Bankruptcy: Breaking Piggy Bank or Finding a Fresh Start?
Bankruptcy is a legal process that individuals or businesses go through when they cannot pay off their debts. While bankruptcy can provide relief from overwhelming debt, it comes with its own set of costs. If you're considering bankruptcy, you may wonder about the costs involved. In this blog post, we'll discuss the expected expenses associated with filing for bankruptcy and hiring a reputable bankruptcy attorney in OKC.
How Much Do You Need to Pay for Filing?
When you file for bankruptcy, there are two main costs you need to consider: court fees and credit counseling fees.
Court Fees
The court fees for filing bankruptcy can vary depending on the type of bankruptcy you file. For a Chapter 7 bankruptcy, the approximate court fees are $335, while for a Chapter 13 bankruptcy, the fees can reach upto $310. These fees are paid directly to the court, covering the cost of processing your bankruptcy case.
Credit Counseling Fees
Before filing for bankruptcy, you must complete a credit counseling course. The cost of this course can vary, but it typically ranges from $25 to $50.
Costs for Hiring Bankruptcy Attorney
While filing for bankruptcy without a lawyer is possible, the decision is not wise. Bankruptcy law is complex, and navigating the process without an attorney can be risky. If you hire a bankruptcy attorney, you may need to consider the costs involved.
Initial Consultation
Most bankruptcy attorneys offer a free initial consultation. During this consultation, you can discuss your situation with the attorney and understand what they would charge for handling your case.
Attorney Fees
Bankruptcy lawyers charge different fees depending on the complexity of the case and the amount of work involved. Some attorneys charge a flat fee, while others charge by the hour. According to the National Association of Consumer Bankruptcy Attorneys (NACBA), the average cost for a Chapter 7 bankruptcy attorney is between $1,000 and $3,500. The average cost for a Chapter 13 bankruptcy is between $3,000 and $4,500.
Additional Costs
In addition to attorney fees, other costs may relate to your bankruptcy case. For example, if you file for Chapter 13 bankruptcy, you will need to pay a trustee fee, typically around 7% of the total debt you are repaying. There may also be costs associated with filing motions, attending hearings, and other legal expenses.
Reneau Law Group: Your Trusted Bankruptcy Attorney in OKC
If you're considering filing for bankruptcy, working with experienced and knowledgeable bankruptcy attorneys in OKC is necessary. At Reneau Law Group, we have helped countless clients navigate the complex bankruptcy process and get the relief they need from overwhelming debt.
Our skilled attorneys will work closely with you to understand your unique situation and develop a personalized strategy for your case. We understand that every client's needs are different, and we are committed to providing compassionate and effective legal representation to each client we serve.
If you're struggling with overwhelming debt and are considering bankruptcy, don't wait any longer. Contact Reneau Law Group today to schedule your initial consultation and take the first step toward a brighter financial future.
**Disclaimer: The above article does not imply a relationship between attorney and client, nor does it aim to provide any legal advice.