentioned that hiring attorneys can help a person save money while they’re repaying their debts after filing for bankruptcy. My friend is probably clueless about the difference between Chapter 7 and 13 and might even end up choosing the wrong one for his situation. I’ll try to tell him to work with an attorney who can help him save money as much as possible.