Bankruptcy cost can vary and it is something that concerns many individuals who are already having difficulty paying debts, let alone paying high fees to an attorney.
The good news is that the cost of bankruptcy is a small fraction of the debt that you are working to get rid of. There are, however, some circumstances that can increase or decrease the overall cost of the entire process.
Keeping Costs Low
At the McKinney Law Office, we believe that it is important to keep costs low. Depending on the type of bankruptcy you are filing, there is a set fee. As a part of this fee, you receive a full-time advocate who will talk to creditors that wish to talk to your attorney, who will make sure all paperwork is filled out in a timely manner, and who will stand by you every step of the way. You will never be alone in the process.
Bankruptcy is a process that can take up to six months in most cases, but there are other cases where it may take longer. In the case of Chapter 13, it is possible for the process to be dragged out a little more as a repayment plan is devised and agreed upon. While it is common for the first repayment plan to be approved, there are times when a Minnesota bankruptcy lawyer and their client have to go back to the drawing board to find a plan that the creditors can agree with while also staying within the means of the client. In the meantime, the fee remains as it is because this is a part of the process.
Providing You With Everything You Need
There are times when unforeseen events happen during a bankruptcy case. In that case, it may be necessary to pay an additional fee. For instance, it may be found that you initiated a property transfer or other transaction that is against the bankruptcy code. You must not perform any type of transfer or sale within a specific time before filing bankruptcy. If you do, it could be misconstrued as you trying to defraud the bankruptcy court. In cases like this, you may need additional legal assistance. It is even possible for fines to occur in this case.
When you meet with your bankruptcy attorney, you will discuss any property sales or transfers that may have happened in the past to ensure they cannot be used against you in some way. It is possible for the court to find out if a home or car was transferred to a friend or family member. In fact, they will look for such transactions. Because this can complicate the case, this can add to both attorney and court costs.
Contact A Minneapolis Bankruptcy Lawyer
One of the concerning elements of bankruptcy is the cost. Cost can vary from attorney-to-attorney, but the exact cost depends on a number of factors. To learn more about how much Chapter 7 or Chapter 13 bankruptcy will cost you, call the McKinney Law Office’s Minneapolis office at 612-206-3706 or the St. Paul office at 651-379-4110 for a free consultation.
This law firm is a debt relief agency, and we help people file for bankruptcy relief under the United States Bankruptcy Law.