Why Should You Hire a Bankruptcy Lawyer?

Filing for bankruptcy can be a traumatic and complicated process. A bankruptcy lawyers can help you with your case and ease out the process somewhat.

Why should you hire a bankruptcy lawyer?

A lot of people go ahead and file for bankruptcy on their own. However, it may be better if your hire a bankruptcy lawyer to help you with your petition.

Here are a few reasons why hiring a bankruptcy lawyer makes sense:

• Chances of a successful petition go up. According to data provided by the US Bankruptcy Court of the Central District of California, of the Chapter 7 petitions for bankruptcy filed pro se (without using a lawyer), only 60.9% were able to discharge their debt. However, of those who filed for Chapter 7 petitions using the services of a bankruptcy lawyer, 94.5% were successful in having their debts discharged.

• The process of filing for any form of bankruptcy is very complex. If you miss submitting even one single document, miss a deadline or incorrectly fill in a form, your petition could be dismissed.

What does a bankruptcy lawyers do?

The first thing that a bankruptcy lawyer will do is evaluate your case. He/she will evaluate your entire financial situation and then decide whether you even need to file for bankruptcy. If they deem that you will actually benefit from filing for bankruptcy, then they will help you with the bankruptcy process.

How to choose the right bankruptcy lawyer

Choosing the right kind of bankruptcy lawyer can make or break your case. Here are a few tips:

• Ask your network of friends, family and/or colleagues for recommendations of good bankruptcy lawyers

• If you know any attorneys, you can ask them for references of good lawyers who specialize in bankruptcy cases

• If you work in a large organization, then you can ask your company it has any legal plan offerings for their employees

• You can get in touch with the local office of the American Bar Association

• You can find free legal services in the area you live.

• You can even check for bankruptcy lawyers on websites like Nolo, which is a directory of lawyers and attorneys across the country.

• Look for experience and expertise. Make sure you choose a lawyer who specializes in bankruptcy cases. If a lawyer is a member of the National Association of Consumer Bankruptcy Attorneys, then you know they have the experience and expertise to help you with your bankruptcy case.

• Don’t choose a lawyer who handles more than 30 bankruptcy cases a month. That means that lawyer is already overloaded and will not give your case the kind of attention you should get.

How much will a Bankruptcy Lawyers cost?

The biggest reason why people end up not hiring a lawyer is due to the costs. How are you expected to pay a lawyer’s fees when you’re already broke? However, the fees are usually adjusted as a part of the debt repayment/discharge plan.

As a general rule, courts set a limit to how much a lawyer can charge for a Chapter 13 filing. The average cost is about $3,000 but may go as high as $6,000. For a Chapter 7 filing, lawyer’s fees are not regulated by the courts and can range from $500 to $3,500.

Remember, a good bankruptcy lawyer will discuss all costs upfront and will not have any hidden charges.

Here is how much it costs to file for bankruptcy – including lawyer’s fees.

Choose a bankruptcy lawyer you are comfortable with.