The purpose of a Chapter 13 bankruptcy is to make a partial repayment of debts through a reorganization plan. For the individual, this can mean that certain assets which otherwise might be at risk are salvaged. A business may file Chapter 13 if it needs to reorganize debt but would like to remain in operation. Regardless of whether the bankruptcy is for a small business or individual, a Chapter 13 can be quite complicated. For this reason it may be better if you hire a Bryan bankruptcy lawyer.
The Filing Fee
All individuals who file for Chapter 13 are required to pay a filing fee when they submit the bankruptcy petition. According to the United States Courts, the fee for filing a Chapter 13, effective June 1, 2014, is $310. This fee is subject to change.
Cost of Being Represented by an Attorney
The attorney’s fees for a Chapter 13 can vary widely. It is important to keep in mind that if an attorney advertises that your bankruptcy will cost you a mere $310, this only reflects the filing fee. You should expect that the attorney is going to charge for his services in addition to this amount.
Bankruptcy lawyers usually charge on an hourly basis. Therefore, the amount you will ultimately be charged for your bankruptcy will depend in large part upon the complexity of your case. If yours is a very complicated bankruptcy with many different types of property and debts, the cost will be much higher than with a simpler one.
Most attorneys ask for a retainer up front. This can be anywhere from $500 to $1,000 or higher, depending on how complicated your case is. Your attorney will most likely be willing to work with you on repaying the rest of the fees through a monthly payment plan that fits your budget.
Work with an Attorney if You Are Considering a Chapter 13 Bankruptcy
If you believe that a Chapter 13 may be appropriate for your needs, it is in your best interests to consult a Bryan bankruptcy attorney. We at Peterson Law Group are here to assist you and help you make the choices that are best in your circumstances. Call us today at 979-703-7014 or 936-337-4681.