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Are you drowning in debt? Bankruptcy Fees It is difficult for most attorneys to quote a fee for a bankruptcy filing without knowing something about the case. Some clients have only credit card debt and no other complications. Others have several mortgages, investment properties, tax issues and other difficulties. The attorney must also determine if a Chapter 7 filing is possible and the best course of action, or if a Chapter 13 or Chapter 11 is necessary. The fees vary accordingly. Unfortunately, some firms quote a low fee to 'make the sale' but change that quote once you have committed. We do not support that practice. Here is some information that might help. Most competent bankruptcy attorneys charge fees within a reasonable range. If you see an advertised fee that sounds too good to be true it probably is. With the collapse of the real estate market and declining economy many local lawyers with declining practices in other areas of the law are attempting to practice bankruptcy law to rebuild their firms. Since they have little or no bankruptcy experience they are advertising low fees to find clients. Some of these newcomers to the bankruptcy field are learning as they go. Some have never filed a case. Others have not filed a case for the advertised fee. Don't be fooled by low quoted rates. Make sure you retain competent counsel or it may cost you much more in the long run. Recently we have noticed a much larger numbers of attorneys who appear to be new to the practice of bankruptcy attending meetings of creditors. We have observed cases in which exemptions were not properly utilized resulting in great expense or loss by the client, cases that should not have been filed because of nonexempt assets that are lost to the bankruptcy trustee, and many cases that are improperly handled and have to be dismissed or refiled. A bankruptcy filing is a serious matter with potentially disastrous results. It should only be handled by an attorney with experience in bankruptcy and who knows the local bankruptcy judges, trustees and procedures. If you have question contact info@bankruptcy.tips. |
How to Choose a Bankruptcy Attorney |
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A bankruptcy filing is a serious matter with potentially disastrous results. It should only be handled by an attorney with experience in bankruptcy and who knows the local bankruptcy judges, trustees and procedures. Many attorneys list Bankruptcy as one of their areas of practice. Not all have significant actual experience in bankruptcy matters. Your needs depend in large part on the complexity of your case and the extent of assets and debts. For a free consultation by a South Florida bankruptcy attorney contact info@bankruptcy.tips. Chapter 7 BankruptcyA Chapter 7 liquidation proceeding is available to individuals, partnerships, and corporations. The debtor is allowed to keep exempt assets. For individuals filing bankruptcy in Florida, the exemptions are primarily determined by Florida law. A thorough understanding of the application of available exemptions. A competent attorney is needed to take advantage of the available exemptions and to deal with the Trustee, Court and creditors. Small mistakes can have large consequences. For more information contact info@bankruptcy.tips. Chapter 13 BankruptcyA Chapter 13 bankruptcy, or "wage earner reorganization" is available only to individuals with regular income. It requires that the debtor file a plan providing for payment to creditors over a period of up to five years. The benefits of a Chapter 13 include the ability to reinstate a home mortgage that is in default, stop IRS collection efforts while payments are made, the ability to retain non-exempt real estate and personal assets, and a broader form of discharge. A successful Chapter 13 bankruptcy requires not only a knowledge of the Bankruptcy Code and the requirements of the local Chapter 13 Trustee. For more information contact info@bankruptcy.tips. Chapter 11 BankruptcyA Chapter 11 reorganization is available to individuals and businesses. Due to the higher court fees, reporting requirements and legal fees involved in a Chapter 11, it is only used by individuals with combined debts of over $1,000,000.00. However, it may provide individuals and businesses with an opportunity to reorganize their debts and make arrangements to pay all or a portion of the debts, or sell the business, while obtaining protection from creditors. A Chapter 11 generally provides more flexibility than a Chapter 13 reorganization for individuals. For a local attorney who handles Chapter 11 bankruptcies visit www.flalawyer.com/chapter11.html. This article is not intended as a substitute for competent legal or accounting representation, but merely as a guide to help you decide whether you need the services of a licensed attorney or CPA.
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