During these unprecedented times, you may be one of the millions of Americans facing financial difficulties. Creditors hounding you and threatening to take your property can begin to take a toll. While you are making your best effort to satisfy your obligations, you just can’t seem to get out from under your mounting debt. To obtain a fresh start, you may be considering filing for bankruptcy. Still, you may have questions about the bankruptcy process, including how much it will ultimately cost you. Here’s more on bankruptcy and the average cost you can expect to pay to have your case finalized.

Attorney Fees

While it is recommended that you hire an attorney to handle your bankruptcy, it is not required by law. Still, with the recent updates to bankruptcy law, and the changes in how the courts are operating due to COVID-19, hiring a bankruptcy attorney may be a wise decision because it helps ensure that your case is handled properly and efficiently. Perhaps just as important, is having the peace of mind in knowing that a trained professional is on your side and arguing on your behalf. Your attorney will be there to answer any questions that you have and will alert you to any deadlines or court dates that you must attend.

Because each bankruptcy case is different, it is difficult to give an exact price for an attorney to handle your bankruptcy case. Additionally, some lawyers simply charge more than others. According to a study conducted for the American Bar Association, you can expect to pay around $1,000 to have a bankruptcy lawyer handle your Chapter 7 case. For Chapter 13, the average cost of retaining an attorney is around $3,500.

The fee my firm (Consumer Law Pro) charges is based on the level of complexity. In most cases, I charge a flat legal fee of $1000 for chapter 7 and $1500 for chapter 13 cases.

The overall cost of your bankruptcy case will also depend on the complexity of your finances. If you have filed bankruptcy in the past or have a business that you are also filing bankruptcy for, then the cost of your bankruptcy may be greater than the average case. Similarly, more complex bankruptcies may require multiple court dates which may cause you to pay more in lawyer fees.

Non-Legal Fees

The bankruptcy process will depend on which type you are filing. Most individuals will file either Chapter 7 or Chapter 13. These forms of bankruptcy are typically fairly straightforward for most individual filers. Still, with both Chapter 7 and Chapter 13, you will be required to attend and complete a credit counseling course before you can file your bankruptcy petition with the court. The average cost of this course is $15.

Once you have completed your credit counseling course, you will then need to pay a filing fee. This fee is usually around $300. This amount will include the trustee surcharge and administrative fees. Before your bankruptcy can be finalized, you must also attend and complete a post-bankruptcy educational course. The fee for this course is $15.

Hire a Colorado Bankruptcy Attorney

When you are struggling financially, the best resolution to your problem depends on many factors. Before making a decision on bankruptcy, it is vital that you learn about all of your options. An experienced bankruptcy attorney can help you navigate the bankruptcy process. While this process can be confusing and intimidating, having a lawyer on your side who is well-versed on bankruptcy can make all the difference. Consumer Law Pro is focused on helping people ease unmanageable financial problems by pursuing bankruptcy or other debt relief alternatives. Our bankruptcy attorneys will thoroughly review your situation and recommend the path that most closely fit your needs. If you are contemplating bankruptcy, please do not hesitate to reach out to Consumer Law Pro by calling (303) 297-7729 or by contacting us online today.