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Paying Your Bankruptcy Lawyer: Costs & Types of Fees
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If you are thinking about hiring a lawyer to file a bankruptcy petition and represent you in the case, you should know about how attorneys’ fees are typically handled in bankruptcy.

Contrary to popular myth, bankruptcy fees are not set by the court. And although most bankruptcy lawyers charge a flat fee for simple bankruptcies, others may charge an hourly fee.

Finally, when payment is due depends, in large part, on whether you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. Read on to learn about attorneys’ fees in both types of bankruptcy.

Chapter 7 Bankruptcy Attorney Fees

If you want to file for Chapter 7 bankruptcy, most attorneys will base their fees on how complicated your case is and what other attorneys in the area would charge for a similar bankruptcy. If you have a lot of assets or your income is higher than the state median for a similar household, you will typically have to pay more in attorney fees than an unemployed person with no assets.

In general, attorney fees for a Chapter 7 bankruptcy range from $500 to $3, 500 depending on the complexity of the case. Larger firms with more advertising and overhead costs may charge more than a solo practitioner. Also, a newer attorney will typically charge less than a more experienced lawyer. But if your case is a simple Chapter 7, you may not need an attorney with years of experience. When shopping around for a bankruptcy lawyer, call at least a few attorneys in your area to compare their fees and ask if bankruptcy is an area they specialize in and the number of cases they file each month.

Chapter 13 Bankruptcy Attorney Fees

Most courts have guideline fees that attorneys can charge for a Chapter 13 bankruptcy. Unless special circumstances justify it, attorneys are not allowed to charge more than the court’s guideline fee.

Chapter 13 guideline fees are different for each judicial district. However, they are typically between $2, 500 and $6, 000 depending on whether you are an employee or have your own business. The good thing about Chapter 13 bankruptcy is that you don’t have to pay all attorney fees upfront.

Source: www.alllaw.com

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