If your financial problems have become serious enough that you have considered filing for bankruptcy, it is reasonable to wonder how much a bankruptcy attorney costs in North Carolina. Besides the filing fee with the court, your legal costs will depend on how much work your lawyer has to put into completing your case.
When you contact a law firm about your case, they can estimate what their services will cost. Then, you and your bankruptcy lawyer can work out a fee agreement before starting the case.
How Are Attorney’s Fees Decided?
Each law firm has its schedule of charging for bankruptcy services. For example, some firms may charge an upfront fee, while others may not charge any attorney’s fees until the case has concluded.
When you meet with a bankruptcy attorney, you have the right to ask questions about everything, including:
- How and when do they expect to be paid
- What they think your case may cost based on an initial assessment
- Any provisions of the fee agreement that you do not understand
The lawyer for bankruptcies should have no problem going over everything in detail until you feel comfortable signing a contract.
For a legal consultation with a lawyer serving North Carolina and South Carolina, call 828.286.3866
Why Hire a Bankruptcy Attorney?
Bankruptcy is a challenging process in many ways. It takes a lot of time and energy to file. In addition, there’s the stress of knowing that you are at risk of losing the assets or business you worked so hard to build. Finally, the filling process is often opaque and intimidating if you are not familiar with state and federal bankruptcy laws.
Instead of struggling through by yourself, you can let an attorney do all the hard work, including:
- Determining a course of action: Is it time to file for bankruptcy? Do you still have time to try something else? An attorney can help you make the right decision.
- Paperwork: Your lawyer can file bankruptcy petitions and help you collect any paperwork the court requires about your financial status.
- Dealing with creditors: You might need to meet and negotiate with creditors before they allow you to complete bankruptcy proceedings.
- Dealing with the judge: If your case ends up before a bankruptcy judge, your lawyer can represent you at all meetings and hearings.
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Understanding the Bankruptcy Process
U.S. Courts describes the several bankruptcy chapters available to debtors. Each has different requirements and is intended for different populations. A lawyer can help you identify and file the best chapter for you. Filing the wrong chapter can cost you time and money.
Common bankruptcy chapters include:
- Chapter 13: If you or your business earn a steady income but need additional time to pay your debts, Chapter 13 may be right for you.
- Chapter 12: This chapter is reserved for family fishermen and farmers. It is a more accessible alternative for these two occupations.
- Chapter 11: This is the preferred chapter for medium and large businesses that need to reorganize debt in order to continue operating.
- Chapter 7: Individuals and businesses that file Chapter 7 must sell off all nonexempt assets to pay their debts. However many do not have nonexempt assets, thus eliminating their debt while retaining everything they own.
Hiring an attorney can save you both money and trouble in the long run. A bankruptcy lawyer can help you avoid mistakes and identify the quickest, smoothest path through the bankruptcy process.
Creating a Repayment Plan
Drafting a repayment plan is another task that a bankruptcy lawyer can assist you in completing. Chapters 11, 12, and 13 require such plans as part of the bankruptcy process.
To craft a viable plan, an attorney can:
- Review your current and projected financial situation
- Determine how much of your debt you can repay
- Figure out how long it will take you to repay these debts
- Go over the plan with you and answer any questions you have
- Present the plan to your creditors and the judge for their approval
- Work through any areas of contention, always keeping your needs and interests at the top of mind
- Let you know once the plan has been approved and what your next steps should be
Once you have met the conditions of the repayment plan, your remaining debt is discharged. Discharge means you no longer have to pay a debt, and your creditors can no longer hassle you about it. For many debtors, this peace of mind is well worth the cost of a bankruptcy lawyer.
Call Us for Bankruptcy Help Today
Contact Farmer & Morris Law, PLLC, today at (828) 286-3866. A member of our team can tell you more about our services, including how much a bankruptcy attorney costs in North Carolina – all at no cost or obligation to you. We want to help you get a fresh financial start, whether that means filing bankruptcy on your behalf or guiding you toward an alternative.