Filing for Bankruptcy When You Cannot Afford the Hefty Fees
If ever you needed an example to accurately describe a Catch-22 situation, then nothing can explain it better than the situation of a debtor filing for bankruptcy. He or she is already down in the dumps financially and filing for bankruptcy is the only solution available.
At the same time, bankruptcy means spending more money on hiring bankruptcy lawyers, filing fees, documentation needs, and a dozen other things associated with the procedure.
When you don’t have money for meeting basic needs, how is it possible to raise hundreds, probably thousands of dollars to meet the cost of filing for bankruptcy. It is indeed a very ironic situation but there are ways of managing the problem. Before that, we will have to find out what filing for bankruptcy will cost you in real terms.
What Are Your Options
You can file for either Chapter 7 or Chapter 13 bankruptcy depending on your debt situation and your income and assets. Filing for Chapter 7 allows you to gain freedom from most of your unsecured debts. Chapter 13 bankruptcy is a plan that reorganizes your debts allowing you to pay your creditors over a period of time as mutually agreed. Choosing the best bankruptcy attorney MD is highly desirable but it will dent your fragile budget even further.
Filing for Chapter 7 involves a fee of around $350 plus attorney fees that can be anywhere from $500 to $3500 depending on the experience and reputation of the lawyer. Filing for Chapter 13 bankruptcy will cost you a few hundred dollars more.
Lawyer Fees Can Vary Significantly
It must be borne in mind that while filing fees are the same across the country, attorney fees can vary significantly based on several factors such as your location and the complexity of your financial situation. The choice of your bankruptcy lawyer will also affect the cost of filing for bankruptcy. The best bankruptcy attorney MD will charge you hundreds or even thousands of dollars for their services.
It is possible to file for bankruptcy in Maryland even if you are facing a terrible time raising money for the same.
Here Are The Steps That You Can Consider
- You can consider not making payments on debts that will get wiped away anyway in bankruptcy and use that money to pay attorney fees and filing fees
- Borrowing money for bankruptcy fees from family or friends is a practical option
- You can try and find a bankruptcy lawyer who will accept fees in a staggered manner over a period of time
- You can consider filing for bankruptcy on your own without hiring a lawyer and save the hefty legal fees
- Look for a pro bono attorney, some legal aid trust or a free clinic that offers financial help in such situations
The Law Office of Rowena N. Nelson is where you can find the best bankruptcy attorney MD with unrivaled expertise in providing the best solution for overcoming your distressing financial condition. The reputed Maryland lawyer has a great track record of helping individuals file get quick and effective relief so that they can reorganize their future life.