4 tips about the cost of bankruptcy
You may be wondering what bankruptcy costs. Most of our potential clients ask the same question. The cost of bankruptcy varies from person to person since the amount of work involved varies dramatically. However, here are 4 things you should know about the cost of Raleigh bankruptcy to give you a good feel for what goes into the cost:
- Bankruptcy is an investment: In the long run, you will save thousands of dollars in debts that you eliminate. Any money you spend towards bankruptcy should be seen as a great financial investment towards your future.
- Court fees are mandatory: For Chapter 7, the fee is $308, while for Chapter 11 it is $1,046 and for Chapter 13 it is $281. These fees pay for court expenses and administrative costs.
- Attorney fees vary based on different factors: Attorneys publicly show what they charge to clients in every case. However, these fees can vary quite a bit depending on how involved your case is and what type of bankruptcy you file. The national averages should give you a good feel for what to expect. For Chapter 7 bankruptcy, the national average fee is around $1,250, while for Chapter 13 it is around $3,000.
- Avoid too high and low rates: Ideally, the fees should be in the mid range. Some attorneys charge extremely low rates but give low quality service to make it cost effective for them. Others charge very high rates and sometimes overcharge clients for the amount of service that they give.
Learn more about our Raleigh bankruptcy attorney, Calvin Craig